Riot Platforms Repays $200 Million Coinbase Bitcoin-Backed Credit Facility

Riot Platforms has repaid and terminated its $200 million bitcoin-backed credit facility with Coinbase Credit, according to an SEC filing, releasing the digital assets it had pledged as collateral. The Nasdaq-listed bitcoin miner completed the full voluntary prepayment of all outstanding principal on September 21 and disclosed the transaction in a Form 8-K filed on September 25. The filing states that all obligations under the credit agreement were satisfied and discharged, and the agreement was terminated. The prepayment closed out a secured borrowing arrangement that Riot had used to raise capital while pledging its bitcoin and other digital assets.

How the facility was structured

The terminated facility was governed by the Second Amended and Restated Credit Agreement dated April 21, 2026, between Riot as borrower and Coinbase Credit, Inc. as lender, collateral agent and administrative agent. It provided a multiple draw-down secured term loan of up to $200 million, secured by a pledge of Riot’s financial assets, including bitcoin, $USDC and cash held in the custody of Coinbase Custody Trust Company. Riot first reported the agreement in a Form 8-K filed on April 27, 2026. The lender’s commitment to make further loans under the facility has now ended.

No early termination fee

Riot said it delivered notice of the prepayment to the lender and paid the full principal and all accrued and unpaid interest through September 21. Because the prepayment date fell after the four-month anniversary of the original maturity date, the day count fraction used to calculate the early termination fee was zero, so the company incurred no early termination fee or penalty. Bitcoin-backed lending has become a recurring financing route for digital asset firms, a trend visible in Circle’s launch of bitcoin-backed $USDC borrowing.

What it means for Riot’s treasury

Concurrent with the prepayment, the credit agreement and Coinbase Credit’s commitment to make further loans were terminated, and the security interests over Riot’s bitcoin, $USDC and cash were released. Riot did not state the quantity of bitcoin pledged immediately before termination, but the move removes a secured debt from its balance sheet and returns unrestricted control of the collateral to the company. With the security interest lifted, Riot can hold, sell or otherwise use those assets without first satisfying a lender, a meaningful change for a miner that keeps bitcoin on its balance sheet. It also mirrors a wider reordering of corporate bitcoin treasuries, including Sequans’ recent exit from its bitcoin holdings.