Activist investor Starboard Value has acquired a significant stake in Bitcoin miner Riot Platforms, prompting a rise in its stock price. Starboard is advocating for Riot to shift some of its mining capacity towards hyperscalers, capitalizing on the growing demand from the AI sector. Riot has expressed its commitment to engaging with Starboard to enhance shareholder value.
Bitmain has expanded its production line to the US to enhance supply chain efficiency amid escalating trade tensions with China. The company, which holds a significant market share in Bitcoin mining, plans to roll out its Antminer S21 Pro miners this month, addressing delays faced by US miners due to customs issues. This move aligns with President-elect Donald Trump's vision for increased domestic Bitcoin production, as over 44.3% of the Bitcoin network's hashrate is concentrated in the US and Canada.
Riot Platforms plans to raise $500 million through a private bond issue to acquire more Bitcoin as prices surge near all-time highs. The offering will include senior convertible notes, with funds aimed at Bitcoin purchases and general corporate purposes. Riot currently holds 10,427 BTC and has seen significant activity in the market, with other miners also raising substantial funds recently.
Bitcoin is currently trading close to $100,000, buoyed by a week of favorable crypto-related appointments in the Trump administration. In today's CNBC Crypto World, Adam Sullivan, CEO of Core Scientific, shares insights on the company's Q3 earnings and discusses potential regulatory changes under the upcoming administration.
Donald Trump, celebrating a potential election victory, made significant promises to the crypto industry, including maintaining U.S. bitcoin holdings and firing SEC Chairman Gary Gensler. He proposed a presidential advisory council for crypto and emphasized the importance of U.S.-based bitcoin mining, asserting that his administration would support the industry against regulatory challenges. With a Republican-controlled Senate, Trump aims to create a more favorable environment for digital assets.
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