Riot Platforms buys more bitcoin, raising holdings to 17,429 BTC

Riot’s stock (ticker RIOT) was down 25% this year as miners struggled to maintain profitability following the latest Bitcoin halving in April. However, its fortunes began to change following a Dec. 12 report from The Wall Street Journal that activist hedge fund manager Starboard Value bought a stake in Riot and wants to convert some of its bitcoin mining facilities into capacity for hyperscalers.

Riot shares are up more than 20% over the past five trading days. The stock was up 7.4% in the first hour of Monday's session, trading around $13.95 at publication time.

Through today's acquisition and overall mining production, Riot said it has generated a BTC Yield per share of 37.2% year to date. 

"Putting bitcoin on the balance sheet was once a reality for only the crypto-native; it’s now going mainstream on the back of a promising post-election outlook," Nathan McCauley, CEO and co-founder of Anchorage Digital, previously told The Block . "With the floodgates starting to open, expect more and more publicly traded names to put excess treasury cash to work by looking toward bitcoin as a reserve asset."