Bitcoin

Bitcoin

$104,523.63

BTC 1.61%

Ethereum

Ethereum

$2,546.40

ETH 9.44%

  • Login
  • Register
Metaverse Media Group
  • Home
  • Crypto
  • NFTs
  • Artificial Intelligence
  • More
    • Technology
    • Business
    • Newsletter
No Result
View All Result
  • Home
  • Crypto
  • NFTs
  • Artificial Intelligence
  • More
    • Technology
    • Business
    • Newsletter
No Result
View All Result
Metaverse Media Group

Riot Platforms Strengthens Bitcoin Reserves with $510 Million Purchase

Riot Platforms Strengthens Bitcoin Reserves with $510 Million Purchase

Be In CryptobyBe In Crypto
13 December 2024
Bitcoin miner Riot Platforms has significantly expanded its BTC holdings. As of December 12, it acquired 5,117 BTC for $510 million. This purchase, at an average price of $99,669 per Bitcoin, brings Riot’s total holdings to 16,728 BTC. The acquisition was funded through proceeds from the company’s 0.75% convertible senior notes due 2030 and existing cash reserves. Riot’s Bitcoin…

Bitcoin miner Riot Platforms has significantly expanded its BTC holdings. As of December 12, it acquired 5,117 BTC for $510 million. This purchase, at an average price of $99,669 per Bitcoin, brings Riot’s total holdings to 16,728 BTC.

The acquisition was funded through proceeds from the company’s 0.75% convertible senior notes due 2030 and existing cash reserves.

Riot’s Bitcoin Holdings Reach 16,728 BTC

Riot’s recent Bitcoin acquisition reflects a broader trend of treating the largest cryptocurrency as a strategic reserve asset. This strategy aligns with recent market plays made by other companies and governments recently.

MicroStrategy, a pioneer in using Bitcoin as a corporate treasury reserve, currently holds over 423,650 BTC. Since November, the firm has made over $15 billion worth of BTC purchases.

Sponsored
.divm, .divd {display: none;}
@media screen and (max-width: 768px) {.divm {display: block;}}@media screen and (min-width: 769px) {
.divd {display: block;}}

Sponsored

Similarly, Marathon Digital has accumulated 40,435 BTC, positioning itself as another leader in the mining and holding of digital assets.

Public Companies With Most Bitcoin Holdings
Public Companies With Most Bitcoin Holdings. Source: CoinGecko

Governments are also exploring Bitcoin as a reserve currency. Pennsylvania introduced the Bitcoin Strategic Reserve Act, which proposes allocating up to 10% of its $7 billion state funds to Bitcoin.

Texas is considering legislation to allow tax payments in Bitcoin, while Bhutan has been quietly mining Bitcoin since 2019, amassing over 12,000 BTC. Just this week, the city of Vancouver passed a Bitcoin reserve proposal, and a Russian lawmaker filed for a similar proposal in Moscow.

These examples illustrate a growing confidence in Bitcoin’s ability to serve as a store of value and an inflation hedge. A 2024 study suggests that there is empirical evidence supporting this notion, but as adoption increases, its store of value may dwindle.

“The results, based on monthly data between August 2010 and January 2023, indicate that bitcoin returns increase significantly after a positive inflationary shock, corroborating empirical evidence that Bitcoin can act as an inflation hedge. However, we observe that bitcoin’s inflationary hedging property is sensitive to the price index – it only holds for CPI shocks – and to the period of analysis — the hedging property stems primarily from sample periods before the increasing institutional adoption of BTC (“early days”). Thus, the inflation-hedging property of Bitcoin is context-specific and is likely to be diminishing as adoption increases.” wrote researcher Harold Rodriguez.

Nonetheless, Riot Platforms’ decision to dedicate substantial resources to Bitcoin holdings signals confidence in the cryptocurrency’s future and its strategic alignment with a global shift toward digital reserve assets.

In a closely related development, activist investor Starboard Value has acquired a significant stake in Riot Platforms. Starboard is advocating for Riot to repurpose some of its Bitcoin mining facilities into hyperscale data centers to serve large-scale computing clients.

Riot has acknowledged ongoing discussions with Starboard, noting their work on enhancing shareholder value.

.aff-primary {
display: none;
}
.aff-secondary {
display: block;
}
.aff-ternary {
display: none;
}

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Sponsored

Sponsored

image-17-1.png
Farah Ibrahim is a journalist at BeInCrypto, where she writes about various topics including new product drops, crypto regulation news, meme coins, artificial intelligence (AI) and Bitcoin. Previously, Farah has served as a Managing Editor at two news agencies and served as Head of Content at Ryze Labs, where she wrote in-depth think pieces on the broader sociopolitical impact of decentralization and has interviewed prominent change makers in the Web3 space in a podcast series. She is…

Farah Ibrahim is a journalist at BeInCrypto, where she writes about various topics including new product drops, crypto regulation news, meme coins, artificial intelligence (AI) and Bitcoin. Previously, Farah has served as a Managing Editor at two news agencies and served as Head of Content at Ryze Labs, where she wrote in-depth think pieces on the broader sociopolitical impact of decentralization and has interviewed prominent change makers in the Web3 space in a podcast series. She is…


READ FULL BIO

Sponsored

#placement_727536_0{ width: 100%;
height: 100%;}

#placement_727536_0_iframe{ width: 100%;
height: 100%;}

Sponsored

RELATED NEWS

10 mins ago

30 mins ago

2 hours ago

2 hours ago

2 hours ago

Read the full article on BeInCrypto.com
in Crypto
Reading Time: 6 mins read
0
0
20
VIEWS
Share on TwitterShare on Facebook

Subscribe to our newsletter

For the latest news & monthly prize giveaways
Join Now

Subscribe to our newsletter

For the latest news & monthly prize giveaways
Join Now
ADVERTISEMENT

Related Posts

Bitcoin Technical Analysis: Bulls Eye $110K After All-Time High Breakout 
Crypto

Bitcoin Technical Analysis: Bulls Eye $110K After All-Time High Breakout 

5 months ago
25
Kraken Slammed With $5.1 Million Fine for Regulatory Breach in Australia
Crypto

Kraken Slammed With $5.1 Million Fine for Regulatory Breach in Australia

5 months ago
26
Bitcoin Blasts Past $105,000, Setting New Record High
Crypto

Bitcoin Blasts Past $105,000, Setting New Record High

5 months ago
25

Comments

Please login to join discussion
ADVERTISEMENT

Latest News

    • All
    • Crypto
    • NFTs
    • Technology
    • Business
    From Presence to Productivity: How XR Hand and Eye Tracking Enhances Virtual Workspaces
    AI

    From Presence to Productivity: How XR Hand and Eye Tracking Enhances Virtual Workspaces

    XR Today
    by XR Today
    4 days ago
    22
    Meta’s XR Strategy: Dominating the Smart Glasses Market in the Age of AI and Augmented Reality
    AI

    Meta’s XR Strategy: Dominating the Smart Glasses Market in the Age of AI and Augmented Reality

    XR Today
    by XR Today
    4 days ago
    22
    XR User Tracking: Privacy, Security and Compliance Considerations for Businesses
    AI

    XR User Tracking: Privacy, Security and Compliance Considerations for Businesses

    XR Today
    by XR Today
    1 week ago
    24
    Vuzix Supercharges Smart Glass Innovation with Silicon Valley Hub and OEM Boost
    AI

    Vuzix Supercharges Smart Glass Innovation with Silicon Valley Hub and OEM Boost

    XR Today
    by XR Today
    2 weeks ago
    25
    Vuzix and Xander Deliver Real-Time Captioning Through AR Smart Glasses
    AI

    Vuzix and Xander Deliver Real-Time Captioning Through AR Smart Glasses

    XR Today
    by XR Today
    3 weeks ago
    21
    Google’s AndroidXR Lead Announces “Act Two” of AI & XR Convergence
    AI

    Google’s AndroidXR Lead Announces “Act Two” of AI & XR Convergence

    XR Today
    by XR Today
    3 weeks ago
    22
    Load More
    Next Post
    Bit Global Files $1 Billion Lawsuit Against Coinbase Over WBTC Delisting

    Bit Global Files $1 Billion Lawsuit Against Coinbase Over WBTC Delisting

    ADVERTISEMENT

    Follow Us

    Categories

    • Crypto
    • NFTs
    • AI
    • Technology
    • Business
    • Crypto
    • NFTs
    • AI
    • Technology
    • Business
    Subscribe to our Newsletter

    © 2022 Metaverse Media Group – The Metaverse Mecca

    Privacy and Cookie Policy | Sitemap

    No Result
    View All Result
    • Home
    • Crypto
    • NFTs
    • Artificial Intelligence
    • More
      • Technology
      • Business
      • Newsletter
    Bitcoin

    Bitcoin

    $104,523.63

    BTC 1.61%

    Ethereum

    Ethereum

    $2,546.40

    ETH 9.44%

    • Login
    • Sign Up

    Welcome Back!

    Sign In with Google
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Google
    OR

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.