Key Highlights
- Riot Platforms repaid its Coinbase Credit borrowing facility, releasing Coinbase’s security interests in the pledged collateral.
- Riot had reported 11,380 BTC, including 5,821 BTC pledged as collateral and valued at approximately $340.7 million at June 30.
- The amended facility carried a fixed annual interest rate of 6.15% and had a maturity date of April 20, 2027 before being terminated.
Riot Platforms Repays Coinbase Facility and Releases Bitcoin Collateral
Riot Platforms repaid its borrowing facility with Coinbase Credit, releasing the lender’s security interests in the collateral documents, according to an SEC filing. Under the terminated agreement, Coinbase Credit served as lender, collateral agent and administrative agent.
The facility permitted multiple drawdowns up to an aggregate principal amount of $200 million and was secured by financial assets held with Coinbase Custody Trust Company. Eligible pledged assets included Bitcoin, USDC and cash. Riot’s repayment took place after the fourth anniversary of the agreement’s original maturity date, meaning no early-termination fee or penalty applied. The day-count fraction used to calculate a termination charge was therefore zero.
Riot Had Pledged 5,821 BTC as Loan Collateral
In its June-quarter financial disclosure, Riot Platforms reported holding 11,380 BTC, of which 5,821 BTC had been pledged as collateral. At Bitcoin’s June 30 valuation of $58,527 per coin, those pledged holdings were worth approximately $340.7 million and represented about 51% of Riot’s total Bitcoin inventory.
Riot valued its entire Bitcoin balance at approximately $666 million at the end of the quarter. The company’s August earnings release also reported $548.9 million in cash, including $77.5 million classified as restricted cash.
Coinbase Borrowing Facility Reached $200 Million
Riot’s first-quarter Form 10-Q stated that the Coinbase borrowing arrangement began as a $100 million facility on April 22, 2025. An amendment dated May 20, 2025 doubled the lender’s commitment to $200 million. Riot reported in its first-quarter disclosure that it had drawn the entire facility.
The company identified strategic initiatives and general corporate purposes as intended uses for the borrowing, including capital spending related to data center development. Before the April 2026 amendment, interest was calculated using 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, Riot extended the facility’s maturity to April 20, 2027 and replaced the previous pricing structure with a fixed annual interest rate of 6.15%. A $200 million balance outstanding for a full year at that rate would generate approximately $12.3 million in interest. That amount is an annualized calculation based on the disclosed loan terms and does not represent the amount Riot paid when it settled the facility.
Riot’s Bitcoin Mining and Data Center Revenue
Riot Platforms is listed on Nasdaq under the ticker RIOT. Its August earnings announcement identified Bitcoin mining and data center operations in Texas and Kentucky, as well as engineering and fabrication facilities in Denver and Houston.
In a May 1 report covering Riot’s first-quarter results, the company reported revenue of $167.2 million, compared with $161.4 million a year earlier. Riot sold 3,778 BTC during the quarter for $289.5 million and produced 1,473 BTC.
Mining revenue declined to $111.9 million from $142.9 million. Riot attributed the decrease to lower average Bitcoin prices and higher global network computing power. At the same time, the company reported its first quarter of data center revenue, totaling $33.2 million. That figure included $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 an additional 25 megawatts, bringing its contracted capacity with Riot to 50 megawatts.
A separate July 3 report documented the transfer of 500 BTC into custody with NYDIG, valued at approximately $30.72 million at the time. The transaction was attributed to on-chain information shared by Onchain Lens.
For the second quarter, Riot reported total revenue of $174.2 million, an increase of 14% from a year earlier. Data center revenue reached $23.2 million, while Bitcoin production totaled 1,587 BTC, compared with 1,426 BTC in the same quarter of 2025.
Other Bitcoin Miners Have Used Coinbase Financing
Riot’s repayment follows other financing and refinancing activity among publicly traded Bitcoin miners. An August 9 report detailed MARA Holdings’ new Bitcoin-backed loans after the company pledged 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 new borrowing through Coinbase Credit and Two Prime Lending. Coinbase’s $450 million facility consisted of $300 million in new funding and the refinancing of an existing $150 million credit line.
Two Prime separately provided a fully drawn $300 million term loan with a fixed annual interest rate of 7.65%. MARA said the proceeds could be used for general corporate purposes, including part of the cash consideration for its planned acquisition of Long Ridge Energy & Power.
Hut 8 also replaced Coinbase financing with a $200 million credit agreement from FalconX, as reported on May 4. Hut 8 said the new facility carried a fixed annual rate of 7%, compared with 9% under its previous Coinbase arrangement. The refinancing was expected to release approximately 3,300 BTC from pledged collateral once completed; Hut 8 valued those coins at approximately $260 million using Bitcoin’s May 1 market price.
Why This Matters
Riot Platforms’ repayment removes Coinbase’s security interests over the Bitcoin, USDC and cash pledged under the facility. The release gives Riot greater control over assets that had supported its borrowing, although the SEC disclosure does not state how the company used funds to settle the facility or whether the released assets were redeployed.
The transaction also highlights how Bitcoin miners use digital assets to access corporate financing while expanding mining and data center operations. Riot, MARA Holdings and Hut 8 have each disclosed Coinbase-related borrowing or refinancing arrangements with different collateral, pricing and repayment structures. Riot’s disclosures show the potential cost of these facilities and the scale of Bitcoin holdings that can be tied up as collateral.
Frequently Asked Questions
What did Riot Platforms repay?
Riot Platforms repaid its Coinbase Credit borrowing facility, which had a maximum aggregate principal amount of $200 million. The repayment terminated the agreement and released Coinbase’s security interests under the collateral documents.
How much Bitcoin had Riot pledged?
Riot reported that 5,821 BTC was pledged as collateral out of total holdings of 11,380 BTC. Based on Bitcoin’s June 30 valuation of $58,527, the pledged Bitcoin was worth approximately $340.7 million.
What interest rate applied to Riot’s facility?
The amended agreement replaced the previous variable-rate structure with a fixed annual interest rate of 6.15%. The facility’s amended maturity date was April 20, 2027 before Riot repaid and terminated the arrangement.
