Platelets catalyze conversion of prothrombin to thrombin in the presence of coagulation Factors Va and Xa. Bovine Factor Va was found to bind to human and bovine platelets washed by centrifugal pelleting. Factor Va was bound to sites varying in affinities but only those sites saturated at approximately 1 mM are active. Platelets in citrate or benzamidine-anticoagulated plasma or those washed by gel filtration bound substantially less Factor Va with these affinities, indicating that the binding sites increased in number or affinity or both during the centrifugal pelleting and redispersal. Thrombin production catalyzed by platelets with developed binding sites started at a low initial rate but after a lag period rapidly reached a maximum rate. Addition of 0.25 mM dinitrophenol increased the lag period and decreased the maximum rate obtained concomitantly with the reduction in ATP levels. Neither dinitrophenol nor its induced depletion of the ATP levels reduced Factor Va binding. Therefore, the activation of platelet prothrombin-converting activity was separated into two steps; one being the development of the high-affinity binding sites and the other a step partially dependent on sufficient levels of ATP within the platelet.