Riot Platforms announced it had fully repaid a $200 million credit facility originated with Coinbase, ending the lender’s claim on pledged assets. The company settled the outstanding principal and accrued interest on September 21, according to a Form 8-K filing with the U.S. Securities and Exchange Commission on September 25. The filing states that Coinbase Credit received the remaining balance and all accrued interest, thereby discharging Riot’s obligations and terminating the agreement. The repayment also released Coinbase’s security interests over the collateral assets.

The facility, which allowed multiple draws up to the $200 million limit, was secured by Bitcoin, USDC, and cash held with Coinbase Custody Trust Company. Riot had pledged 5,821 BTC as collateral as of June 30, representing roughly 51 percent of its total Bitcoin reserves. At the June 30 valuation of $58,527 per coin, the pledged holdings were valued at approximately $340.7 million.

The loan originated in April 2025 as a $100 million commitment that was later doubled to $200 million through an amendment in May 2025. An April 2026 amendment changed the interest structure to a fixed annual rate of 6.15 percent, replacing an earlier variable rate tied to the federal funds rate. Under the prior terms, Riot paid an effective interest rate of 8.3 percent.

Riot’s disclosures indicate that the company held 11,380 BTC at the end of the June quarter, with 5,821 BTC pledged under the facility. The total Bitcoin inventory was valued at approximately $666 million at quarter-end. In August, Riot reported $548.9 million in cash, including $77.5 million classified as restricted.

The repayment avoided any early-termination fee, as the loan was settled after the four-month anniversary of the original maturity date, resulting in a zero day-count fraction for such charges. Riot’s mining operations, conducted in Texas and Kentucky, contributed to revenue of $167.2 million in the first quarter, with $289.5 million generated from Bitcoin sales. Data center revenue, reported for the first time in the quarter, totaled $33.2 million.

Other cryptocurrency firms have also refinanced Coinbase-backed facilities. MARA Holdings recently secured $600 million in Bitcoin-backed loans using 18,750 BTC as collateral, while Hut 8 replaced its Coinbase agreement with a $200 million facility from FalconX carrying a fixed 7 percent rate. These moves reflect broader trends of miners seeking more favorable financing terms amid fluctuating digital asset values.