Coinbase Provides $100 Million Credit Facility to Bitcoin Mining Company Riot Platforms

Riot Platforms, Inc. (NASDAQ: RIOT) has announced a $100 million credit facility with Coinbase Credit, Inc., a subsidiary of Coinbase Global, Inc. (NASDAQ: COIN). This multiple drawdown term loan facility will be available to Riot over a two-month period following the execution date. The company plans to utilize the proceeds for key strategic initiatives and general corporate purposes. CEO Jason Les emphasized that this marks Riot’s first bitcoin-backed facility, providing non-dilutive funding at an attractive cost, and is part of the company’s strategy to diversify its financing sources to enhance long-term stockholder value. The facility will bear interest based on the federal funds rate and will be secured by a portion of Riot’s total bitcoin holdings.