Key Points
- Riot Platforms has recently acquired $68.45 million worth of Bitcoin, following a senior notes offer.
- The Bitcoin mining company also plans to offer $500 million of convertible senior notes to institutional investors.
Riot Platforms, a Bitcoin infrastructure company, has recently purchased a significant amount of Bitcoin. This move comes shortly after the company revealed plans for a senior notes offer.
Bitcoin Acquisition Details
Riot Platforms reportedly acquired 705 Bitcoins, equivalent to $68.45 million, as per data from Arkham Intelligence. The transaction involved six different wallets.
The majority of the transactions originated from five untraceable wallets, accounting for $68.26 million. The New York Digital Investment Group (NYDIG) sent another Bitcoin, contributing to a minor portion of the transactions.
Riot is known as the world’s second-largest Bitcoin mining company, holding 10,019 Bitcoins worth nearly $1 billion. This places it just behind Mara Holdings, which holds 40,435 Bitcoins, according to data from BitBo.
On December 6th, Riot announced on X’s post that it had mined over 495 Bitcoins, equivalent to $48 million, or 16.5 Bitcoins per day, in the previous month. This mining effort is approximately 70% of the Bitcoin acquired recently. However, the number of mined Bitcoins decreased from 505 BTC in October 2024.
Riot’s Senior Notes Offer
The North American Bitcoin mining company also announced plans to offer $500 million of convertible senior notes via a private offering to institutional buyers. Investors will have the option to purchase $75 million for the initial investment.
These notes are set to mature in six years, on January 15, 2030. Under certain conditions, Riot can redeem all the notes for cash after three years of issuance.
Riot stated that it intends to use the net proceeds from the offering to acquire additional Bitcoin and for general corporate purposes.