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Riot Platforms (NASDAQ:RIOT) has acquired 5,117 Bitcoin between December 10th and December 12th, 2024, at a cost of $510 million, bringing its total holdings to 16,728 as of December 12th.
The company funded the purchase using proceeds from its 0.75% convertible senior notes due in 2030 and cash reserves.
The average price paid per Bitcoin, including fees, was approximately $99,669.
Additionally, Riot’s stock increased by 5% on Thursday following a Wall Street Journal report that activist investor Starboard Value has taken a significant stake in the company.
The report suggests Starboard is advocating for Riot to repurpose some of its mining operations to serve hyperscale data center clients, a move aimed at enhancing operational efficiency, according to sources.