The company is exploring the possibility of issuing private equity debt to qualified institutional investors. The decision comes as bitcoin prices rise to historic highs.
The move follows other major companies that have bought large amounts of Bitcoin at high prices as the cryptocurrency nears record highs. Riot has acquired the cryptocurrency through a private equity proposal.
The company may also issue senior convertible notes. Purchasers will have the option to purchase up to $75 million of additional notes within three days of the initial purchase.
The notes are senior unsecured obligations that will mature on January 15, 2030 and can be redeemed at any time at Riot's option.
The shares will be redeemable for cash or convertible into Riot common shares. The conversion ratio and other terms will be determined at the time of pricing.
Riot plans to use the funds to purchase additional Bitcoin and for general business operations.
Riot held 10,427 BTC as of the end of Q3 this year, having produced 1,104 BTC during the quarter but not sold it. In the previous quarter, it produced 844 BTC.
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2024/12/10 17:04 KST
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