Riot Platforms drops after announcing convertible offering to buy more bitcoin
** * Shares of Riot Platforms 
RIOT down 5.9% to $12.19 premarket as it seeks capital to acquire additional bitcoin 
BTCUSD
** Colorado-based bitcoin miner says offering privately $500 mln 6-yr convertible bonds (CBs)
** Active bookrunners Citigroup, BTIG and Cantor marketing CBs with 0.75%-1.25% coupon, 30%-35% convertible premium, according to term sheet seen by Reuters
** Offering slated to price Mon after market close
** Co has current market cap of ~$4.3 bln, per LSEG
** Through Fri, RIOT shares had gained 33% since the Nov 5 presidential election, as bitcoin has stormed past $100,000 on hopes of friendlier regulatory environment for digital assets under Donald Trump
** On Mon, bitcoin down ~1% trading around $98,970. The world's largest cryptocurrency has jumped >40% since the election and is up ~130% in 2024
** Other bitcoin miners have issued convertible securities recently , capitalizing on their rising stock prices, including Mara Holdings 
MARA , Bitdeer Technologies 
BTDR and high-performance computing and data center operator Core Scientific 
CORZ
