December 9, 2024
Riot Platforms has announced plans for a $500 million private offering of convertible senior notes due in 2030, targeting institutional investors. The funds raised will be allocated toward acquiring Bitcoin and supporting other corporate objectives. The offering also includes an option for initial buyers to purchase an additional $75 million of the notes within three days of pricing.
The convertible notes offer the flexibility to be exchanged for cash, Riot common stock, or a combination of both at the company’s discretion. Conversion will be restricted to certain conditions before June 15, 2029, and will be permitted anytime after that date until two days prior to maturity. Riot has the option to redeem the notes for cash, beginning January 20, 2028, if a minimum of $50 million in principal remains outstanding.
This financing approach mirrors a broader trend among Bitcoin mining companies relying on convertible bonds to raise capital. Riot’s announcement comes as competition for Bitcoin intensifies among major players, with several firms leveraging bond offerings to expand their reserves. In Q3, Riot added 1,104 Bitcoin to its holdings, increasing its total to 10,427 BTC while holding off on selling any assets during the period.
About Riot Platforms
Riot Platforms is a Bitcoin mining and infrastructure company that operates at scale to support the Bitcoin ecosystem. It focuses on advancing efficient mining practices and expanding its digital asset holdings.Riot contributes to the broader adoption and development of blockchain technology.
Website: https://www.riotplatforms.com/
X: @RiotPlatforms
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