Riot Platforms Makes $69 million Bitcoin Purchase
Bitcoin miner Riot Platforms has purchased 667 Bitcoins worth $69 million, according to a recent SEC filing. The average price of this acquisition was $101,135 per Bitcoin.
With this purchase, Riot’s total Bitcoin holdings have climbed to 17,429 BTC, worth approximately $2 billion at today’s prices.
Riot keeps tabs on MicroStartegy’s Bitcoin buying strategy
Riot initially shifted its business focus to Bitcoin mining 2018, operating out of Oklahoma facility. The company has since expanded its strategy, emulating MicroStrategy Chairman Michael Saylor’s approach to buying Bitcoin and initiating share buybacks to add to its cryptocurrency reserves.
follow announcementToday, Riot’s stock price rose nearly 8%. The company’s combined mining operations and strategic Bitcoin acquisitions have significantly boosted its Bitcoin Yield.
Additionally, Riot reports that 36.7% Bitcoin Yield The fourth-quarter yield and year-to-date yield so far are 37.2%. This yield metric highlights the growth in Bitcoin holdings relative to stock dilution.
Raising funds through equity Bitcoin purchase Still a topic of debate. However, major miners such as Riot and Marathon Digital (MARA) continue this practice.
last week, MARA gets 11,774 BTC Raised $1.1 billion using proceeds from an issuance of zero-coupon convertible notes.
At the same time, MicroStrategy also Latest Bitcoin Purchase Announced Today. The company acquired 15,350 BTC for $1.5 billion, with an average price of $100,386 per BTC.
With this acquisition, MicroStrategy currently holds $27.1 billion worth of BTC. The company reported a fourth-quarter Bitcoin return of 46.4% and a year-to-date return of 72.4%, reflecting its aggressive Bitcoin buying strategy.
MicroStrategy’s stock (MSTR) has mirrored Bitcoin’s strong performance this year, up nearly 500% year to date. Michael Saylor’s company has grown into a Top 100 listed companies in the United States.
“Everyone buys Bitcoin at the price they deserve. Bitcoin doesn’t wait. It just transfers wealth to those who see it,” Michael Saylor recently wrote on X (formerly Twitter).
Thaler has long encouraged public companies to add Bitcoin to their investment portfolios. Despite his repeated suggestions, Microsoft shareholders recently rejected a proposal Add Bitcoin to its vault.
However, shareholders of rival Amazon have taken a different stance. they proposed Allocating part of Amazon’s $88 billion in cash Reserve Bitcoin as a Hedge inflation.
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