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Share link:In this post: Riot Platforms bought 5,117 Bitcoins for $510 million. The purchase was funded through a $525 million debt offering with 0.75% interest. Major companies like MicroStrategy, Marathon, and Tesla are also reaping significant returns.
Bitcoin mining company Riot Platforms is solidifying itself as a major player in the crypto market. Between December 10 and 12th, 2024, Riot has made a significant purchase of 5,117 Bitcoins for $510m.
This major acquisition has brought up the company’s total holdings to 16,728.
Top BTC accumulators are reaping the benefits of the price rise after the asset hit $100k.
Riot Platforms purchased BTC at almost the market peak
Riot Platforms ’ substantial purchase of 5,117 BTC reportedly averaged $99,669. It highlights the company’s strategic approach to capitalizing and monopolizing market trends.
The company successfully managed to position itself to potentially benefit from further price rise of the top crypto by market cap. Purchasing BTC is not an uncommon practice amongst the several Bitcoin mining companies as they utilize a segment of their mined Bitcoin for long-term investments.
On December 10, BTC’s price rise became evident as it inched towards the record high of $100k. It consistently rose through the level in the next two days. BTC has maintained this psychological level at press time.
See also Solana (SOL) meme tokens reawaken, BONK leads, while AI16Z breaks above $1B market cap
According to the SEC filing dated December 9, Riot raised $525 million through a debt offering for the purchase. The company issued “senior notes,” which are loans from investors that can be converted into Riot’s stock under specific conditions. These notes will need to be repaid by 2030 and come with a low interest rate of 0.75%.
Riot Platform’s consistent crypto acquisition has led its balance to surpass 12,000 BTC. As per Arkham Research , Riot has a portfolio value of $1.2 billion.
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