Riot Blockchain (NASDAQ: RIOT), a block reward mining company, has filed a prospectus with the Securities and Exchange Commission (SEC) to offer up to $500 million in common stock.

The business stated in its filing that it would sell the stock in an “at the market” sale from time to time as it sees fit. However, the prospectus is part of a shelf offering, so Riot will not sell the stock right away. Instead, Cantor Fitzgerald, B. Riley Securities, BTIG, Roth Capital Partners, D.A. Davidson, Macquarie Capital (USA), and Northland Securities will underwrite the offering.

Riot now has around 117 million outstanding shares. At today’s share price, it will have sold $500 million worth of stock, bringing $139 million.

 “…we intend to use the net proceeds from this offering for general corporate purposes, which may include, among other things, additions to working capital, satisfaction of corporate obligations, capital expenditures, strategic acquisitions, and investments in existing and future Bitcoin mining projects, and repurchases and redemptions of our common stock.”

Riot concentrates on BTC mining and owns most of the coins it produces. It must issue equity to raise funds to fund its operations and other expenses, like expansion and acquisitions, because it generates no revenue in fiat terms.

The corporation has 5,783 BTC valued at $264 million at press time as of March 1.

Riot’s main operations are in Texas, where it plans to have over 80,000 Antminer mining rigs by the fourth quarter of 2022, generating 7.7 exahash per second in mining power and making Riot one of the world’s largest block reward miners.

While it plans to expand operations in 2022, a winter storm in Texas threatened to halt it in February. As electricity demand increased in the Lone Star State, the business said it had shut down 99 percent of its power in its Texas facility.

In its most recent SEC filing, Riot announced that Megan Brooks-Anderson, the company’s chief operations officer, will be leaving on April 7.

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