BUZZ-Riot Platforms drops after announcing convertible offering to buy more bitcoin

Reuters12-09

BUZZ-<a href="https://laohu8.com/S/RIOT">Riot Platforms</a> drops after announcing convertible offering to buy more bitcoin

** * Shares of Riot Platforms RIOT.O down 7% to $12.05 premarket as it seeks capital to acquire additional bitcoin BTC=

** Colorado-based bitcoin miner says offering privately $500 mln 6-yr convertible bonds

** Co has current market cap of ~$4.3 bln, per LSEG

** Through Fri, RIOT shares had gained 33% since the Nov 5 presidential election, as bitcoin has stormed past $100,000 on hopes of friendlier regulatory environment for digital assets under Donald Trump

** On Mon, bitcoin down 1.7% trading around $98,400. The world's largest cryptocurrency has jumped >40% since the election and is up ~130% in 2024

** Other bitcoin miners have issued convertible securities recently , capitalizing on their rising stock prices, including Mara Holdings MARA.O , Bitdeer Technologies BTDR.O and high-performance computing and data center operator Core Scientific CORZ.O

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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