Bitcoin miner Riot Platforms announced plans to raise $500 million to accelerate its BTC buying strategy. The firm revealed on Monday that it proposed a private offering of $500 million worth of convertible senior notes due 2030 for qualified institutional investors. Notably, the proceeds received from these offerings are to be used to purchase the mentioned digital asset.

In response, the broader market reflected substantial optimism over the flagship crypto’s future movements.

Bitcoin Miner Riot Platforms Announces $500M Private Offering Igniting Optimism

Riot Platforms has recently announced that it intends to offer $500 million aggregate principal amount of its convertible senior notes due 2030 only to qualified institutional investors, to use the proceeds to purchase BTC. Furthermore, the mining company also seeks to offer the initial purchasers of the notes an additional $75 million aggregate principal amount of the notes, within a three-day period beginning on and including the date on which the notes are first issued.

However, the offering remains subject to market and other risk conditions, and there can be no guarantee as to whether, when, or on what terms the offering may be completed. Per the announcement, the notes will mature on January 15, 2030. Altogether, the Bitcoin miner’s endeavor has reverberated significant market optimism for the coin, underscoring heightened buying should the proposed private offering conclude.

Also, it’s worth mentioning that the Bitcoin mining firm MARA acquired $130 million worth of the same crypto recently, further bringing buying pressure to it. Although these events ignited an optimistic torrent, the flagship coin continues to face market resilience after hitting an ATH above $100K.

Is BTC Price Still Bullish?

At the time of reporting, BTC price slipped 1% intraday and was sitting at $98,804. Its 24-hour low and high were $97,986.82 and $1,01,399.98 respectively. While the coin’s intraday movement shows a waning action, the weekly and monthly charts indicated gains worth 3% and 30%, respectively. This broader rising trajectory comes against the backdrop of a bullish Q4 post-Donald Trump’s reelection.

Nevertheless, a recent report by CoinGape revealed that the crypto’s price encountered rejection as long-term holders have offloaded massive amounts in the last 30 days. This chronicle has raised contrasting market sentiments, with investors apprehensive.

Also, the Bhutan government recently sold $40 million worth of the same crypto, adding to concerns despite the massive buying by mentioned Bitcoin miner companies. Crypto market enthusiasts continue to eye the asset for further price action shifts amid riveting developments across the landscape.

The post Bitcoin Miner Riot Platforms Raises $500M To Buy BTC appeared first on CoinGape.

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