Riot is the second largest BTC holder among publicly listed mining companies, second only to Marathon Digital, which currently holds over 40,000 BTC.

Source: cryptoslate

Translation: Blockchain Knight

According to a filing submitted to the U.S. Securities and Exchange Commission on December 11, BTC miner Riot Platforms successfully completed a $525 million senior note issuance.

These notes will mature in 2030, with an interest rate of 0.75%, and are privately placed to institutional investors.

The notes include terms for conversion into Riot common stock starting in 2029, with the possibility of early conversion under specific conditions listed during the issuance.

The funds raised will primarily be used for the company's BTC acquisition strategy, further expanding its substantial BTC holdings.

Prior to this strategic move, Riot recently acquired 705 BTC for $68.45 million.

With this latest investment, the company's total BTC reserves have reached 12,000, valued at approximately $1.2 billion at current market prices.

This makes Riot the second largest BTC holder among publicly listed mining companies, second only to Marathon Digital, which currently holds over 40,000 BTC.

This aggressive expansion strategy mirrors the actions of other similar companies, including Marathon Digital, which recently announced a $700 million stock issuance to increase its BTC reserves.

This highlights the intensifying competition among miners in accumulating BTC, as miners believe in the long-term value and significant return potential of BTC.

Despite a recent decline in Riot's stock price following the initial announcement of the issuance, the company remains steadfastly committed to BTC.

Riot reported a net loss of $154.4 million in its third-quarter report for 2024, but the company's revenue did achieve year-over-year growth.

In addition to BTC mining, Riot is actively exploring new growth avenues, particularly in the rapidly evolving fields of artificial intelligence and high-performance computing.

The company's goal is to leverage its extensive energy capabilities and infrastructure to attract leading technology companies to collaborate with it, potentially providing lucrative new revenue streams.

Riot CEO Jason Les stated in the latest earnings call, "Riot's reputation and our strong power capacity image are the reasons we are able to secure these proactive offers of substantial power capacity. Our interest is in hundreds of megawatts, not necessarily smaller amounts."

This diversification strategy reflects Riot's proactive approach to navigating the ever-changing dynamics of the crypto asset industry, positioning itself for continued growth and success in the coming years.

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