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, 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.