Riot Platforms made a $69 million purchase of Bitcoin

According to recent SEC filings, Bitcoin miner Riot Platforms bought 667 BTC worth $69 million. The purchase was made at an average of $101,135 in bitcoins.

With this purchase, Riot's total bitcoin holdings rose to 17,429 BTC, which at today's prices, is roughly $2 billion.

Disruption is closely following MicroStrategy's Bitcoin buying strategy.

Riot initially shifted its business focus to bitcoin mining in 2018, operating out of its Oklahoma facility. The company has expanded its strategy by mirroring MicroStrategy Chairman Michael Saylor's approach to Bitcoin acquisitions and stock purchases to increase crypto holdings.

Following the announcement, Riot's share price is up 8% today. The company's integrated mining operations and strategic Bitcoin purchases have increased its BTC production significantly.

Riot also reported a 36.7% bitcoin yield for Q4 so far and a 37.2% year-to-date yield. This measure of profitability highlights the growth of BTC holdings relative to the common dilution.

The approach of raising capital by using share rights for Bitcoin purchases continues to be a topic of debate. However, major miners such as Riot and Marathon Digital (MARA) continue this practice.

Last week, MARA acquired 11,774 BTC for $1.1 billion, using funds from zero-coupon convertible notes.

Meanwhile, MicroStrategy also announced its latest Bitcoin purchase today. The company received 15,350 BTC for $1.5 billion, an average of $100,386 per BTC.

With this purchase, MicroStrategy now holds $27.1 billion in BTC. The company reported a Q4 Bitcoin yield of 46.4% and a year-to-date yield of 72.4%, demonstrating its aggressive Bitcoin acquisition strategy.

MicroStrategy stock ( MSTR ) has mirrored Bitcoin's strong performance this year, up nearly 500% year-to-date. The growth places Michael Saylor's company among the top 100 publicly traded companies in the United States.

“Everyone buys Bitcoin at the price it deserves. BTC does not wait. It simply conveys wealth to those who see it,” Michael Saylor recently wrote on X (formerly Twitter).

Saylor has long encouraged public companies to add Bitcoin to their portfolios. Despite several proposals, Microsoft shareholders recently rejected a proposal to include Bitcoin in its treasury.

However, rival Amazon shareholders took a different stance. They proposed that some of Amazon's $88 billion cash reserves be allocated to Bitcoin to hedge against inflation.