Riot Platforms, Inc. (RIOT): debt financing — Riot Platforms enters $100M bitcoin-collateralized credit facility with Coinbase Credit

Riot Platforms, Inc.

Secured term loan up to $100M, collateralized by bitcoin, USDC, and cash held at Coinbase Custody Trust.
Interest rate is greater of fed funds upper limit or 3.25% plus 4.50% margin; 4.75% during second deleveraging.
Maturity 364 days from April 22, 2025, extendable by 364 days with lender consent; upfront fee 1% ($1M).
Voluntary prepayment min $5M with early termination fees; mandatory prepayment on change of control or LTV breach.
Loan available in up to three drawdowns within two months; proceeds for general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Riot Platforms, Inc. incurred term loan of up to One Hundred Million Dollars (U.S. $100,000,000) with Coinbase Credit, Inc. at the greater of (i) the federal funds rate, upper limit on the date of the applic maturing 364 days from the date of the Credit Agreement.

Instrument: term loan
Principal: up to One Hundred Million Dollars (U.S. $100,000,000)
Counterparty: Coinbase Credit, Inc.
Rate: the greater of (i) the federal funds rate, upper limit on the date of the applic
Maturity: 364 days from the date of the Credit Agreement
Event: incurrence

Exact text from the filing

On April 22, 2025, Riot Platforms, Inc. (the “ Company ”) entered into a credit agreement (the “ Credit Agreement ”) between the Company, as the borrower, and Coinbase Credit, Inc. (the “ Lender ” and, together with the Company, the “ Parties ”), as lender, collateral agent, and administrative agent. Pursuant to the terms of the Credit Agreement, the Lender shall provide the Company with a multiple drawdown secured term loan facility in an aggregate principal amount of up to One Hundred Million Dollars (U.S. $100,000,000) (the “ Loan ”).

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Source: SEC EDGAR

accession 0001558370-25-005568

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