Bitcoin Miner Riot Buys 667 Bitcoin for $67.5 Million

Key Points:

• Bitcoin miner Riot Platforms acquired 667 BTC worth $67.5 million, bringing its total reserves to 17,429 BTC, now valued at $1.85 billion.
• Combining mining, BTC purchases, and share buybacks, Riot achieved a BTC yield of 36.7% in Q4 and 37.2% year-to-date.

Riot Platforms, one of the prominent Bitcoin miners, extended the cryptocurrency reserves further with a purchase of 667 Bitcoins at an average price of $101,135 per coin, totalling around $67.5 million.

Read more: Riot Convertible Notes Worth $500M Offered to Strength Copany’s Mining Strategy 

Bitcoin Miner Riot Platforms Hikes Bitcoin Holdings to $1.85 Billion

The recent purchase took Riot‘s total holdings to 17,429 BTC. Valued at the current market price of $106,464 per Bitcoin, the overall reserves amount to close to $1.85 billion.

The company, which shifted its focus to Bitcoin mining in 2018 at its Oklahoma facility, has pursued a multi-pronged approach to reinforce its position. Drawing inspiration from MicroStrategy founder Michael Saylor’s strategy of issuing shares to purchase more coins, Bitcoin miner Riot merges mining operations with strategic BTC purchases and share buybacks to maximize its reserves.

Riot Secures $594 Million to Fuel Future Bitcoin Purchases

Bitcoin miner Riot’s strategy has translated into massive returns. Since the start of the fourth quarter, the company has attained a BTC yield of 36.7%, with its year-to-date yield standing at 37.2%. BTC yield is a measure of the balance between Bitcoin holdings and share dilution.

To further support this growth, Riot recently completed a $594 million convertible bond sale. The proceeds are to be used for added Bitcoin purchases. A move in the same direction was orchestrated by Marathon Digital, another prominent miner of Bitcoin, which raised money through senior note sales to enlarge its BTC stash.