Riot Platforms, a Bitcoin mining and digital infrastructure firm, has announced plans to hold a private offering of $500 million in convertible senior notes to qualified institutional investors. The proceeds from the offering will be used to acquire more Bitcoin and support general corporate activities. Michael Saylor, the founder of MicroStrategy, praised Riot for their plan and referred to them as a "company on the Bitcoin Standard." Riot currently holds 11,425 Bitcoin and aims to establish itself as the world's leading Bitcoin-driven infrastructure platform. The company's stock price dropped by 5.8% after the announcement of the private offering. Bitcoin experienced a slight intraday decline of 1% and is currently trading at around $99,000.



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