Riot Platforms Completes $525M Offer To Buy Bitcoin

Key Takeaways

Riot Platforms raised $525 million to fund Bitcoin purchases and operations.
Riot currently holds 12,000 Bitcoin, worth approximately $1.2 billion.

Riot Platforms, a major Bitcoin mining company, has completed its $525 million senior notes offering, according to its to file by the SEC.

The private offering, which was first announced earlier this week, will mature in 2030 with an interest rate of 0.75% and aims to fund additional Bitcoin acquisitions and general corporate purposes.

The offer, which netted approximately $511.5 million after expenses, includes provisions for conversion to common stock beginning in 2029, with an earlier conversion possible under certain conditions.

The company recently acquired 705 Bitcoin for $68.45 million.

Data from Arkham Intelligence shows that Riot now holds 12,000 Bitcoins, worth about $1.2 billion, making it the second largest Bitcoin holder among mining companies.

Marathon Digital leads the sector with more than 40,000 Bitcoin, according to Date of Bitbo.