What's Going On With Riot Shares Friday?

Riot Platforms, Inc. RIOT shares are trading higher on Friday after the company announced it acquired approximately 5,000 Bitcoin BTC/USD.

The Details: Riot purchased 5,117 Bitcoin for about $510 million, at an average price of approximately $99,669 per Bitcoin. The company noted in the Securities and Exchange Commission filing that it now holds a total of 16,728 Bitcoin.

Riot said it used part of the proceeds from its 0.75% convertible senior notes due 2030, along with existing cash reserves, to fund the Bitcoin purchases.

What Else: Earlier this week, Riot boosted its $500 million offering of convertible senior notes due 2030 to $525 million. The company set the interest rate for these notes at 0.75%.

Riot estimated that the net proceeds from the sales of the notes would be about $511.5 million. In the press release, the company stated that it planned to use the net proceeds to acquire additional Bitcoin and fund other corporate purposes.

The company offered the initial purchasers a three-day window to buy up to an additional $75 million in notes. Net proceeds would total approximately $584.6 million if the initial purchasers fully exercised their option to purchase additional notes.

Related Link: Check Out What Whales Are Doing With UPST

RIOT Price Action: At the time of writing, Riot shares are trading 8.03% higher at $13.32, according to data from Benzinga Pro.

Image: Image via Pixabay