Nasdaq-Listed Giant Company Announces Massive Bitcoin Purchase

Riot Platforms, a leading Bitcoin mining company, announced today that it purchased 5,117 BTC between December 10 and December 12, 2024.

The purchase, valued at approximately $510 million, was made at an average price of $99,669 per BTC, including fees and expenses. The purchase brings Riot’s total BTC holdings to 16,728 BTC.

The purchases were funded using a portion of the net proceeds from the company’s 0.75% convertible senior notes due 2030 and existing cash reserves. Riot’s shares rose more than 7% following the announcement.

The bitcoin purchase comes after a difficult third quarter for Riot, which reported a net loss of $154.4 million. The loss was attributed to higher operational costs and unrealized investment losses, along with a decline in the company’s hash rate targets. Riot lowered its 2025 hash rate target from 56.6 exahashes per second (EH/s) to 46.7 EH/s. Riot’s decline comes despite the price of bitcoin reaching an all-time high this year.

*This is not investment advice.