Riot Platforms has added to its growing Bitcoin holdings after the crypto miner and infrastructure provider scooped 5,117 more BTC for $510 million.

The Colorado-based Bitcoin (BTC) mining company announced the fresh acquisitions on Dec. 13, noting that the purchase follows its $525 million convertible bond issue. On Dec. 11, Riot announced a $500 million convertible notes offering, which then upsized to an additional $75 million.

The company’s latest BTC purchase is the proceeds of this issuance — a 5,117 BTC haul netted at the average price of $99,669 per bitcoin. With the “MicroStrategy” playbook now a major part of several companies looking to have Bitcoin on their treasury, one of the industry players taking this by storm is Riot Platforms.

Riot holds $1.68 billion in BTC

So far, the mining company has increased its total BTC holdings to 16,728. The value of these assets, as per the latest BTC price, is roughly $1.68 billion.

It’s a notable bump in Riot’s holdings, given the company held 10,928 BTC at the end of October 2024. Part of the growth before the latest purchase includes the 505 BTC Riot mined in October, having sold none of its haul in the two months prior.

Riot’s bullish outlook for BTC mirrors that of several other publicly traded companies. Hong Kong-listed Boyaa Interactive recently converted its Ethereum (ETH) holdings to BTC, a move that saw it flip Japanese investment firm Metaplanet as “Asia’s MicroStrategy.”

Metaplanet has, however, been a prolific buyer of the flagship cryptocurrency, which analysts expect will rise to $200k in 2025 amid catalysts such as national governments’ push for Bitcoin strategic reserves.

Miner Marathon Digital has also adopted a Bitcoin strategy. Other companies taking this route are Thumzup, China’s SOS Limited and Genius Group. MicroStrategy is the world’s largest holder of BTC, with over 423,650 BTC, which was acquired for approximately $25.6 billion.

Earlier this week, shareholders of tech giant Microsoft down-voted a proposal that sought to have it add Bitcoin to its treasury. However, observers say this might only be for the short-term. Think tank, the National Center for Public Policy Research has also submitted a shareholder proposal urging Amazon to add Bitcoin to its corporate reserves.