Riot Platforms Ord Shs Stock Price, News & Analysis

Riot Platforms has announced the pricing of $525 million convertible senior notes due 2030, with an option for additional $75 million. The notes will bear a 0.75% annual interest rate, payable semiannually. The initial conversion rate is 67.2767 shares per $1,000 principal amount, equivalent to $14.86 per share, representing a 32.5% premium over the current stock price.

The notes will be convertible into cash, common stock, or a combination thereof. Riot expects net proceeds of approximately $511.5 million (or $584.6 million if the additional option is exercised), which will be used to acquire bitcoin and for general corporate purposes. The offering is expected to close on December 11, 2024.

Riot Platforms (NASDAQ: RIOT) has announced plans for a private offering of $500 million convertible senior notes due 2030 to qualified institutional buyers under Rule 144A. The company may grant initial purchasers an option for an additional $75 million in notes. The notes will be unsecured, senior obligations maturing on January 15, 2030, with potential early repurchase, redemption, or conversion options.

The notes will be convertible into cash, Riot's common stock, or a combination thereof, at Riot's discretion. The company plans to use the proceeds to acquire additional bitcoin and for general corporate purposes. The initial conversion rate will be determined at pricing, based on the weighted average price of Riot's common stock.

Riot Platforms produced 495 Bitcoin in November 2024, a 2% decrease from October and 10% year-over-year decline. The company's total deployed hash rate reached 30.8 EH/s, up 5% from October and 148% year-over-year. Notable operational metrics include a 13% month-over-month increase in average operating hash rate to 25.8 EH/s, and $1.4 million in total power credits. The company maintained an efficient all-in power cost of 3.8c/kWh across facilities and improved fleet efficiency to 22.3 J/TH. Riot held 11,425 Bitcoin at month-end, representing a 5% increase from October.

Riot Platforms reported significant growth in October 2024, producing 505 Bitcoin, a 23% increase from September and 10% year-over-year. The company's total deployed hash rate reached 29.4 EH/s, marking a 152% increase from October 2023. Riot held 10,928 Bitcoin at month-end, up 49% year-over-year. The company's Corsicana Facility is nearing completion of Phase 1 (400 MW) and has commenced development of Phase 2 (600 MW), with operations expected to begin in second half of 2025. Total power credits decreased to $1.0 million, down 56% from September, while all-in power costs increased to 3.9c/kWh.

Riot Platforms reported Q3 2024 financial results with total revenue of $84.8 million, a 65% increase from Q3 2023. The company produced 1,104 Bitcoin with a deployed hash rate of 28 EH/s, representing a 159% year-over-year increase. Bitcoin mining revenue reached $67.5 million, while engineering revenue was $12.6 million. The average cost to mine Bitcoin was $35,376. The company maintained a strong financial position with $590.6 million in working capital, including $355.7 million in cash and 10,427 Bitcoin holdings. However, Riot reported a net loss of $154.4 million and revised down its hash rate growth targets for 2024 and 2025.

Riot Platforms, a leading vertically integrated Bitcoin mining company, has announced its upcoming third quarter 2024 earnings conference call. The call is scheduled for Wednesday, October 30, 2024, at 4:30 P.M. EST. During this call, Riot will discuss the financial results for the quarter ended September 30, 2024.

Interested parties can participate in the conference call through an audio-only webcast or by dialing in. Registration links are provided for both options. For those unable to attend the live call, a replay will be made available after the event concludes.

Riot Platforms, Inc. (NASDAQ: RIOT) announced its unaudited production and operations updates for September 2024. Key highlights include:

• 412 Bitcoin produced, a 28% increase from August
• Total deployed hash rate reached 28.2 EH/s, a 20% increase month-over-month
• Average operating hash rate increased to 19.5 EH/s, up 35% from August
• Bitcoin held increased to 10,427, up 4% from August
• Completion of Building B1 at Corsicana Facility, bringing power capacity to 300 MW

CEO Jason Les attributed the production increase to higher average operating hash rate and operational improvements. The company continues to progress on Building B2 at Corsicana, expected to be operational in November. Riot's power strategy focuses on flexible consumption, participating in grid demand response programs.

Riot Platforms, Inc. (NASDAQ: RIOT) has issued a press release regarding a settlement agreement with Bitfarms (NASDAQ/TSX: BITF). Key points include:

• Andrés Finkielsztain resigned from Bitfarms' Board of Directors
• Amy Freedman was appointed to the Board and various committees
• Riot withdrew its requisition for a special meeting of Bitfarms shareholders

Riot currently owns 90,110,912 common shares of Bitfarms, representing approximately 19.9% of the issued and outstanding shares. Riot intends to review its investment in Bitfarms continuously and may increase or decrease its position based on various factors.

Riot Platforms, Inc. (NASDAQ: RIOT) announced its August 2024 production and operations updates. The company produced 322 Bitcoin in August, a 13% decrease from July 2024 and a 3% decrease year-over-year. Riot's total deployed hash rate reached 23.5 EH/s, a 1% increase from July and a 128% increase year-over-year. The company's Bitcoin holdings exceeded 10,000, reaching 10,019, a 3% increase from July and a 37% increase year-over-year.

Riot's power strategy led to an all-in power cost of 2.0c/kWh at its Rockdale Facility and 3.9c/kWh at its Corsicana Facility. The company generated $6.4 million in total power credits, a 90% increase from July. Riot continues to develop its Corsicana Facility, with Building B1 expected to be fully operational in September, contributing to the company's target of 28 EH/s hash rate by Q3 and 36 EH/s by year-end.