Riot Expands Bitcoin Holdings, Driving Stock Price Higher
Riot Platform has made a significant move to expand its Bitcoin holdings, leading to a sharp increase in its stock value. Between December 10 and December 12, the company acquired 5,117 Bitcoins for approximately $510 million. According to Riot’s latest SEC filing, the average purchase price per Bitcoin was $99,669, bringing its total Bitcoin holdings to 16,728 units.
Stock Surge Reflects Investor Optimism
Following this announcement, Riot’s stock rose 9.7% to $13.53—the highest it has been since November 12. Over the last trading session, Riot gained 10%, fueled by optimism among its strategic Bitcoin investors.
MicroStrategy’s Recent Bitcoin Purchase
Riot’s aggressive expansion follows closely after a similar move by Bitcoin giant MicroStrategy. Between December 2 and December 8, MicroStrategy acquired 21,550 Bitcoins at a total market cap of $2.1 billion. The company’s average price per Bitcoin was $98,783. With this purchase, MicroStrategy now holds an impressive 423,650 Bitcoins.
MicroStrategy’s Ongoing Advocacy for Bitcoin
MicroStrategy, better known for its business intelligence and cloud networks, has long been a strong advocate for cryptocurrency. Executive Chairman Michael Saylor has described Bitcoin as a “reliable store of value,” emphasizing its potential as a reserve currency with long-term investment appeal.
Riot Platforms’ Role in the Crypto Mining Industry
Unlike MicroStrategy’s focus on investing, Riot Platforms is dedicated to cryptocurrency mining. The company operates North America’s largest Bitcoin mining facilities and is one of the biggest publicly traded crypto miners, with a market capitalization of around $4.1 billion.
Bitcoin Reaches Historic Price Milestones
Bitcoin itself has been on a strong upward trajectory, surpassing the $100,000 mark earlier this week for only the second time in history. As of now, Bitcoin is trading at $101,169, according to data from CoinDesk, reflecting its continued bullish momentum.
Industry Optimism for Bitcoin’s Future
Both Riot Platforms and MicroStrategy remain confident in Bitcoin’s potential for future growth, especially as the cryptocurrency continues to achieve significant milestones and draw greater institutional interest.
