Riot Platforms completes $525M offering to buy Bitcoin
Riot Platforms eyes Bitcoin expansion with proceeds from the $525M note sale.
Key Takeaways
- Riot Platforms raised $525 million to fund Bitcoin purchases and operations.
- Riot currently holds 12,000 Bitcoin, valued at approximately $1.2 billion.
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Riot Platforms, a leading Bitcoin mining company, has completed its $525 million senior note offering, according to a filing with the SEC.
The private offering, initially announced earlier this week, will mature in 2030 with a 0.75% interest rate and aims to fund additional Bitcoin acquisitions and general corporate purposes.
The offering, which netted approximately $511.5 million after expenses, includes provisions for conversion into common stock starting in 2029, with earlier conversion possible under specific conditions.
The company recently acquired 705 Bitcoin for $68.45 million.
Data from Arkham Intelligence shows Riot now holds 12,000 Bitcoin, valued at approximately $1.2 billion, making it the second-largest Bitcoin holder among mining companies.
Marathon Digital leads the sector with over 40,000 Bitcoin, according to Bitbo data.
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