Riot Platforms secures $100M ‘Bitcoin-backed’ loan from Coinbase
Riot Platforms secured a $100 million credit facility from Coinbase, using its Bitcoin holdings as collateral. This marks Riot's first Bitcoin-backed loan, intended to fund corporate operations and strategic growth initiatives. The loan matures in one year, with a possible extension, and carries an annual interest rate of at least 9%. Riot holds 19,223 BTC, valued at approximately $1.8 billion. The company previously acquired $500 million in Bitcoin and plans to raise an additional $500 million through a private bond offering. RIOT stock rose over 8% amid a broader rally for Bitcoin miners, despite a 40% decline since the year's start. In 2024, Riot reported $376.7 million in sales and $109.4 million in net income, following a record year post-Bitcoin halving. An earnings call is scheduled for May 1.
