Crypto25 September, 20262 min read
Riot Platforms Repays $200 Million Bitcoin-Backed Credit Facility With Coinbase Credit
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Riot Platforms repaid the $200 million Coinbase Credit facility on Sept. 21. Collateral released included 5,821 BTC and other assets.
Riot ends Coinbase loan
Riot Platforms repaid and terminated a $200 million Bitcoin-backed credit facility with Coinbase Credit on September 21, ending a secured term loan arrangement that had been collateralized by Riot’s financial assets including Bitcoin, USDC and cash. Riot completed the voluntary early repayment about seven months before the facility’s April 2027 maturity date, and the repayment released Coinbase Credit’s claims on the pledged collateral.
Riot said the facility carried a fixed annual interest rate of 6.15% after an April 2026 amendment, and Riot paid remaining principal and accrued interest without incurring an early termination fee or penalty. Riot reported that, as of June 30, it had pledged 5,821 Bitcoin worth about $340.7 million, representing roughly 51% of its 11,380 Bitcoin holdings, with the collateral held at Coinbase Custody Trust Company.
Collateral freed, leverage reduced
Riot’s repayment discharged obligations under its Second Amended and Restated Credit Agreement with Coinbase Credit, and it terminated the secured term loan facility of up to $200 million. Riot’s prepayment released pledged digital and cash collateral from the associated security arrangements, and Coinbase’s security interest in the pledged collateral was released after the repayment.
Riot’s facility payoff also removed restrictions under the agreement on a substantial pool of collateral, and the repayment removed Riot’s indebtedness under that specific facility. Riot’s collateral release left Riot with its pledged Bitcoin, USDC and cash no longer encumbered by the security arrangements tied to the credit facility.
Data center pivot continues
Riot continued expanding its data-center business alongside bitcoin mining after it repaid the Coinbase Credit facility, including a 20-year lease covering 191 megawatts at its Rockdale, Texas campus. Riot’s August announcement described a 20-year lease with an unnamed artificial intelligence developer, and the agreement was expected to generate about $9.1 billion in revenue over its initial term.
Riot’s data-center expansion also included a 50 MW deal with AMD, and Riot’s Rockdale capacity was framed as part of a broader computing infrastructure buildout. Riot’s collateral release gave the company more flexibility with its Bitcoin holdings, and Riot’s 11,380 BTC holdings were described as one of the larger corporate Bitcoin treasuries among publicly traded miners.