07:50 AM EST, 12/09/2024 (MT Newswires) -- Riot Platforms ( RIOT ) said Monday it plans to offer $500 million of convertible senior notes due 2030 in a private offering.

The company plans to grant initial purchasers a 3-day option to buy up to an additional $75 million of notes.

Net proceeds will be used to buy additional bitcoin and for general corporate purposes, the company said.

Riot shares were down 6.5% in recent premarket activity.