{"id":27215,"date":"2024-12-10T09:57:26","date_gmt":"2024-12-10T09:57:26","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=27215"},"modified":"2024-12-10T09:57:26","modified_gmt":"2024-12-10T09:57:26","slug":"riot-platforms-plans-500m-fundraising-to-acquire-more-bitcoin","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=27215","title":{"rendered":"Riot Platforms Plans $500M Fundraising to Acquire More Bitcoin"},"content":{"rendered":"

Bitcoin mining company Riot Platforms plans to raise $500 million to expand its <\/span>Bitcoin <\/span><\/p>\n

<\/span><\/p>\n


\n
\n
\n
\n <\/span>
\n <\/span>
\n <\/span><\/span><\/span><\/span><\/p>\n


\n <\/span>
\n <\/span>
\n
\n <\/span>
\n <\/span><\/p>\n


\n
\n <\/p>\n


\n
\n
\n
\n <\/span>
\n <\/span>
\n <\/span>
\n <\/span>
\n
\n Price<\/span>
\n
\n <\/span>
\n
\n <\/span>
\n <\/span>
\n <\/span>
\n <\/span>
\n
\n
\n Trading volume in 24h<\/span><\/span><\/span><\/span><\/span><\/p>\n


\n <\/span>
\n <!–
\n ?<\/span>
\n <\/span> –>
\n
\n
\n Last 7d price movement<\/span>
\n <\/span>
\n <\/span><\/p>\n

<\/p>\n


\n <\/p>\n

holdings. The company intends to conduct a private bond offering, with the potential to issue senior convertible notes through private offering memorandums. <\/span><\/p>\n

The proposed offering, targeted at qualified institutional investors, will allow investors the option to purchase up to an additional $75 million in notes within three days of their initial investment. <\/span><\/p>\n

The<\/span> terms of the offering <\/span>will<\/span> be determined based on market conditions<\/span>, Riot said<\/span>.<\/span> The firm also did not specify any details regarding interest payments.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>15 Best Anonymous Bitcoin Wallets with no KYC in 2024<\/span><\/a><\/strong><\/p>\n

The Notes Will Mature in 2030<\/span><\/h2>\n

The notes will be unsecured senior obligations, maturing on January 15, 2030. At maturity, Riot will have the option to either redeem the notes or convert them into the company\u2019s common stock. The conversion rate and other conditions will be finalized <\/span>at the time of<\/span> pricing.<\/span><\/p>\n

The funds raised will be used primarily for acquiring additional Bitcoin, along with general corporate purposes. <\/span><\/p>\n

As of the end of the third quarter, Riot held 10,427 BTC after producing 1,104 BTC <\/span>during the quarter<\/span>. The company did not sell any of its Bitcoin during this period, further bolstering its position in the cryptocurrency.<\/span><\/p>\n

Riot\u2019s fundraising efforts are part of a broader trend among publicly traded Bitcoin miners. Since June, seven such companies have raised <\/span>a total of<\/span> $5.2 billion through convertible bond offerings, with 70% of the funds raised in just the last four weeks leading up to December 5. <\/span><\/p>\n

Notable examples include Core Scientific\u2019s $350 million offering in August and Marathon Digital\u2019s $1 billion issuance in November, which helped fund Bitcoin purchases.<\/span><\/p>\n

On December 9, the same day as Riot\u2019s announcement, MicroStrategy disclosed its acquisition of 21,550 BTC for $2.1 billion. Co-founder Michael Saylor remarked that he plans to continue buying Bitcoin, even at prices reaching $1 million per coin in the future.<\/span><\/p>\n

MicroStrategy has acquired 21,550 BTC for ~$2.1 billion at ~$98,783 per #bitcoin<\/a> and has achieved BTC Yield of 43.2% QTD and 68.7% YTD. As of 12\/8\/2024, we hodl 423,650 $BTC<\/a> acquired for ~$25.6 billion at ~$60,324 per bitcoin. $MSTR<\/a> https:\/\/t.co\/8r7bFqMFof<\/a><\/p>\n

\u2014 Michael Saylor (@saylor) December 9, 2024<\/a><\/p>\n\n

EXPLORE:<\/span>\u00a0The 18 Best New Cryptocurrencies to Invest in 2024<\/span><\/a><\/strong><\/p>\n

Amazon to Consider Bitcoin Treasury Strategy<\/span><\/h2>\n

On Monday, the National Center for Public Policy Research, a Washington, D.C.-based think tank advocating for free-market principles, called on Amazon to\u00a0<\/span>consider adopting\u00a0a\u00a0Bitcoin-focused<\/span><\/a> corporate treasury strategy.<\/span><\/p>\n

Other companies are also turning to Bitcoin to diversify their treasuries. Video platform Rumble\u00a0<\/span>announced plans to invest in Bitcoin<\/span><\/a><\/strong>\u00a0on November 25, while Genius Group recently acquired 110 BTC for $10 million, aiming to hold up to 90% of its reserves in Bitcoin.<\/span><\/p>\n

Furthermore, healthcare technology firm Semler Scientific<\/span>\u00a0has expanded its Bitcoin portfolio<\/span><\/a><\/strong>. It purchased an additional 47 BTC for $3 million. The acquisition brings the company\u2019s total holdings to 1,058 BTC as part of its ongoing strategy to accumulate Bitcoin.<\/span><\/p>\n

Last week, North American Bitcoin mining giant\u00a0<\/span>Hut 8 announced a $250 million stock repurchase<\/span><\/a><\/strong> program alongside a share sale initiative. The proceeds from these programs are expected to fund various initiatives, including acquiring Bitcoin as a strategic reserve.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>Best New Cryptocurrencies to Invest in 2024<\/span><\/a><\/strong><\/p>\n

Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/a><\/p>\n

The post Riot Platforms Plans $500M Fundraising to Acquire More Bitcoin<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin mining company Riot Platforms plans to raise $500 million to expand its Bitcoin Price Trading volume in 24h <!– ? –> Last 7d price movement holdings. The company intends to conduct a private bond offering, with the potential to issue senior convertible notes through private offering memorandums. The proposed offering, targeted at qualified institutional […]<\/p>\n","protected":false},"author":0,"featured_media":27216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-27215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/27215"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27215"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/27215\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/27216"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}