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Riot Platforms Acquires 5,117 BTC for $510 Million

Riot Platforms, a Colorado-based Bitcoin mining and infrastructure provider, has made headlines once again by adding 5,117 BTC to its growing reserves. The acquisition, worth $510 million, demonstrates Riot’s ongoing commitment to Bitcoin as a critical part of its corporate strategy.

Announced on December 13, 2024, the purchase follows Riot’s $525 million convertible bond issuance earlier in the month. This major BTC purchase was executed at an average price of $99,669 per Bitcoin. Riot Platforms is adopting a strategy similar to MicroStrategy’s playbook, aiming to bolster its treasury with substantial Bitcoin reserves.

Riot’s Expanding Bitcoin Holdings

With this acquisition, Riot Platforms now holds a total of 16,728 BTC, valued at approximately $1.68 billion based on current Bitcoin prices. The company has shown consistent growth in its Bitcoin reserves, up from 10,928 BTC at the end of October 2024. This growth is not only attributed to purchases but also Riot’s operational success, including the mining of 505 BTC in October.

Riot’s bullish approach mirrors the sentiment of several other publicly traded companies, including Hong Kong-based Boyaa Interactive and Marathon Digital. These companies are actively increasing their Bitcoin holdings, with many analysts predicting Bitcoin’s value to rise significantly in 2025 amid strategic adoption by national governments and corporations alike.

The Bigger Picture: Corporate Bitcoin Adoption

Riot Platforms isn’t the only company with a growing Bitcoin strategy. MicroStrategy remains the largest corporate holder, with over 423,650 BTC acquired at an estimated cost of $25.6 billion. Meanwhile, companies like China’s SOS Limited, Genius Group, and others are following suit, seeing Bitcoin as a valuable treasury asset.

Interestingly, not all companies are on board just yet. Microsoft shareholders recently voted against a proposal to include Bitcoin in its treasury, but industry experts suggest this resistance may be short-lived. There is also growing advocacy from think tanks and influencers encouraging tech giants like Amazon to embrace Bitcoin for payments and reserves.

Conclusion

Riot Platforms’ $510 million Bitcoin purchase is a strong signal of the company’s confidence in the cryptocurrency’s future. As more businesses recognize Bitcoin’s potential as a strategic asset, Riot Platforms continues to lead the charge in corporate adoption.

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