Riot Platforms increased holdings of 667 BTC, with a total holding of 17,429 BTC

US-listed mining company Riot Platforms announced that it will spend about $67.5 million to buy 667 BTC, continuing to expand its BTC holdings.

Riot Platforms said on Monday that the funds for buying BTC came from the proceeds of the earlier convertible bond issuance. The statement said:

With the additional income of issuing $594 million, 0.75% convertible bonds, Riot has purchased 667 BTC at an average price of $101,135 per BTC.

Therefore, Riot's holding of Bitcoin has increased to 17,429, which, based on the current market price of Bitcoin at $103,873, has a coin value of approximately $1.8 billion.

As early as December 10 to 12, this BTC mining company has used part of the proceeds from this issuance to purchase 5,117 BTC.

Since the BTC halving in April this year, Riot Platforms' profitability has been in a slump. However, the Wall Street Journal reported last week that aggressive investors and hedge fund company Starboard has bought a large amount of Riot Platforms' shares, gaining the right to influence the company's direction, hoping that Riot Platforms will transform its BTC mining operations into data centers, providing GPU hosting services for AI technology giants.

Motivated by the news, Riot Platforms' stock price has risen over 20% in the past 5 trading days, and it rose 7.4% in the first hour of trading on Monday. As of the time of writing, the trading price is approximately $13.95.

<Riot Platforms Increases its BTC holdings by 667, with a total of 17,429 coins held> This article was first published in Blockcast.