Riot Platforms has increased the size of its private note offering to $525 million with the intention of closing it by December 11, 2024.
Riot also provided the initial purchasers of the notes with the option to purchase an additional $75 million in aggregate principal amount of the notes.
The offering was increased from $500 million and is scheduled to conclude on December 11, 2024.
In addition to funding ongoing operations, Riot plans to utilize the remaining funds to purchase more bitcoins.
If the extra option is not exercised, Riot expects that the net revenues from the sale of the notes will be about $511.5 million.
According to a JPMorgan research report, the cryptocurrency market experienced a record-breaking month in November, buoyed by President-elect Donald Trump’s reelection, which incited a rally.
The crypto market valuation registered a 45% increase, reaching $3.3 trillion, according to the JP Morgan report. Trading volumes during the month increased by more than twofold across the cryptocurrency market.
In October 2024, Riot reported that it mined 505 bitcoins, a 23% increase from the previous month. It maintained 10,928 cryptocurrencies as of the conclusion of October.
Riot Platforms’ stock has experienced a year-to-date decline exceeding 27%. It reported revenue of $84.8 million for the third quarter, which was lower than the consensus estimate of $95.4 million. EPS loss of 54 cents was less than the consensus loss estimate of 15 cents.
Investors may acquire exposure to Riot Platforms stock by investing in the Fidelity Crypto Industry and Digital Payments ETF FDIG and the CoinShares Valkyrie Bitcoin Miners ETF WGMI.
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