As a seasoned crypto investor who’s been through the wild rollercoaster ride of Bitcoin since its inception, this latest move by Riot Platforms Inc. is nothing short of impressive. The fact that they’re not just mining Bitcoin but also aggressively buying it up in such large quantities is a testament to their faith in the digital gold’s potential.
In simpler terms, Riot Platforms Inc., a major player in Bitcoin mining, has once again made a significant move to boost its Bitcoin holdings. As reported, they purchased 5,113 Bitcoins worth around $510 million. This recent purchase mirrors the continuing trend of Wall Street companies buying large amounts of Bitcoin.
Riot Platforms and Bitcoin Agenda
This past week, I reported that our company disclosed plans to secure $500 million through a Convertible bond issue, which we intend to utilize for the acquisition of Bitcoin. In our subsequent announcement, Riot Platforms revealed that we’ve employed the funds raised to purchase approximately 5,117 Bitcoins at an average cost of around $99,669 per BTC, accounting for all associated fees and expenses.
Through this recent acquisition, the mining company now owns a total of 16,728 Bitcoins. At the present market value of Bitcoin ($100,303), this Bitcoin hoard is estimated to be worth around $1.68 billion.
This is a developing story, please check back for updates!!!
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2024-12-13 17:23