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Miner Riot will raise US$500 million to buy Bitcoin
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Bitcoin (BTC) mining company Riot Platforms announced plans to raise $500 million to accelerate its BTC purchasing strategy. This Monday (9), the company stated that it will make a private offering of US$500 million in convertible senior notes.
According to Riot’s announcement, the notes will mature in 2030 and will be exclusive to qualified institutional investors. With the money raised, the company must acquire BTC and reinforce its cash flow.
With this, the Riot adopts the same strategy as its rival Marathon and MicroStrategy to raise more BTC. In early December, Marathon announced the issuance of $700 million in debt to acquire BTC. In this regard, the company also issued convertible notes to raise money.
According to the announcement from Riot Platforms, the mining company also seeks to offer initial purchasers of the notes an additional aggregate principal amount of US$75 million of the notes. These sales will occur within a three-day period beginning and including the date of first issue.
US$500 million in cash
However, the offer is subject to market conditions and other risks. I.e, there is no guarantee as to whether, when, or on what terms Riot may complete the offering.
If the sale is successful, The notes will be valid until January 15, 2030. With this, Riot can add new upward pressure to BTC if it manages to raise the entire intended amount in the sale.
However, the price of BTC fell 2.2% until the closing of this article. According to CoinGecko, the cryptocurrency is worth around US$97,719, far from its historic high of US$104,000.
On the other hand, the weekly and monthly charts indicated gains of 3% and 30%, respectively. This broader upward trajectory comes in the context of an upbeat fourth quarter following Donald Trump’s re-election.
Lookonchain data suggests that BTC’s drop occurred because Large investors decided to sell part of their stock in the last 30 days. This chronicle raised contrasting market sentiments, with investors apprehensive about the next steps.
Additionally, the Bhutanese government recently sold $40 million worth of BTC, the second sale in nearly two months, raising concerns despite massive buying by mining companies. Cryptocurrency market enthusiasts continue to keep an eye on the asset for more price action changes amid fascinating developments across the landscape.
Miner Riot will raise US$500 million to buy Bitcoin
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Miner Riot will raise US$500 million to buy Bitcoin
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Miner Riot will raise US$500 million to buy Bitcoin
