Riot Secures $100M Bitcoin-Backed Credit from Coinbase

Riot Platforms, a major Bitcoin mining company, has secured its first $100 million Bitcoin-backed credit facility from Coinbase Credit, using over 19,000 BTC worth approximately $1.8 billion as collateral. This non-dilutive loan will support Riot's strategic growth and general corporate purposes. The credit line carries a variable interest rate with a minimum annual cost between 7.75% and 9%, and may be extended for another year upon Coinbase's approval. Following the announcement, shares of both Riot and Coinbase rose, signaling investor optimism. Riot's significant Bitcoin holdings make it the third-largest corporate holder in the world. Other firms, such as Hut 8 and Semler Scientific, have also recently secured similar Bitcoin-backed credit lines from Coinbase.