Riot Platforms Buys $500 Million in Bitcoin 

Riot Platforms has recently acquired over 5,000 BTC in just a few days, bringing its total holdings to 16,728 BTC worth approximately $1.68 billion. This move follows reports that the company was facing pressure from activist investor Starboard Value.

The purchase, which cost approximately $510 million, was made between December 10 and December 12, with each BTC being bought at an average price of $99,669, including fees and charges.

The funds for this acquisition came from the net proceeds of a 0.75% convertible bond issue due in 2030, along with the company’s cash reserves.

Interestingly, this significant BTC purchase comes after Riot’s underwhelming third-quarter performance, which resulted in a net loss of $154.4 million. This was due to high costs and unrealized investment losses.