Crypto mining corporation RiotBlockchain will sell $500 million worth of stock to face some expenses. The RIOT stock shares' value was not especially affected after the announcement.
that it would be selling up to $500 million worth of common stock to finance general corporate expenses, such as working capital, repayment of corporate obligations, capital expenditures and acquisitions, and investing in existing and future projects.
After the offering, the company would have more than 139 million units of common stock outstanding, giving it a market cap of close to $3 billion at Friday's prices. The company is authorized to issue 170 million units of common stock in total.Currently, Riot Blockchain operates a fleet of Antminers manufactured by Bitmain Technologies. The firm expects its Bitcoin miners to grow to over 80,000 by the fourth quarter of 2022. Riot Blockchain projects its mining power will grow to about 7.
for 3.8% of the total hash rate of the Bitcoin network. Its mining rigs are concentrated in the company's Whinstone facility in Rockdale, Texas, possibly due to the state's inexpensive electricity costs.