Jason Les, the CEO of prominent Bitcoin BTC/USD miner Riot Platforms Inc. RIOT, announced on Monday that the firm is dedicated to enhancing Bitcoin yield for its shareholders, while refuting any exploration of tactics similar to those used by Strategy Inc. MSTR at this time.
The situation: In the company’s fourth-quarter earnings call on Monday, Les emphasized the importance of increasing Bitcoin per share by reducing dilution.
He noted that the company’s mining operations, which have a “very low” direct cost of production, play a crucial role in this approach.
“We will always seek to raise capital in the most non-dilutive, lowest cost of capital way to improve Bitcoin yield,” the CEO stated.
The “Bitcoin Yield” metric, made popular by Strategy, the largest corporate holder globally, calculates the percentage change in the number of Bitcoins a company holds per share over time. This metric is useful in assessing the effectiveness of a company’s Bitcoin acquisition strategy.
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“We believe our assets and the developments at Riot position us well to explore alternative financing options,” Les expressed.
When asked about the potential introduction of “structured products” similar to those by Strategy, the CEO remarked, “That’s not something we’ve thoroughly examined yet.”
Why This Matters: Les’ statements arrive amid a trend among leading Bitcoin miners in the U.S. to accumulate BTC as a safeguard against rising competition and diminishing profit margins.
In December alone, Riot acquired approximately $510 million worth of Bitcoin. As of now, they rank as the third-largest corporate Bitcoin holder, with a total of 18,221 BTC valued at $1.67 billion, according to bitcointreasuries.net.
Riot Platforms reported a fiscal 2024 revenue of $376.7 million, exceeding the analyst consensus estimate of $372.34 million. The company recorded mining revenue of $321 million for the year, up from $189.0 million in 2023, primarily due to increased average Bitcoin pricing.
Price Action: As of the latest update, Bitcoin is trading at $92,165.87, having decreased by 3.64% in the past 24 hours, according to data from Benzinga Pro.
Riot’s shares increased by 1% in after-hours trading following a 4.49% decline to $9.990 during Monday’s trading session. The stock has seen a year-to-date drop of 2.15%.
Image via Shutterstock
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