Riot raised $559 million through equity issuance to purchase WhatsMiner mining machines

ChainCatcher news, according to TheMinerMag, Bitcoin mining company Riot has raised nearly $560 million through stock issuance over the past four months for its large-scale purchase of WhatsMiner mining machines from Bitcoin miner manufacturer MicroBT.

Riot disclosed in its annual report on Friday that it achieved a total net gain of $747.7 million from its stock issuance in 2023. Notably, 60% of this, approximately $444 million, was obtained in the last quarter. The company added that it has raised an additional $115 million through market transactions since December 31.

It is reported that Riot announced the purchase of MicroBT's flagship products, the WhatsMiner M56S and M66 series, totaling 25.7 EH/s, worth approximately $453.4 million, in June and December. The goods began shipping in the fourth quarter and are expected to be fully delivered and deployed by mid-2025.

Meanwhile, Riot has reached an option agreement with MicroBT to purchase up to 18.75 EH/s of WhatsMiner annually before the end of 2027. If the option is fully exercised, Riot will need to raise at least another $1.2 billion.