iot Platforms raises $525 million through senior notes to purchase Bitcoin, increasing its holdings to 12,000 BTC and exploring AI and computing opportunities. The notes are due in 2030 with coupon of 0.75 % and come with conversion option into common stock beginning in 2029.
Bitcoin Acquisition Strategy
After buying Bitcoins worth $68.45 million for 705 Bitcoin recently, Riot currently has 12,000 Bitcoin worth of about $1.2 billion. This makes Riot the second largest publicly listed Bitcoin miner firm, behind Marathon Digital which holds 40,000 bitcoins.
Financial Performance and Challenges
Even though Riot lost $154.4 million in the third quarter of 2024, the company still supports its Bitcoin infrastructure. The company has experienced year on year growth and is looking at diversifying since they have expansion beyond mining.
Diversification and Future Outlook
Now that Riot has access to its utility-scale energy infrastructure, it’s getting into AI and high-performance computing. CEO Jason Les, claimed large interest from potential partners, with prospects reaching in the hundreds of MW of power capability.
Riot Platforms and Crypto's Future
Through Riot Platforms, we can see the company responding and strategizing for the future trajectories of accepting cryptocurrencies and technologies.
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