In a recent development, Riot Platforms has once again added to its Bitcoin holdings, revealing that it has purchased 667 BTC at an average price of $101,135 per BTC. This purchase was made possible by the additional proceeds from Riot’s upsized $594 million, 0.75% coupon convertible bond issue. With this acquisition, Riot now holds a total of 17,429 BTC, valued at $1.8 billion based on the current market price of BTC at $103,873. The company disclosed that through this acquisition and its mining production year-to-date, it has achieved a BTC Yield Per Share of 36.7% quarter-to-date and 37.2% year-to-date.
This latest purchase by Riot comes at a time when major industry players like MicroStrategy are also increasing their Bitcoin holdings. MicroStrategy recently purchased 15,350 BTC for approximately $1.5 billion at an average price of $100,386 per Bitcoin. This marks MicroStrategy’s sixth Bitcoin purchase in six weeks, bringing their total holdings to 423,650 Bitcoins. In a significant milestone, MicroStrategy is set to join the Nasdaq-100, positioning itself among some of the world’s leading companies. Additionally, MicroStrategy is the first Bitcoin treasury company to be included in the Nasdaq-100 index.
The timing of Riot’s Bitcoin purchase coincides with Bitcoin’s price surging above $106K in Monday’s trading session, reaching a new high and currently trading at $104,841, representing a more than 1% increase in the last 24 hours. The ongoing interest and investment in Bitcoin by companies like Riot Platforms and MicroStrategy demonstrate a strong belief in the potential growth of the cryptocurrency market despite its inherent volatility. These strategic acquisitions highlight the continued confidence in Bitcoin as a valuable asset for the future.