- 667 Bitcoins (BTC) priced at about $101,135 were bought by the corporation.
- A total of 17,429 Bitcoin is now in the miner’s balance.
One of the most prominent names in Bitcoin mining, Riot Platforms, has announced a massive increase to its cryptocurrency holdings, with the acquisition of 667 BTC, or around $67.5 million.
The biggest mining operation in North America is run by this corporation, which is devoted to mining. The firm is one of the most renowned and biggest names in the Bitcoin mining industry. With a market valuation of over $4.41 billion.
Increasing Bitcoin Holdings Rapidly
Bitcoin mining firm Riot Platforms has increased its holdings of the cryptocurrency. An official notification states that 667 Bitcoins (BTC) priced at about $101,135 were bought by the corporation. Also, this was bought using funds from the recently issued $594 million in 0.75% convertible notes.
Approximately $67.457 million was supposedly spent on the acquisition. A total of 17,429 Bitcoin is now in the miner’s balance. It is currently worth almost $1.8 billion at the current market price of around $104,229. The purchase occurred shortly after the firm announced a few days earlier that it had purchased 5,113 BTC for about $510 million.
The news broke at around the same time that MicroStrategy reported buying another 15,350 BTC for $1.5 billion, making it its sixth purchase in as many weeks. Furthermore, after the most recent acquisition, MicroStrategy owns 423,650 Bitcoins.
Despite its primary focus on cloud computing and business intelligence, MicroStrategy has been an outspoken supporter of cryptocurrency for quite some time.
This support has only grown stronger since Executive Chairman Michael Saylor began to view the biggest cryptocurrency as an inflation hedge. And an investment tool that is head and shoulders above the competition. In the meanwhile, Riot Platforms runs the largest mining facility in North America. And is known for its targeted mining operations.
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