Riot repays Coinbase loan and ends $200m bitcoin-backed facility
Riot Platforms has repaid its Coinbase Credit borrowing and terminated the $200 million facility, freeing bitcoin it had pledged as collateral.
Key points
- Riot completed the voluntary repayment on Sept. 21, according to a Friday SEC filing.
- The $200 million facility carried a fixed 6.15% annual rate after an April 2026 amendment.
- Riot pledged 5,821 bitcoin, worth about $340.7 million, as of June 30.
- That was roughly 51% of its 11,380 bitcoin holdings at the time.
- No early termination fee or penalty was payable on the September repayment.
Riot Platforms has repaid its outstanding borrowing from Coinbase Credit and ended a $200 million bitcoin-backed credit facility, releasing the lender's claims on the bitcoin pledged as security. The bitcoin miner and data centre developer completed the voluntary repayment on Sept. 21, according to a Friday filing with the SEC reported by Bitcoin.com News.
Riot paid all outstanding principal and accrued interest without an early termination fee or penalty, and Coinbase's commitment to provide further loans also ended. The facility carried a fixed annual interest rate of 6.15% after an April 2026 amendment that extended its maturity to April 20, 2027. Riot had fully drawn the $200 million, which at that rate would carry about $12.3 million in annual interest.
Loan repaid early
The repayment lifts restrictions on a substantial pool of collateral. As of June 30, Riot had pledged 5,821 bitcoin, valued at about $340.7 million, to secure the loan. That was roughly 51% of its total holdings of 11,380 bitcoin at the time. The agreement covered pledged bitcoin, USDC and cash held with Coinbase Custody Trust, and Riot said the security interests were released alongside the repayment. It did not disclose how much bitcoin was pledged immediately before termination.
Riot first obtained a $100 million bitcoin-backed facility in April 2025 to fund strategic initiatives and general corporate purposes. The original borrowing rate was 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 doubled the facility to $200 million the following month, paying a one-time $1 million fee for the increase. The April 2026 revision later replaced the floating-rate structure with the fixed rate.
Collateral released
Riot repaid the debt about seven months before its revised maturity, but the agreement's early termination fee applied only through the four-month anniversary of the original April 21, 2026, maturity date. That window ended Aug. 21, so no fee was payable on the September repayment.
The move comes as Riot expands its data centre business alongside bitcoin mining. In August, the company announced a 20-year lease for 191 megawatts of computing capacity at its Rockdale campus with an unnamed artificial intelligence developer. Riot said the agreement was expected to generate about $9.1 billion in revenue over its initial term.