Riot Taps Coinbase for $100M Bitcoin-Backed Loan Amid Prolonged Hashprice Slump

Riot Platforms (NASDAQ: RIOT) has secured a $100 million credit facility from Coinbase Credit, joining a growing list of miners leveraging their bitcoin holdings for liquidity.

Announced on Wednesday, the agreement allows Riot to draw funds over a two-month period and use the proceeds for strategic initiatives and general corporate purposes.

The loan bears a variable interest rate—the greater of the federal funds rate’s upper limit or 3.25%, plus 4.5%—and matures 364 days from its effective date, with an option to extend for another year pending Coinbase’s approval.

The loan is backed by a portion of Riot’s bitcoin reserves, which totaled 19,223 BTC at the end of March.

“This credit facility is a key part of our efforts to diversify sources of financing,” said CEO Jason Les, calling the deal non-dilutive and aligned with the company’s long-term growth strategy.

The financing follows a similar move by CleanSpark, which earlier this month announced a $200 million bitcoin-backed facility with Coinbase.

The back-to-back deals highlight the growing role of bitcoin-collateralized credit in helping miners navigate capital needs amid a sluggish hashprice environment.

Despite Bitcoin rebounding above $90,000, hashprice remains under $50/PH/s—still half of its pre-halving level.