Riot Platforms Settled $200 million Coinbase Bitcoin credit limit

Riot Platforms has fully repaid its loan to Coinbase Credit and closed this credit arrangement secured by Bitcoin, with a total amount of 200 million US dollars. After the company settled the principal and accrued interest on September 21st, the lender's claims to the collateral assets were released.

• After paying off all the outstanding principal and interest as of September 21, Riot terminated the credit arrangement with Coinbase.
• The guarantee rights and interests of Coinbase have been released, and its commitment to provide additional loans has also been terminated.
• As of June 30th, Riot had 5,821 BTC used as collateral, which accounts for approximately 51% of its Bitcoin reserves.
• After the revision in April, this credit arrangement adopted a fixed annual interest rate of 6.15%.

On September 25, Riot Platforms disclosed in an 8-K filing submitted to the U.S. Securities and Exchange Commission that the company has voluntarily repaid in advance the outstanding loans under the agreement signed on April 21, 2026.

According to this document, after Riot issued a repayment notice, Coinbase Credit received the remaining principal as well as all the interest that had accrued but not been paid by September 21st. This payment relieved Riot of its obligations under the agreement and also terminated the lender's commitment to provide additional loans.

After repaying the loan, the pledged assets have been released. Riot

According to the SEC document, under this terminated agreement, Coinbase Credit served as both the lender, mortgage agent, and administrative agent. This credit arrangement allowed for multiple withdrawals, with a cumulative principal limit of 200 million US dollars, and the collateral was financial assets stored at Coinbase Custody Trust Company.

The disclosure document states that eligible collateral assets include Bitcoin, USDC, and cash. With the completion of loan repayment, the security interests of Coinbase under the collateral documents have also been released.

The document states that early termination fees or penalties do not apply in this case, as the repayment of Riot occurred more than four months after the original expiration date of the agreement. Therefore, the interest calculation days coefficient used to determine the termination fee is zero.

In the quarterly financial report as of June, Riot reported holding 11,380 BTC, of which 5,821 BTC have been pledged as collateral. Based on a valuation of $58,527 per coin as of June 30th, the value of this pledged position is approximately $340.7 million, accounting for about 51% of the company's Bitcoin inventory.

Calculated based on its total Bitcoin balance, Riot reported a value of approximately $666 million at the end of the quarter. The company's financial report released in August also indicated that it held $548.9 million in cash, of which $77.5 million was classified as restricted cash.

After the revision in April, the fixed interest rate for loans is 6.15%.

According to the 10-Q report for the first quarter of Riot, this borrowing arrangement with Coinbase began on April 22, 2025, with an initial amount of 100 million US dollars. A revision on May 20, 2025, doubled the lender's committed amount to 200 million US dollars.

The company stated that as of the disclosure for the first quarter, Riot had utilized its entire allocated quota. It was indicated that the funds were used for strategic initiatives and general corporate purposes, including capital expenditures related to data center development.

Prior to the revision in April 2026, the protocol accrued interest based on the federal funds rate, with a minimum base rate of 4.5 percentage points added on top of that. Riot reports that as of March 31, the applicable rate was 8.3%.

According to the revised agreement for the second time, the company has extended the maturity date to April 20, 2027, and replaced the previous pricing method with a fixed annual interest rate of 6.15%, as shown in the quarterly documents.

Calculated based on this disclosed interest rate, if the $200 million loan balance remains unpaid throughout the year, the interest would be approximately $12.3 million. The text points out that this figure is an annualized calculation based on the loan terms and is not the actual amount paid when the credit arrangement is finally settled.

For U.S. shareholders, the aforementioned disclosure of Riot relates to a company listed on NASDAQ with the stock code RIOT. The company's financial report for August stated that its business includes Bitcoin mining and data center operations in Texas and Kentucky, as well as engineering and manufacturing facilities in Denver and Houston.

The sale of Bitcoin has emerged alongside revenue from data centers.

In a report on May 1st, crypto.news mentioned that Riot's financial performance for the first quarter showed that the company's revenue was 167.2 million US dollars, which is higher than the 161.4 million US dollars in the same period last year.

The company disclosed that it sold 3,778 BTC during the quarter, cashing in $289.5 million, while also producing 1,473 BTC. According to the report, mining revenue decreased from $142.9 million in the same period last year to $111.9 million. Riot attributed this decline to the lower average price of Bitcoin and the increase in global network computing power.

In addition to mining, Riot also reported its first quarter of revenue from its data center, which amounted to 33.2 million US dollars, including 900,000 US dollars in operating lease income and 32.2 million US dollars in tenant renovation service income. A report in May also mentioned that AMD exercised an additional 25 megawatts of options, increasing its contracted capacity to 50 megawatts.

On July 3rd, another report documented the transfer of 500 BTC managed assets from Riot to NYDIG, valued at approximately $30.72 million at that time. The report attributed this transaction to the on-chain information shared by Onchain Lens.

For the second quarter, Riot stated in its financial report that total revenue amounted to 174.2 million US dollars, a year-on-year increase of 14%. The company recorded 23.2 million US dollars in data center revenue and produced 1,587 BTC, compared to 1,426 BTC during the same period in 2025.

Other mining companies have also disclosed their Coinbase borrowing and refinancing arrangements.

A report on August 9th detailed how MARA Holdings obtained a new Bitcoin mortgage loan after pledging 18,750 BTC, with the initial collateral valued at approximately $1.2 billion.

According to the disclosure documents submitted by MARA to SEC cited in this report, these arrangements provided an additional $600 million in loans through Coinbase Credit and Two Prime Lending. The $450 million quota provided by Coinbase includes $300 million in new funds, as well as a refinancing of the existing $150 million credit line.

According to reports, Two Prime also provided an additional fixed-term loan of $300 million that has been fully withdrawn, with a fixed annual interest rate of 7.65%. MARA stated that the funds obtained can be used for general corporate purposes, including as part of the cash consideration for their proposed acquisition of Long Ridge Energy and Power.

Earlier on, a report on May 4th mentioned that Hut replaced its Coinbase financing with a $200 million FalconX credit agreement. Hut stated that the new line has a fixed annual interest rate of 7%, whereas the previous interest rate arranged by Coinbase was 9%.

In this refinancing, Hut 8 indicates that after the transaction is completed, approximately 3,300 BTC will no longer serve as collateral. The company valued these tokens at approximately $260 million based on the Bitcoin market price on May 1st.