Riot Platforms Inc. (NASDAQ:RIOT) leveraged its Bitcoin (CRYPTO: BTC) holdings to finance its data center development, the company’s Executive Vice President Jason Chung said on Thursday.
RIOT Entirely Relying On Balance Sheet For CapEx Needs
During Riot’s first-quarter earnings call, Chung outlined the funding strategy for the data center business, emphasizing strong reliance on its existing balance sheet.
“During the quarter, we funded this CapEx through a disciplined sale of a portion of our Bitcoin holdings, the most capital-efficient source of funding currently available to us,” Chung said.
Chung added that Riot didn’t have to issue any common equity during the quarter.
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