Key Points
- Bitcoin miner Riot Platforms bought more Bitcoin, increasing total holdings to around $1.68 billion in BTC.
- BTC is currently trading close to $101,000 amidst increased market optimism.
Bitcoin miner company Riot Platforms announced the purchase of more Bitcoin today.
Riot Buys 5,117 BTC, Increasing Total Holdings to 16,728 BTC
In a post via X, Riot announced that the company bought 5,117 BTC at an average price of $99,699 per coin. This translates into more than $510 million in Bitcoin for the company’s latest purchase.
Riot used the net proceeds from its recent $525 million offering, 0.75% coupon bond issue.
Following this latest BTC purchase, the company increased its BTC holdings to 16,728 BTC, valued at around $1.68 billion at the time when they made the post via X and Bitcoin was trading at around $100,300.
Riot’s latest purchase was made between December 10 and 12.
On December 10, Riot announced the pricing for their offering of 0.75% Convertible Senior Notes.
Riot Announced Pricing for $525 Million Offering
In the official press release, Riot announced the pricing for the $525 million aggregate principal amount of the 0.75% Convertible Senior Notes due 2030. According to the release, the notes were set to be sold in a private offering only to people reasonably believed to be qualified institutional buyers.
This offering was upsized from the previously announced offering of $500 million notes. Also, the offering was closed on December 11, the press release revealed.
The Bitcoin miner’s vision is to become the world’s leading Bitcoin-driven infrastructure platform, according to the company that believes in combining an innovative spirit and strong community partnership.
Bitcoin Is Trading Near $101,000
At the moment of writing this article, BTC is trading near $101,000 and has a market cap of $1.99 trillion.
Bitcoin recently began a price rally fueled by the latest macroeconomic data in the US and the prospects of a new rate cut by the Fed in the US, amidst huge optimism regarding the upcoming Trump administration in the US.
Now, the odds of a new interest rate cut of 25 bps are over 96%, according to CME Group data.
Bitcoin is surrounded by optimistic predictions and the upcoming price target for the digital asset is $160,000 in 2025.
