Riot Platforms completes $525 million notes offering to fuel Bitcoin buying
Riot Platforms has completed a $525 million senior note offering, maturing in 2030 with a 0.75% interest rate, aimed at institutional investors. The notes can convert into common stock starting in 2029. Proceeds will support Riot's Bitcoin acquisition strategy, following a recent purchase of 705 Bitcoin for $68.45 million, bringing its total holdings to 12,000 Bitcoin, valued at approximately $1.2 billion. This positions Riot as the second-largest Bitcoin holder among publicly traded mining companies, behind Marathon Digital. Despite a net loss of $154.4 million in Q3 2024, Riot is exploring growth in AI and high-performance computing, leveraging its energy capacity to attract partnerships. CEO Jason Les noted significant interest in their power capacity, indicating proactive diversification in the evolving crypto landscape.
