Another publicly traded company is ramping up their Bitcoin purchases. And this time, it’s one of the largest Bitcoin miners in the world.

‍What’s happening:‍

• Bitcoin mining company Riot Platforms (NASDAQ: RIOT) has just purchased $510M USD more of Bitcoin to hold directly as an asset
  

Why it matters:‍

• Publicly listed Bitcoin miners have started to raise meaningful amounts of capital through equity and debt financings to fuel new purchases of Bitcoin, which has begun to send waves through the public markets
  

By the numbers:‍

• Riot Platforms now owns a total of 16,728 Bitcoin
  
• Riot Platforms is the 3rd largest holder of Bitcoin amongst publicly traded companies, behind only MicroStrategy (NASDAQ: MSTR) and MARA Holdings (NASDAQ: MARA)
  

Going deeper:‍

• Riot Platforms funded the new Bitcoin purchases through their recent convertible debt financing, which injected more than half a billion dollars of fresh capital into the company
  

The intrigue:‍

• Prominent activist investment company Starboard Value has recently become a major shareholder of Riot Platforms and is aggressively pushing the company to leverage some of their Bitcoin mining data centres for high performance computing and artificial intelligence workloads

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