Riot Platforms secures $100M ‘Bitcoin-backed’ loan from Coinbase

Quick Summary:

Earlier in the month, the company unveiled plans to raise $500 million through a private bond offering to fund additional BTC purchases. Related: Bitcoin miner Bitfarms secures up to $300M loan from MacquarieRIOT stock ralliesShares of Riot Platforms, which trade on the Nasdaq stock exchange under the ticker symbol RIOT, rose more than 8% on April 23 amid a broad rally for Bitcoin miners and the overall stock market.

Riot Platforms has used its massive Bitcoin stockpile as collateral to secure a $100 million credit facility from Coinbase as the cryptocurrency miner eyes continued expansion. The $100 million loan from Coinbase’s credit arm marks Riot’s “first Bitcoin-backed facility,” CEO Jason Les said in an April 23 statement.

The loan carries an annual interest payment of at least 9%, based on the current upper limit of the federal funds rate plus 4.5%. Crucially, the funding amount “will be secured by a portion of [Riot Platforms’] total Bitcoin holdings,” the company said.

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Article Details

Author / Journalist: Cointelegraph by Sam Bourgi

Category: Crypto

Markets: United States

Topics: Riot Platforms Company Stock Year April Million Valued Bitcoin Mining Credit

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-23 @ 17:05:40 (12 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 423 words

Reading Time: 3 minutes read

Sentences: 21 lines

Sentence Length: 21 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 28174712

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Official Website: cointelegraph.com

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