2023-12-04 18:12:12 ET
Riot Platforms (NASDAQ: RIOT) was a popular stock on the first day of the trading week, with investors pushing its price almost 9% higher. A new deal with a peer helped support the surge, as did a climbing Bitcoin price. By contrast, the dour S&P 500 index slipped by 0.5% on the day.
That morning, Riot announced that it executed a purchase option for a collection of miners, essentially powerful specialty computers used to "mine" (create) cryptocurrencies. Under the terms of the arrangement, Riot will buy 66,560 such rigs from Chinese supplier MicroBT.
Riot will pay $290.5 million for its new machines, excluding taxes, fees, and adjustments. That's roughly the amount of cash it had on hand at the end of its most recently reported quarter.
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Why Riot Platforms Surged Nearly 9% Higher on Monday