As a seasoned analyst with over two decades of experience in the financial markets under my belt, I must admit that this recent move by Riot Platforms to acquire 667 BTC at an average price of $101,135 per coin is nothing short of impressive. It’s clear that they are doubling down on their belief in Bitcoin‘s potential, and their strategic moves are starting to pay off, given the digital asset’s skyrocketing price.
Riot Blockchain, a well-known digital currency mining and technology firm, declared that they purchased an impressive 667 Bitcoins for an average cost of approximately $101,135 per Bitcoin. This move comes as Bitcoin reached a fresh record high of $107,120.60 following a recovery from its daily low of $102,610.08 and securing a market value of around $2.12 trillion.
As a crypto investor, I’ve just learned that Riot Platforms has significantly boosted its Bitcoin holdings to an impressive 17,429 BTC. Given the current price of each Bitcoin at approximately $106,533.77, this means their entire BTC holding is now valued at a staggering $1.8 billion. In the past 24 hours, Bitcoin has seen a rise of more than 3%, and over the last 30 days, it’s soared by an impressive 17.61%. This news certainly adds to the excitement in the crypto market!
Using the extra earnings from Riot’s expanded $594 million, 0.75% convertible bond offering, the firm purchased 667 Bitcoins, with an average cost of around $101,135 per Bitcoin. This acquisition boosted Riot’s Bitcoin holdings to a total of 17,429 BTC, currently estimated to be worth approximately $1.8 billion, based on…
â Riot Platforms, Inc. (@RiotPlatforms) December 16, 2024
This latest acquisition is linked to the earlier announcement about selling 0.75% convertible senior notes maturing in 2030, with a total value of approximately $594.4 million. Once the offering for these convertible notes is finalized, Riot Platform intends to make a positive difference in various sectors, networks, and communities. Additionally, they stated that this action will be beneficial.
Via its recent acquisition and ongoing mining activities this year, Riot has produced a Bitcoin Return on Equity per Share of approximately 36.7% for the quarter, and a year-to-date yield of around 37.2%.
In my recent findings, it has come to light that Riot Platforms, much like myself as a persistent explorer of knowledge, has recently amassed an impressive $510 million worth of Bitcoin. This strategic move propels them into the second-largest BTC holding position among mining companies, trailing only Marathon Digital – another notable US player in this field, who acquired 703 Bitcoins late last November.
It is important to note that the shares of Riot Platforms surged a whopping 8.92% and are trading at $14.15, significantly down from the highs of 2021. Moreover, the shares, which reached a peak of $79.5 in February 2021, fell substantially throughout the crypto winter of 2022-2023.
Bitcoin Price Action Shows Bullish Potential
2020 has seen a significant surge in Bitcoin’s value, increasing by approximately 151.84% from its December 2019 levels. This digital currency is experiencing widespread acceptance within the U.S., particularly following the election of Donald Trump, who is known to be supportive of cryptocurrencies.
Currently, the Bitcoin market shows an RSI value of 71.20, indicating that the bulls are still dominating the market. With a current price of $107,490, Bitcoin is once again considered overbought. This suggests potential for further price increases in the near future.
Source: TradingView
- Further, the MACD indicator shows that the MACD line (blue) has broken above the signal line (red), confirming a bullish divergence for Bitcoin. The MACD histogram is also starting to turn green, which means that buyers have once again taken charge.
With Riot Platforms, Marathon Digital, and MicroStrategy’s latest Bitcoin acquisitions this past weekend, analysts predict that the price of the dominant cryptocurrency could reach around $125,000 as the New Year draws near, due to increased demand.
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2024-12-16 21:48