Well, well, well, look who’s making big, bold moves in the world of Bitcoin! Riot Platforms, the cryptocurrency miner with more Bitcoin than your average person has socks, has just borrowed a cool $100 million from Coinbase. And guess what? They’ve put up their precious Bitcoin stash as collateral. Talk about putting all your eggs in one giant, digital basket!
Riot’s CEO, Jason Les, proudly announced this was their “first Bitcoin-backed facility” in a statement on April 23. Because, of course, who wouldn’t want to borrow $100 million with the world’s most volatile currency as their safety net? 😬
Les went on to explain that this fancy credit line will help fund their corporate operations and boost their “strategic growth initiatives.” Translation: They’ll use the money to fuel their next big Bitcoin-fueled adventure. 🚀
The loan will mature in a year, unless they decide to keep playing the game and extend it for another year. They’ll be paying an annual interest rate of 9%, which, honestly, is probably like a bargain when you’re dealing with Bitcoin’s rollercoaster of a value. 🎢
And the best part? The money they’re borrowing will be “secured by a portion” of their Bitcoin hoard. So, in other words, if Bitcoin goes haywire (again), they might be in trouble. But who’s worried, right? 🙃
Riot, by the way, isn’t exactly a small player in the Bitcoin game. They own the third-largest corporate Bitcoin stash, with a jaw-dropping 19,223 BTC on hand. At today’s prices, that’s about $1.8 billion in digital gold! 💰
Just to remind everyone of their commitment to this crypto quest, Riot dropped half a billion bucks on Bitcoin in December. And if that wasn’t enough, they also announced plans to raise another $500 million through a private bond offering to buy even more BTC. Because why stop at millions when you can go for billions, right? 😏
RIOT Stock Soars… For Now
On April 23, shares of Riot Platforms surged over 8% in a broad rally for Bitcoin miners. The stock market was like, “Hey, this could be fun!” But let’s not get too excited—Riot’s stock, like many others, has had a rough ride since January, largely due to the global trade war and the inevitable crash of crypto prices. Oops! 💥
Industry experts have noticed that mining stocks are almost like clones of Bitcoin’s price—when Bitcoin goes up, they go up; when Bitcoin drops, so do they. And right now, Bitcoin’s price is hovering around $93,000, down about 15% from its peak right after Donald Trump’s inauguration. Meanwhile, Riot’s shares have plummeted over 40%. Yikes! 📉
But hey, don’t feel too sorry for Riot just yet. The company’s still riding high off their record-breaking earnings from last year. Despite the ups and downs, they managed to bring in $376.7 million in sales and $109.4 million in net income. Not bad for a digital treasure hunter! 🏴☠️
Riot’s next earnings call is coming up on May 1, so we’ll see if they’ve managed to turn their Bitcoin gamble into even more treasure or if they’ll be singing the blues. 🎤
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2025-04-23 19:22