Riot Platforms has fully repaid its borrowing under a Bitcoin-backed credit facility from Coinbase Credit and has terminated the arrangement after settling all outstanding principal and accrued interest through Sept. 21, according to an SEC filing.
The repayment ends a facility that had been expanded to $200 million and releases Coinbase’s claims on the assets Riot had pledged as collateral. The filing also says Coinbase’s commitment to make additional loans under the agreement has been terminated.
Collateral released after full repayment
Under the agreement, Coinbase Credit acted as lender as well as collateral agent and administrative agent. The facility allowed Riot to make multiple drawdowns up to a total principal amount of $200 million, secured by financial assets held with Coinbase Custody Trust Company.
Riot said the pledged collateral could include Bitcoin, USDC and cash. With the debt now repaid, Coinbase’s security interests under the related collateral documents have been released.
The company also disclosed that no early-termination fee or penalty was triggered. Because the repayment took place after the four-month anniversary of the agreement’s original maturity date, the filing said the day-count fraction used to calculate any termination charge was zero.
More than half of Riot’s Bitcoin had been pledged
Riot’s June-quarter disclosure showed the company held 11,380 BTC at June 30, of which 5,821 BTC had been posted as collateral for the Coinbase facility. Based on Riot’s quarter-end valuation of $58,527 per coin, those pledged holdings were worth about $340.7 million.
That means roughly 51% of Riot’s Bitcoin reserves were tied to the borrowing arrangement at the end of the second quarter. Across its entire Bitcoin balance, the company reported an approximate value of $666 million at that date.
Riot’s August earnings release also listed $548.9 million in cash, including $77.5 million categorized as restricted cash.
How the loan terms changed
According to Riot’s first-quarter Form 10-Q, the Coinbase borrowing arrangement began on April 22, 2025 as a $100 million facility. It was then amended on May 20, 2025 to double the lender’s commitment to $200 million.
By the time of that first-quarter disclosure, Riot said it had drawn the full amount available. The company described the intended uses as strategic initiatives and general corporate purposes, including capital expenditures tied to data center development.
Before an April 2026 amendment, interest was based on the federal funds rate, subject to a minimum base rate, plus 4.5 percentage points. Riot reported an applicable rate of 8.3% as of March 31. Under the second amended agreement, the maturity was extended to April 20, 2027 and pricing was changed to a fixed annual rate of 6.15%.
Recent operating results and next confirmed step
Riot’s recent disclosures show the company balancing its mining business with data center operations. In the first quarter, revenue totaled $167.2 million, up from $161.4 million a year earlier, while Riot sold 3,778 BTC for $289.5 million and produced 1,473 BTC. Mining revenue fell to $111.9 million from $142.9 million, which the company attributed to lower average Bitcoin prices and higher global network computing power.
The company also reported its first quarter of data center revenue at $33.2 million, including lease income and tenant fit-out services. A separate report in July said Riot moved 500 BTC into NYDIG custody, citing on-chain information shared by Onchain Lens.
For the second quarter, Riot reported total revenue of $174.2 million, up 14% year over year, with $23.2 million in data center revenue and Bitcoin production of 1,587 BTC. The immediate confirmed change is that the Coinbase facility is now closed and the assets pledged against it are no longer subject to Coinbase’s security claims.
Source: crypto.news