Riot Platforms Inc (NASDAQ:RIOT) shares are trading higher. The company on Monday announced the closing of a convertible senior notes offering.
What Happened: Riot said it completed its previously announced offering of 0.75% convertible senior notes due 2030. The company sold $594.4 million aggregate principal amount of the notes in a private offering to institutional buyers.
Riot said it received net proceeds of approximately $579.2 million from the offering. The company on Monday announced that it already deployed most of the net proceeds to acquire additional Bitcoin (CRYPTO: BTC).
In a regulatory filing, Riot said it acquired approximately 5,117 Bitcoin for approximately $510 million between Dec. 10 and Dec. 12. As of Dec. 16, Riot held a total of 16,728 Bitcoin.
The news comes after the company confirmed last week that it has been holding discussions with activist Starboard Value, who recently took a stake in the company.
"We are committed to creating value for all shareholders, and we look forward to constructive dialogue with Starboard on ways to achieve this shared goal," the company said.
Several crypto-related stocks are moving higher on Monday after Bitcoin climbed to new all-time highs over the weekend. Reports from Sunday suggested President-elect Donald Trump could issue an executive order to create a Strategic Bitcoin Reserve.
RIOT Price Action: Riot Platforms shares were up 6.29% at $13.81 at the time of publication Monday, according to Benzinga Pro.
Photo: Shutterstock.
