Riot Platforms has increased its Bitcoin holdings by buying 667 BTC for $69 million, averaging $101,135 for each Bitcoin. Riot has now bought enough Bitcoin to have a total of 17,429 BTC, worth almost $2 billion.
This led to an 8% rise in its stock price, showing that investors trust its strategy. Since switching to Bitcoin mining in 2018, Riot has taken a similar approach to MicroStrategy, concentrating on buying back shares to increase its Bitcoin holdings. The company shared a Q4 Bitcoin yield of 36.7% and a year-to-date yield of 37.2%, showing steady growth even with share dilution.
Other well-known Bitcoin investors are buying a lot. Marathon Digital recently purchased 11,774 BTC for $1.1 billion, using a zero-coupon convertible note for funding.
MicroStrategy bought 15,350 BTC for $1.5 billion at an average price of $100,386, increasing its total holdings to over $27.1 billion. MicroStrategy’s stock has jumped almost 500% this year, following Bitcoin’s rise, and the company is now one of the top 100 publicly traded firms in the U.S. CEO Michael Saylor supports using Bitcoin to protect against inflation and urges businesses to add it to their balance sheets.
But not every company feels this way. Microsoft shareholders turned down a plan to add Bitcoin to its treasury, while Amazon’s shareholders proposed using some of its $88 billion cash reserves for Bitcoin to protect against inflation. More companies like Riot, Marathon, and MicroStrategy are showing interest in Bitcoin.
This highlights a trend where institutions see Bitcoin as a valuable long-term investment, even though there are risks in using equity and debt for big purchases. This change shows that more traditional businesses are looking at cryptocurrency as a real option for storing value.
