Riot Platforms closes $200M Coinbase Bitcoin credit line

Riot Platforms has fully repaid its Coinbase Credit borrowing and closed the $200 million Bitcoin-backed facility, releasing the lender’s claims on pledged assets after settling principal and accrued interest on Sep. 21.

Riot Platforms’ Form 8-K, filed with the U.S. Securities and Exchange Commission on Sep. 25, disclosed that the company voluntarily prepaid its outstanding borrowing under the agreement signed on April 21, 2026.

After receiving Riot’s repayment notice, Coinbase Credit was paid the remaining principal and all accrued, unpaid interest through Sep. 21, according to the filing. The payment discharged Riot’s obligations under the agreement and ended the lender’s commitment to make further loans.

Riot Platforms repayment releases pledged assets

Under the terminated agreement, Coinbase Credit served as lender, collateral agent and administrative agent, the SEC filing stated. The facility allowed multiple drawdowns up to an aggregate principal amount of $200 million, backed by financial assets held with Coinbase Custody Trust Company.

Eligible pledged assets included Bitcoin, USDC, and cash, according to the disclosure. Alongside the repayment, Coinbase’s security interests under the collateral documents were released.

No early-termination fee or penalty applied, the filing said, because Riot repaid after the four-month anniversary of the agreement’s original maturity date. The day-count fraction used to calculate the termination charge was therefore zero.

In its June-quarter financial disclosure, Riot reported holding 11,380 BTC, including 5,821 BTC pledged as collateral. At the June 30 valuation of $58,527 per coin, the pledged holdings were worth approximately $340.7 million and represented about 51% of the company’s Bitcoin inventory.

Across its entire Bitcoin balance, Riot reported a value of approximately $666 million at quarter-end. Its August earnings release also listed $548.9 million in cash, including $77.5 million classified as restricted cash.

April amendment set a 6.15% fixed borrowing rate

According to Riot’s first-quarter Form 10-Q, the Coinbase borrowing arrangement began as a $100 million facility on April 22, 2025. An amendment on May 20, 2025 doubled the lender’s commitment to $200 million.

By the first-quarter disclosure, Riot had drawn the entire facility, the company reported. It identified strategic initiatives and general corporate purposes among the intended uses, including capital spending associated with developing data centers.

Before the April 2026 amendment, the agreement charged interest based on the federal funds rate, subject to a minimum base rate, plus 4.5 percentage points. Riot reported an applicable interest rate of 8.3% as of March 31.

Under the second amended agreement, the company extended maturity to April 20, 2027 and replaced the previous pricing with a fixed annual rate of 6.15%, according to the quarterly filing.

Using that disclosed rate, a $200 million balance outstanding for a full year would incur approximately $12.3 million in interest. The figure is an annualized calculation from the loan terms, rather than the amount Riot paid when it settled the facility.

For U.S. shareholders, Riot’s disclosures concern a Nasdaq-listed company trading under RIOT. Its August earnings announcement identified Bitcoin mining and data center operations in Texas and Kentucky, alongside engineering and fabrication facilities in Denver and Houston.

Riot’s Bitcoin sales accompanied data center revenue

In a May 1 report, crypto.news covered Riot’s first-quarter financial results, which showed revenue of $167.2 million, compared with $161.4 million a year earlier.

The company disclosed selling 3,778 BTC during the quarter for $289.5 million, while producing 1,473 BTC. According to the report, mining revenue fell to $111.9 million from $142.9 million, a decline Riot attributed to lower average Bitcoin prices and increased global network computing power.

Alongside mining, Riot reported its first quarter of data center revenue at $33.2 million, including $0.9 million from operating leases and $32.2 million from tenant fit-out services. The May report also noted that AMD exercised an option for another 25 megawatts, bringing its contracted capacity to 50 megawatts.

On July 3, a separate report documented Riot’s 500 BTC custody transfer to NYDIG, valued at approximately $30.72 million at the time. The report attributed the transaction to on-chain information shared by Onchain Lens.

For the second quarter, Riot’s earnings release reported total revenue of $174.2 million, up 14% from a year earlier. The company recorded $23.2 million in data center revenue and produced 1,587 BTC, compared with 1,426 BTC in the same quarter of 2025.

Other miners disclosed Coinbase borrowing and refinancing

An Aug. 9 report detailed how MARA Holdings secured new Bitcoin-backed loans after pledging 18,750 BTC worth approximately $1.2 billion as initial collateral.

According to MARA’s SEC disclosure cited in that report, the arrangements provided $600 million in fresh borrowing through Coinbase Credit and Two Prime Lending. Coinbase’s $450 million facility included $300 million of new funding and the refinancing of an existing $150 million credit line.

Two Prime separately provided a fully drawn $300 million term loan at a fixed annual rate of 7.65%, the report stated. MARA said the proceeds could support general corporate purposes, including part of the cash consideration for its planned Long Ridge Energy & Power acquisition.

Earlier, a May 4 report covered Hut 8’s replacement of Coinbase financing with a $200 million FalconX credit agreement. Hut 8 said the new facility carried a fixed 7% annual rate, compared with 9% under the previous Coinbase arrangement.

Under that refinancing, Hut 8 said approximately 3,300 BTC would move out of pledged collateral once the transaction was completed. The company valued those coins at approximately $260 million using Bitcoin’s May 1 market price.