Riot Platforms, Inc. (Nasdaq: RIOT), a bitcoin mining company, disclosed plans for a $500 million private offering of convertible senior notes due 2030. The offering, subject to market conditions, will target qualified institutional buyers under Rule 144A of the Securities Act of 1933.

Per the announcement, issued on Monday, the company will also grant initial purchasers an option to acquire an additional $75 million in notes within a three-day window following the issuance date. The notes, unsecured senior obligations, will mature on Jan. 15, 2030. Redemption will be possible starting Jan. 20, 2028, under specific conditions, provided at least $50 million in principal remains outstanding.

Riot stated that the notes can be converted into cash, Riot’s common stock, or a mix of both, with conversion terms dependent on specified triggers. The initial conversion rate and related terms will be finalized at the time of pricing. The reference price will be based on Riot’s common stock’s composite volume-weighted average price.

The proceeds from this offering are earmarked for the purchase of additional bitcoin (BTC) and other corporate purposes, according to Riot’s statements on Monday. This aligns with the company’s strategy to expand its digital asset holdings while maintaining operational growth.

The notes will be issued privately and are exempt from registration under the Securities Act. Riot emphasized that this announcement is not an offer to sell or solicitation to buy the notes. Completion of the offering remains uncertain. Several mining firms, including MARA Holdings (Nasdaq: MARA), have been issuing private sales to acquire bitcoin this year.

As of 12 p.m. EDT on Monday, Dec. 9, 2024, RIOT shares are down more than 10% against the U.S. dollar.

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