Riot Platforms, Inc. (NASDAQ:RIOT) Executive Vice President Jason Chung affirmed Monday the company’s ongoing strategy of funding capital expenditures through Bitcoin (CRYPTO: BTC) sales.
Bitcoin At Center Of RIOT’s Financing
During Riot Platforms’ fourth-quarter earnings call, Chung responded to a question about Bitcoin sales and their relevance to the company’s capital requirements.
“In addition to selling all of our ongoing Bitcoin monthly production, we have and will continue to sell Bitcoin directly from our balance sheet to fund our operational needs and growth CapEx,” Chung responded.
He cited the acquisition of the Rockdale site, a $96 million deal funded entirely through the sale of nearly 1,100 BTC from RIOT’s treasury, as an example of this strategy.