Riot Platforms acquires $68 million in Bitcoin following senior notes offering

Riot Platforms, a leading Bitcoin infrastructure company, recently acquired $68.45 million worth of Bitcoin, buying 705 BTC. This acquisition follows the company’s announcement of a senior notes offer, a financial move that will help fuel further expansion.

According to data from Arkham Intelligence on December 11, Riot’s Bitcoin purchase was split across six wallets, with the majority of the funds coming from five unidentified wallets. These wallets contributed $68.26 million of the total amount, while a small portion of the acquisition—just one Bitcoin—was transferred from the New York Digital Investment Group (NYDIG).

As the second-largest Bitcoin mining company in the world, Riot Platforms now holds 10,019 BTC, valued at approximately $1 billion. This positions Riot behind Marathon Digital Holdings (Mara Holdings), which remains the largest holder with 40,435 BTC.

Riot also shared in an X post on December 6 that it mined 495 BTC in November 2024, equating to about $48 million or 16.5 BTC per day. While this is a significant achievement, it shows a slight decrease compared to October 2024, when the company mined 505 BTC. The newly acquired 705 BTC represents about 70% of its mining production for the month.

Riot’s $500 Million Senior Notes Offering

In addition to acquiring Bitcoin, Riot Platforms has announced a $500 million offering of convertible senior notes through a private offering targeted at institutional investors. The offering includes $75 million worth of purchase options for investors. These senior notes are set to mature in January 2030, but Riot has the option to redeem them for cash starting three years after issuance.

The proceeds from this offering will be used primarily to acquire more Bitcoin and for other general corporate purposes, further bolstering the company’s Bitcoin holdings and growth strategy. Riot’s move to offer senior notes highlights its commitment to expanding its Bitcoin acquisition strategy and positioning itself for long-term success in the growing cryptocurrency industry.