Bitcoin Mining Giant Riot Platforms Adds More Than $510,000,000 Worth of BTC to Corporate Treasury

Publicly traded Bitcoin (BTC) mining firm Riot Platforms just added a massive amount of the flagship crypto to its corporate treasury.

In a new announcement, Riot says it used company-issued bonds to generate revenue to purchase 5,117 BTC at an average price of $99,669 per token.

“With the net proceeds from Riot’s recent $525 million, 0.75% coupon convertible bond issue, the company has acquired 5,117 BTC at an average price of $99,669 per BTC, inclusive of fees and expenses.

As a result, Riot has increased its holdings to 16,728 BTC [as of December 11th], currently valued at approximately $1.68 billion based on the current market price of BTC of $100,303.”

MicroStrategy founder and executive chairman Michael Saylor highlights Riot’s latest Bitcoin purchase as he encourages more companies to consider Bitcoin as a treasury asset.  He pioneered the strategy with MicroStrategy, which has the largest corporate holding of Bitcoin in the world.

“RIOT has a Bitcoin treasury strategy.”

MicroStrategy also made a recent buy of Bitcoin this month, bringing its total holdings as of December 8th to 423,650 BTC.

Other companies are also building on their Bitcoin treasury strategy in December.

Medical technology and software company Semler Scientific added hundreds of Bitcoin to its stash earlier this month.

“Semler Scientific has acquired 303 BTC for ~$29.3 million at ~$96,779 per Bitcoin and has generated BTC yield of 54.7% quarter to date and 78.7% since adopting our BTC treasury strategy in May.”

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Generated Image: Midjourney