Riot Platforms Surpasses 5,000 BTC in Bitcoin Holdings

Riot Platforms (NASDAQ:RIOT), Inc. has made a significant expansion to its cryptocurrency portfolio by purchasing approximately 5,117 Bitcoin. The acquisition took place over a three-day period from December 10, 2024, to December 12, 2024, costing the company around $510 million. After including fees and expenses, the average price Riot Platforms paid per Bitcoin increased to approximately $99,669.

As a result of this purchase, Riot Platforms' total Bitcoin holdings reached 16,728 as of December 12, 2024. The financing for this large-scale acquisition was sourced from the net proceeds of the company’s 0.75% convertible senior notes due in 2030 and existing cash reserves.

In a related development, Riot Platforms (NASDAQ:RIOT) shares saw a notable increase yesterday. The company’s stock rose by 5% on Thursday following a report from the Wall Street Journal. The report indicated that activist investor Starboard Value had become a significant shareholder in the cryptocurrency mining company and was pressuring for strategic changes.

Among the changes advocated by Starboard Value is the proposal to restructure a portion of Riot’s Bitcoin mining operations to meet the needs of hyperscalers. Hyperscalers are large organizations that require extensive data center services. This proposal is part of Starboard’s strategy to optimize Riot’s operations and comes from sources close to the situation.