As a seasoned researcher with a keen eye for trends and a deep-rooted passion for the digital economy, I find myself constantly amazed by the rapid evolution of Bitcoin and its growing acceptance as a strategic asset among companies worldwide. Riot Platforms’ recent acquisition of 5,117 BTC for $510 million underscores this trend and highlights their confidence in Bitcoin’s long-term potential.
Riot Blockchain, a company dealing with Bitcoin mining and infrastructure, has expanded its existing Bitcoin reserves by purchasing an additional 5,117 Bitcoins at a cost of approximately $510 million.
On December 13th, a Colorado-based Bitcoin mining company disclosed recent acquisitions, explaining that these purchases were made in the wake of their $525 million convertible bond issue. Earlier, on December 11th, this same company announced a $500 million offering for convertible notes, which subsequently increased by an additional $75 million.
The company recently acquired 5,117 Bitcoins using the proceeds from an issuance, with each bitcoin costing approximately $99,669 on average. Following MicroStrategy’s lead, many companies are now including Bitcoin in their treasury holdings. One such player making significant moves in this area is Riot Platforms.
Riot holds $1.68 billion in BTC
To date, the mining firm has accumulated a total of 16,728 Bitcoins. Given the current Bitcoin price, this amassed wealth amounts to approximately $1.68 billion.
Significantly, Riot has increased its Bitcoin holdings significantly since October 2024, as they owned a total of 10,928 BTC at that time. Notably, this expansion includes the 505 BTC they mined during October, which they had not sold in the two months leading up to their latest purchase.
Riot’s optimistic view on Bitcoin is shared by multiple publicly-traded companies. Notably, Boyaa Interactive from Hong Kong has transformed its Ethereum holdings into Bitcoin, effectively surpassing the Japanese investment firm Metaplanet in being referred to as “Asia’s MicroStrategy.
On the contrary, Metaplanet has actively purchased significant amounts of the primary cryptocurrency, a trend that financial experts foresee reaching a staggering $200,000 by 2025, fueled by stimuli like governments worldwide building up Bitcoin as part of their strategic reserves.
Miner Marathon Digital, like companies such as Thumzup, China’s SOS Limited, and Genius Group, has chosen to invest in Bitcoin. Notably, MicroStrategy holds the most Bitcoin globally, with over 423,650 BTC, valued at approximately $25.6 billion.
Previously in the current week, investors of tech colossus Microsoft rejected a suggestion aimed at incorporating Bitcoin into their treasury holdings. Nevertheless, analysts suggest this decision could be temporary. Moreover, the National Center for Public Policy Research has proposed that Amazon consider adding Bitcoin to its corporate funds, as a shareholder request.
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2024-12-13 20:08