Riot Platforms shares are trading lower after the company announced that it entered into a long-term purchase agreement with MicroBT Electronics Technology for an initial order of 33,280 next-generation Bitcoin miners for $162.9 million.
Portfolio Pulse from Benzinga Newsdesk
Riot Platforms has entered into a long-term purchase agreement with MicroBT Electronics Technology for an initial order of 33,280 next-generation Bitcoin miners at a cost of $162.9 million, causing its shares to trade lower.
June 26, 2023 | 7:32 pm
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Riot Platforms' shares are trading lower after announcing a $162.9 million long-term purchase agreement with MicroBT for 33,280 next-generation Bitcoin miners.
The announcement of the long-term purchase agreement with MicroBT for a significant amount of $162.9 million has led to a negative short-term impact on Riot Platforms' stock price. Investors may be concerned about the large upfront investment and its potential return.
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