Riot Doubles Bitcoin-Backed Credit Facility with Coinbase to $200 Million
Bitcoin mining giant Riot Platforms (NASDAQ: RIOT) has expanded its credit facility with Coinbase Credit, increasing the borrowing limit from $100 million to $200 million.
The Texas miner announced on Tuesday that the upsized facility retains the same terms: interest accrues at the greater of the federal funds rate upper limit or 3.25%, plus 4.50%, with a 364-day maturity and an option for a one-year extension pending Coinbase’s approval.
The line is collateralized by a portion of Riot’s Bitcoin holdings and will be used to fund strategic initiatives and general corporate purposes. The move follows Riot’s full drawdown of the original $100 million facility, as disclosed in its first-quarter earnings report.
Riot’s move mirrors similar financing strategies by other large U.S. miners. CleanSpark (NASDAQ: CLSK), one of Riot’s closest peers, previously amended its own agreement with Coinbase Credit to expand its credit limit from $50 million to $200 million.
As of May, CleanSpark reported an outstanding balance of $115 million under the facility, which it uses to borrow U.S. dollars against its Bitcoin reserves to support operations.
The trend highlights a growing reliance on crypto-collateralized credit facilities across the mining sector, as companies seek to maintain liquidity and scale infrastructure while preserving their BTC treasuries in a tightened post-halving environment.
