Riot Platforms Buys 667 BTC at Average Price of $101,135
Riot Platforms, a digital asset mining and infrastructure company, purchased 667 BTC at an average price of $101,135 per BTC. This acquisition occurred as Bitcoin reached a new all-time high of $107,120.60 after recovering from a daily low of $102,610.08, with a market cap of $2.12 trillion.
Following this transaction, Riot's total holdings increased to 17,429 BTC, valued at $1.8 billion based on the current price of $106,533.77. Bitcoin has risen over 3% in the last 24 hours and 17.61% over the past 30 days.
With the additional proceeds from Riot’s upsized $594 million, 0.75% coupon convertible bond issue, the Company has acquired 667 BTC at an average price of $101,135 per BTC. As a result, Riot has increased its holdings to 17,429 BTC, currently valued at $1.8 billion based on the… pic.twitter.com/t68Uy8nbHU
— Riot Platforms, Inc. (@RiotPlatforms) December 16, 2024
This purchase is linked to Riot's previously announced offering of $594.4 million in 0.75% convertible senior notes due 2030. The company aims to positively impact sectors, networks, and communities through this acquisition. Riot reported a BTC Yield Per Share of 36.7% for the quarter and 37.2% year-to-date.
Riot Platforms has become the second-largest BTC holder among mining companies, following Marathon Digital, which recently acquired 703 Bitcoins. Riot's shares rose by 8.92%, trading at $14.15, although they remain significantly lower than their peak of $79.5 in February 2021 during the crypto winter of 2022-2023.
Bitcoin Price Action Shows Bullish Potential
Bitcoin has surged 151.84% since December last year, supported by increasing adoption in the United States and the election of pro-crypto candidate Donald Trump as president. The Relative Strength Index (RSI) for Bitcoin is at 71.20, indicating bullish control over price movements, suggesting potential for higher prices in the short term.
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Source: TradingView
- The MACD indicator shows a bullish divergence for Bitcoin, with the MACD line crossing above the signal line, and the histogram turning green, indicating renewed buying interest.
Recent purchases by Riot Platforms, Marathon Digital, and MicroStrategy are anticipated to drive Bitcoin's price towards $125,000 as the new year approaches.