Listed miner Riot Platforms wants to borrow $500 million to buy more Bitcoin. The plan is to raise that money by selling convertible bonds. That amount of $500 million could increase by $75 million if there is a lot of interest in the bonds.
Buy even more Bitcoin
With the money, Riot Platforms naturally wants to follow in the footsteps of the large MicroStrategy.
Riot Platforms’ goal is clearly to accumulate as much Bitcoin as possible, and build up debt in the US dollar. In doing so, the company is actually betting on the collapse of the dollar against Bitcoin.
That has been a good bet for the time being, but the future of course always remains uncertain. The Bitcoin price is based on trust and collective belief in a future in which the digital currency plays an important role in the financial system.
Does that faith disappear? Then the party can just be over. However, for the time being there are no clear indications that this belief in Bitcoin is disappearing.
How Much Bitcoin Does Riot Platforms Have?
At the end of the third quarter, Riot Platforms had 10,427 Bitcoin on its balance sheet. In that same quarter, the Bitcoin miner produced 1,104 Bitcoin and sold nothing.
In the previous quarter, Riot Platforms managed to produce 844 Bitcoin. As a result, Riot Platforms’ stock is rising quite quickly, although it will of course never come close to the more than 400,000 Bitcoin that MicroStrategy currently owns.
This means that Michael Saylor’s company now owns almost 2% of all 21 million Bitcoin.
Michael Saylor thought it necessary to mention Riot Platforms yesterday. “RIOT is a Bitcoin-standard company,” Saylor said. These types of messages are of course also a bit like advertising for his MicroStrategy.
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Source: https://newsbit.nl/beursgenoteerde-miner-leent-500-miljoen-om-bitcoin-te-kopen/
