Publicly traded. Bitcoin Mining company Riot Platforms has raised $525 million to buy more Orange Coins through a private offering of highly volatile notes.
The company announced Earlier this week, it said it would raise money from private investors as part of a strategy to buy bitcoins and pay for them for other general corporate purposes.
In its latest announcement on Friday, Castle Rock, Colorado-based Riot raised 5,117 Bitcoin (BTC) at an average price of $99,669 per coin, including fees, ultimately spending $510 million in the process.
The company now holds 16,728 BTC, currently worth approximately $1.69 billion, he added. Bitcoin is trading at $101,170 at press time. basis That CoinGecko.
Riot — and other major Bitcoin miners — are following in the footsteps of software company MicroStrategy, which first i bought To get the best return for shareholders cryptocurrency in 2020 during the covid-19 pandemic That Bitcoin treasury strategy is now being adopted by other companies big and small.
Microstrategy now uses private offerings and debt to buy more bitcoins, and mostly works to secure assets or make them available to investors so they can buy shares of the company and gain exposure to bitcoins.
MicroStrategy now holds 423,650 BTC, worth nearly $43 billion, and encourages other companies to buy the cryptocurrency as inflation.
Other top US bitcoin miners are following a similar strategy to bolster their balance sheets. Mara, formerly known as Marathon Digital, on Tuesday he said. He bought 11,774 Bitcoins for $1.1 billion at an average of $96,000 per coin.
Edited by Andrew Hayward
Daily Debrief Newspaper
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