Bitcoin

Bitcoin Mining Giant Riot Platforms Adds More Than $510,000,000 Worth of BTC to Corporate Treasury

Published

11 months ago

December 14, 2024

Publicly traded Bitcoin (BTC) mining firm Riot Platforms has simply added an enormous quantity of the flagship crypto to its company coffers.

In a brand new announcement, Riot say it used corporate-issued bonds to generate income to buy 5,117 BTC at a mean worth of $99,669 per token.

“With the online proceeds from Riot’s current $525 million 0.75% coupon convertible bond issuance, the corporate acquired 5,117 BTC at a mean worth of $99,669 per BTC, together with charges and bills.

Consequently, Riot has elevated its holdings to 16,728 BTC [as of December 11th]presently valued at roughly $1.68 billion, primarily based on BTC’s present market worth of $100,303.”

MicroStrategy Founder and Government Chairman Michael Saylor highlights Riot’s newest Bitcoin buy as he encourages extra corporations to contemplate Bitcoin as a treasury funding. He pioneered the technique at MicroStrategy, which has the most important company holdings of Bitcoin on this planet.

“RIOT has a Bitcoin treasury technique.”

MicroStrategy additionally made a current one buy of Bitcoin this month, bringing its complete holdings to 423,650 BTC as of December 8.

Different corporations are additionally constructing on their Bitcoin treasury technique in December.

Medical know-how and software program firm Semler Scientific added a whole bunch of Bitcoin to its inventory earlier this month.

“Semler Scientific acquired 303 BTC for ~$29.3 million at ~$96,779 per Bitcoin and generated a BTC return of 54.7% quarter to this point and 78.7% since deploying our BTC treasury technique in Could.”

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