Major Bitcoin miner chases Microstrategy with new BTC purchase

Listed Bitcoin (BTC) miner Riot Platforms has increased its BTC supply for the second week in a row. Although this time it involved a purchase of tens instead of hundreds of millions, it is of course a positive development that more companies seem to be following in MicroStrategy’s footsteps.

Riot Platforms is buying hundreds of new Bitcoins

Last week, the American miner Riot Platforms also made the Bitcoin news with a new purchase. Then the company purchased 5,117 Bitcoins for a total of $510 million.

This money was raised through the issuance of convertible bonds. These are loans that can be converted into company shares at a later stage. The miner was originally supposed to issue $500 million worth of convertible bonds, but that was ultimately increased to $594 million.

So there was still some money left, and the company has now invested that in the digital currency. This was announced yesterday on social media platform X. To be precise, a total of 667 Bitcoins were purchased for $69 million.

The company listed on the Nasdaq stock exchange now has 17,429 Bitcoins on its balance sheet. At the current Bitcoin price of $107,000, this has a value of more than $1.14 billion.

Riot Platforms is the third largest corporate bitcoin holder. Bitcoin miner Marathon Digital Holdings is in second place with 40,435 Bitcoins and the leading position has been held by MicroStrategy for years. MicroStrategy announced yesterday for the sixth week in a row that it had made a new purchase – this time of $1.5 billion – and now owns a bizarre amount of 439,000 Bitcoins.

As much BTC per share as possible

Both Riot Platforms and Marathon Digital Holdings are among the largest BTC miners in the world. And both companies are not only accumulating Bitcoins through their operations – by securing the blockchain with massive amounts of computing power – but are also following MicroStrategy by buying Bitcoins with borrowed capital.

In this way, the companies want to increase the number of Bitcoins per share, which should benefit the long-term value of shareholders. This strategy is of course well received by fervent Bitcoiners, but there are also skeptics who consider it risky.

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