Riot Platforms, a significant Bitcoin infrastructure firm, has made a splash in the cryptocurrency world. On Dec. 11, following the announcement of a senior notes offer, it acquired 705 Bitcoins worth approximately $68.45 million, as per Arkham Intelligence data. The transactions were spread across 6 wallets, with 5 unidentified wallets accounting for $68.26 million and the remaining Bitcoin sent by the New York Digital Investment Group (NYDIG).
Known as the second-largest Bitcoin mining company globally, Riot currently holds 10,019 Bitcoins valued at nearly $1 billion, trailing Mara Holdings. Riot reported mining over 495 BTC last month, equivalent to $48 million or 16.5 BTC per day, which is 70% of the recently acquired Bitcoins. The number of mined Bitcoins has decreased from 505 BTC in October 2024.
The company also plans to offer $500 million of convertible senior notes through a private placement to institutional buyers, with investors having a $75 million purchase option for the initial investment. These notes will mature on Jan. 15, 2030, and can be redeemed for cash by the company under certain conditions after 3 years of issuance.
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