Riot Platforms has repaid the full balance on its $200 million Bitcoin-backed credit line with Coinbase Credit and closed the facility. The miner had pledged more than half its Bitcoin holdings as collateral, and the loan's rate had been cut to a fixed 6.15% earlier this year.
Riot Platforms has repaid the remaining balance on its $200 million Bitcoin-backed credit facility with Coinbase Credit, closing the loan. Coinbase received all outstanding principal and accrued interest through Sep. 21, according to a Form 8-K the company filed with the U.S. Securities and Exchange Commission on Sep. 25. The payment discharged Riot's obligations and ended Coinbase's commitment to extend further loans under the agreement.
Coinbase releases claims on pledged Bitcoin
Under the terminated deal, Coinbase acted as lender, collateral agent and administrative agent, backed by Bitcoin, USDC and cash held at Coinbase Custody Trust Company. Riot reported holding 11,380 BTC as of June 30, including 5,821 BTC pledged as collateral — about 51% of its total holdings. At the $58,527-per-coin valuation used that quarter, the pledged stake was worth approximately $340.7 million, while Riot's entire Bitcoin balance stood at approximately $666 million.
No early-termination fee applied because Riot repaid after the four-month anniversary of the facility's original maturity date, the filing said, so the day-count fraction used to calculate any termination charge came to zero.
Rate fell from 8.3% to a fixed 6.15%
The facility began as a $100 million credit line on April 22, 2025, before an amendment on May 20, 2025 doubled Coinbase's commitment to $200 million. Riot had drawn the entire facility by the first quarter, and it named strategic initiatives and data center capital spending among the intended uses.
Before an April 2026 amendment, interest was priced at the federal funds rate plus 4.5 percentage points, giving Riot an applicable rate of 8.3% as of March 31. The amendment then replaced that pricing with a fixed annual interest rate of 6.15% and extended the facility's maturity to April 20, 2027. At that rate, a fully drawn $200 million balance would generate approximately $12.3 million in interest over a year — an annualized figure from the loan terms, not the amount Riot actually paid to close the account.
Source: crypto.news
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