Riot Platforms Buys 667 BTC for $69 Million, Boosting Holdings to 17,429 BTC

Bitcoin mining giant Riot Platforms has purchased 667 BTC for $69 million, according to recent SEC filings. The company secured the acquisition at an average price of $101,135 per Bitcoin.

With this purchase, Riot’s total Bitcoin holdings now stand at 17,429 BTC. At current market prices, the company’s Bitcoin reserves are valued at approximately $2 billion.

Strategic Bitcoin Accumulation Mirrors MicroStrategy

Riot’s aggressive Bitcoin acquisition strategy closely mirrors that of MicroStrategy Chairman Michael Saylor. Since shifting its business focus to Bitcoin mining in 2018, Riot has used its Oklahoma facility as a base for expanding operations. The company has combined mining efforts with BTC purchases to increase its reserves.

Riot’s latest announcement caused its stock price to surge nearly 8% today. The firm also reported a 36.7% Bitcoin yield for Q4 so far and a year-to-date yield of 37.2%. This yield measures BTC growth relative to share dilution.

The capital-raising approach, which involves share rights offerings to fund Bitcoin purchases, remains controversial. However, it has been widely adopted by major players like Riot and Marathon Digital (MARA).

Competitors Also Strengthen BTC Positions

Last week, Marathon Digital purchased 11,774 BTC for $1.1 billion. The funds came from a zero-coupon convertible note offering. Meanwhile, MicroStrategy also revealed its latest Bitcoin purchase today. The company acquired 15,350 BTC for $1.5 billion at an average price of $100,386 per Bitcoin.

MicroStrategy now holds $27.1 billion worth of BTC. The firm reported a 46.4% Bitcoin yield for Q4 and 72.4% year-to-date, underscoring its aggressive Bitcoin accumulation strategy.

MicroStrategy’s stock (MSTR) has surged nearly 500% this year, closely tracking Bitcoin’s strong performance. This growth has placed the company among the top 100 publicly traded firms in the United States.

Broader Trends and Shareholder Responses

Michael Saylor continues to advocate for public companies to add Bitcoin to their balance sheets. “Everyone buys Bitcoin at the price they deserve. BTC doesn’t wait. It simply transfers wealth to those who see,” Saylor posted on X (formerly Twitter).

Despite Saylor’s efforts, Microsoft shareholders recently rejected a proposal to allocate part of its treasury to Bitcoin. In contrast, Amazon shareholders proposed directing a portion of the company’s $88 billion cash reserves into Bitcoin as a hedge against inflation.

Riot’s latest Bitcoin purchase reinforces the growing trend of corporations accumulating BTC. It highlights the increasing confidence in Bitcoin as a strategic treasury asset and inflation hedge.