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Bitcoin Miner Riot Platforms Raises $500M To Buy BTC

Bitcoin miner Riot Platforms intends to raise $500 million with its private offering convertible senior notes in order to purchase BTC.
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Bitcoin Miner Riot Platforms Raises $500M To Buy BTC

Highlights

  • Bitcoin miner Riot unveils a private offering worth $500 million of its convertible senior notes due 2030 for qualified institutional investors.
  • The flagship crypto witnesses heightened buying due to mining companies' recent massive purchases.
  • Bitcoin faces strong market turbulence after hitting an ATH above $100K.

Bitcoin miner Riot Platforms announced plans to raise $500 million to accelerate its BTC buying strategy. The firm revealed on Monday that it proposed a private offering of $500 million worth of convertible senior notes due 2030 for qualified institutional investors. Notably, the proceeds received from these offerings are to be used to purchase the mentioned digital asset.

In response, the broader market reflected substantial optimism over the flagship crypto’s future movements.

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Bitcoin Miner Riot Platforms Announces $500M Private Offering Igniting Optimism

Riot Platforms has recently announced that it intends to offer $500 million aggregate principal amount of its convertible senior notes due 2030 only to qualified institutional investors, to use the proceeds to purchase BTC. Furthermore, the mining company also seeks to offer the initial purchasers of the notes an additional $75 million aggregate principal amount of the notes, within a three-day period beginning on and including the date on which the notes are first issued.

However, the offering remains subject to market and other risk conditions, and there can be no guarantee as to whether, when, or on what terms the offering may be completed. Per the announcement, the notes will mature on January 15, 2030. Altogether, the Bitcoin miner’s endeavor has reverberated significant market optimism for the coin, underscoring heightened buying should the proposed private offering conclude.

Also, it’s worth mentioning that the Bitcoin mining firm MARA acquired $130 million worth of the same crypto recently, further bringing buying pressure to it. Although these events ignited an optimistic torrent, the flagship coin continues to face market resilience after hitting an ATH above $100K.

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Is BTC Price Still Bullish?

At the time of reporting, BTC price slipped 1% intraday and was sitting at $98,804. Its 24-hour low and high were $97,986.82 and $1,01,399.98 respectively. While the coin’s intraday movement shows a waning action, the weekly and monthly charts indicated gains worth 3% and 30%, respectively. This broader rising trajectory comes against the backdrop of a bullish Q4 post-Donald Trump’s reelection.

Nevertheless, a recent report by CoinGape revealed that the crypto’s price encountered rejection as long-term holders have offloaded massive amounts in the last 30 days. This chronicle has raised contrasting market sentiments, with investors apprehensive.

Also, the Bhutan government recently sold $40 million worth of the same crypto, adding to concerns despite the massive buying by mentioned Bitcoin miner companies. Crypto market enthusiasts continue to eye the asset for further price action shifts amid riveting developments across the landscape.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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