Riot Platforms has purchased a massive 667 Bitcoin (BTC) at an average price of $101,135 per BTC as the cryptocurrency broke above $107K.
Riot Platforms, a prominent digital asset mining and digital infrastructure company, has announced that it has bought a massive 667 BTC at an average price of $101,135 per BTC while the market-leading cryptocurrency skyrocketed to a new all-time high of $107,120.60 after rebounding from a daily low of $102,610.08 and claiming a market cap of $2.12 trillion.
According to a post on social media platform X (formerly Twitter), Riot Platforms has now increased its holdings to 17,429 BTC, and the entire BTC holding is worth $1.8 billion based on the current price of the digital asset of $106,533.77. The cryptocurrency is up by more than 3% in the past 24 hours and has jumped 17.61% in the last 30 days.
With the additional proceeds from Riot’s upsized $594 million, 0.75% coupon convertible bond issue, the Company has acquired 667 BTC at an average price of $101,135 per BTC. As a result, Riot has increased its holdings to 17,429 BTC, currently valued at $1.8 billion based on the… pic.twitter.com/t68Uy8nbHU
— Riot Platforms, Inc. (@RiotPlatforms) December 16, 2024
This recent purchase stems from the previously announced offering of its 0.75% convertible senior notes due 2030, which are worth a massive $594.4 million. With the completion of the convertible note offering, Riot Platform aims to “positively impact the sectors, networks, and communities.” The firm also added:
“Through this acquisition and mining production YTD, Riot has generated a BTC Yield Per Share of 36.7% QTD, and 37.2% YTD.”
As reported earlier, Riot Platforms acquired $510 million in Bitcoin to expand holdings and is now the second-largest BTC holder among mining companies, only preceded by Marathon Digital, another prominent US-based mining company that acquired a whopping 703 Bitcoins in late November.
It is important to note that the shares of Riot Platforms surged a whopping 8.92% and are trading at $14.15, significantly down from the highs of 2021. Moreover, the shares, which reached a peak of $79.5 in February 2021, fell substantially throughout the crypto winter of 2022-2023.
Bitcoin has been on an uptrend for the majority of the year, skyrocketing 151.84% since December last year. The digital asset faces massive adoption in the United States with the election of pro-crypto candidate Donald Trump as the new president.
Meanwhile, the Relative Strength Index (RSI) for the Bitcoin price action reads a value of 71.20, which means that the bulls remain in control of the BTC $107 508 24h volatility: 4.2% Market cap: $2.13 T Vol. 24h: $110.03 B price trajectory and the digital asset is once again overbought. Higher prices can be expected in the short term.
Source: TradingView
Amid the recent purchases by Riot Platforms, Marathon Digital, and also MicroStrategy, which acquired more BTC over the weekend, are expected to push the price of the leading cryptocurrency towards $125,000 as a new year approaches.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
