Riot Platforms announces plans to raise $525 million to purchase BTC through the issuance of convertible senior notes

according to official sources, Nasdaq-listed Bitcoin mining company Riot Platforms announced plans to raise $525 million through the issuance of convertible preferred notes with an annual interest rate of 0.75%. These notes will be sold only to qualified institutional buyers through private placement, and the issuance size is larger than the previously announced $500 million principal amount of notes. The completion date is expected to be December 11, 2024, subject to customary closing conditions. Riot stated that it plans to use the net proceeds from this issuance to purchase additional Bitcoin and for general corporate purposes.

Earlier, on December 9th, Riot announced plans to privately issue $500 million convertible preferred notes, mainly for Bitcoin acquisitions and general corporate purposes.