Riot Platforms has fully repaid its borrowing under a $200 million Bitcoin-backed credit facility from Coinbase Credit and closed the agreement, freeing the lender’s claims on the assets Riot had pledged, according to Crypto.news. The remaining principal and all accrued, unpaid interest were settled through Sept. 21, 2026.
The repayment was disclosed in a Form 8-K Riot filed with the U.S. Securities and Exchange Commission on Sept. 25. Crypto.news reported that Coinbase Credit’s security interests under the collateral documents were released alongside the termination of its commitment to extend further loans under the agreement, which was signed on April 21, 2026.
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Key facts
- Riot repaid the outstanding principal and interest on the $200 million facility through Sept. 21, 2026, and no early-termination fee or penalty applied, the SEC filing stated.
- Riot held 11,380 BTC at the end of the June quarter, including 5,821 BTC pledged as collateral — about 51% of its Bitcoin inventory, worth roughly $340.7 million at the June 30 price of $58,527 per coin.
- An April 2026 amendment set a fixed 6.15% annual interest rate and extended maturity to April 20, 2027, replacing federal-funds-based pricing under which Riot reported an 8.3% applicable rate as of March 31.
- Cointelegraph reported that Riot separately secured a 20-year agreement to supply 191 megawatts of capacity from its Rockdale, Texas, campus to a “leading frontier AI” company.
How the facility changed over time
The arrangement did not start at $200 million. According to Riot’s first-quarter Form 10-Q, cited by Crypto.news, it began as a $100 million facility on April 22, 2025, and an amendment on May 20, 2025 doubled the lender’s commitment to $200 million. By the time of that first-quarter disclosure, Riot had drawn the entire facility, listing strategic initiatives and general corporate purposes among intended uses, including capital spending tied to data center development.
Eligible collateral under the agreement included Bitcoin, USDC and cash held with Coinbase Custody Trust Company. Coinbase Credit acted as lender, collateral agent and administrative agent. Riot could draw the facility in multiple tranches up to the $200 million aggregate limit.
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Pricing shifted with the April 2026 amendment. Before it, interest was based on the federal funds rate, subject to a minimum base rate, plus 4.5 percentage points. Crypto.news noted that under the disclosed 6.15% fixed rate, a $200 million balance outstanding for a full year would incur roughly $12.3 million in interest — an annualized calculation from the loan terms, not the amount Riot paid at settlement.
The collateral makeup
Riot’s June-quarter disclosure valued its entire Bitcoin balance at approximately $666 million. Its August earnings release listed $548.9 million in cash, including $77.5 million classified as restricted cash. The company described Bitcoin mining and data center operations in Texas and Kentucky, plus engineering and fabrication facilities in Denver and Houston.
The miner’s data center business is now a visible revenue line. Riot posted $167.2 million in first-quarter 2026 revenue, with the newly launched data center segment contributing $33.2 million — $0.9 million from operating leases and $32.2 million from tenant fit-out services. Second-quarter total revenue was $174.2 million, up 14% year over year, including $23.2 million in data center revenue. Riot produced 1,587 BTC in the second quarter, against 1,426 BTC a year earlier, and sold 3,778 BTC in the first quarter for $289.5 million while producing 1,473 BTC.
Why it matters
Closing the facility removes a lien on roughly half of Riot’s Bitcoin stack at a moment when the company is redirecting capital toward data center capacity rather than mining alone. The company has also been moving coins: on July 3, Crypto.news reported a 500 BTC transfer to NYDIG valued at about $30.72 million at the time, based on on-chain data from Onchain Lens.
Peer miners have taken a different route. Cointelegraph reported that MARA Holdings pledged 18,750 BTC, worth about $1.2 billion, and arranged $600 million in fresh borrowing through Coinbase Credit and Two Prime Lending, while Hut 8 replaced Coinbase financing with a $200 million FalconX agreement at a fixed 7% annual rate, versus 9% under its previous Coinbase arrangement. Cointelegraph also reported the Anthropic deal — a 20-year, 191-megawatt capacity agreement at Rockdale that Bloomberg valued at about $9 billion, citing people familiar with the matter. Cointelegraph sourced that figure to Bloomberg, not to Riot.
For U.S. shareholders, Riot’s disclosures concern a Nasdaq-listed company trading under RIOT. None of the above is financial advice, and the market for Bitcoin and mining equities is volatile and uncertain.
What to watch
Riot’s next quarterly filing will show whether the released Bitcoin is redeployed, sold, or pledged elsewhere, and how the Rockdale capacity agreement is reflected in reported data center revenue. Any further drawdown or refinancing would appear in a subsequent Form 8-K.
Sources: crypto.news, Cointelegraph
