Riot Platforms to Raise $500M for Bitcoin Purchases

Riot Platforms is set to raise $500 million to buy Bitcoin as prices soar. The company will issue senior convertible notes to institutional investors, offering an extra $75 million option for buyers. The notes, maturing in January 2030, can be converted into Riot stock, with final terms decided at pricing. The funds will go toward Bitcoin acquisitions and corporate purposes.

Riot’s Bitcoin Reserves
As of Q3, Riot holds 10,427 BTC. It produced 1,104 BTC in Q3 and 844 BTC in Q2, without selling any.

Miners Turn to Bonds
Riot follows a growing trend among Bitcoin miners issuing convertible bonds to fund growth:

Core Scientific raised $400 million in August.

Marathon Digital issued $1 billion in notes in November, using the funds to manage debt and buy Bitcoin.

MicroStrategy purchased 21,550 BTC for $2.1 billion in early December, with co-founder Michael Saylor envisioning Bitcoin at $1 million per coin.

Data from The Miner Mag shows miners raised $5.2 billion in bonds since June, with 70% of that raised in just the last month.