Bitcoin Miner Riot Platforms Gets $100M Credit Facility From Coinbase
Summary
Riot Platforms has secured a credit facility of up to $100 million from Coinbase Credit, backed by a portion of its Bitcoin holdings. The funding aims to support strategic initiatives and diversify financing sources. The annual interest on borrowed amounts is 4.5% plus the federal funds rate upper limit or 3.25%, whichever is higher. Riot is not alone in utilizing Coinbase's credit facilities; Hut8 previously borrowed $50 million and amended its facility to $65 million. Despite a recent 5.34% increase in share price to $7.50, Riot shares are down over 36% year-over-year. Riot holds 19,223 BTC, valued at nearly $1.8 billion. Coinbase shares rose 2.53% to $194.80 but are down 17.6% over the past year.
