Riot Platforms has repaid its outstanding borrowing from Coinbase Credit and brought its $200 million bitcoin-backed credit facility to an end, according to a filing with the U.S. Securities and Exchange Commission. The company said the voluntary repayment was completed on Sept. 21.
The move closes a financing arrangement that had been fully drawn and secured by digital assets held with Coinbase Custody Trust. Riot said it paid all remaining principal and accrued interest, and that the repayment did not trigger any early termination fee or penalty.
Facility closed and collateral released
With the repayment completed, Coinbase’s obligation to provide any further loans under the facility also ended. Riot said the lender’s security interests were released at the same time, removing claims over the assets pledged to secure the borrowing.
As of June 30, those pledged assets included 5,821 bitcoin valued at about $340.7 million. Riot said the collateral package under the agreement also covered pledged bitcoin, USDC and cash held with Coinbase Custody Trust. The company did not disclose how much bitcoin remained pledged immediately before the facility was terminated.
Terms of the borrowing
The credit line had a fixed annual interest rate of 6.15% after an amendment in April 2026 extended the maturity date to April 20, 2027. Riot had fully drawn the $200 million facility. At that rate, a balance of that size would amount to roughly $12.3 million in annual interest.
Riot repaid the debt about seven months before the revised maturity. The company said no early termination charge applied because the agreement’s fee provision only ran through the four-month anniversary of the original April 21, 2026 maturity date. That period ended on Aug. 21, before the September repayment.
How the facility evolved
Riot first entered into the bitcoin-backed financing arrangement in April 2025, when it obtained a $100 million facility for strategic initiatives and general corporate purposes. The original borrowing cost was set at the greater of the upper limit of the federal funds target range or 3.25%, plus 4.5 percentage points, implying a minimum annual rate of 7.75%.
The company expanded the facility to $200 million the following month. That increase came with a one-time $1 million fee. A later amendment in April 2026 replaced the floating-rate structure with the fixed 6.15% rate and extended the term.
Balance sheet effect and broader company backdrop
The repayment frees up a substantial portion of Riot’s bitcoin from restrictions tied to the loan. Based on the company’s June 30 figures, the 5,821 bitcoin pledged as collateral represented about 51% of Riot’s total holdings of 11,380 bitcoin at that time.
The change comes as Riot continues to build out its data center business alongside bitcoin mining. In August, the company announced a 20-year lease covering 191 megawatts of computing capacity at its Rockdale campus with an unnamed artificial intelligence developer. Riot said that agreement was expected to generate about $9.1 billion in revenue over its initial term.
Source: news.bitcoin.com