Riot Platforms has modified its $200 million credit facility agreement with Coinbase Credit, as disclosed in a recent 8-K filing. The revised terms replace the floating interest rate with a fixed rate, enhancing cost predictability as the company diversifies into artificial intelligence and high-performance computing infrastructure, while also reducing its bitcoin holdings. As of Tuesday, Riot's bitcoin reserves stood at 15,680 BTC, down from 19,368 BTC at the beginning of the year, according to bitcoin treasuries.net.
The amended agreement maintains the same loan size and collateral structure, with Riot's bitcoin, USDC, and cash held with Coinbase Custody serving as security. The loan's maturity has been extended by 364 days, with the option to further extend it by a year, subject to lender approval. The credit facility operates under a loan-to-value framework, which may require Riot to replenish its collateral if bitcoin's price drops significantly, potentially leading to a continued depletion of its treasury as it funds its expansion into AI and HPC. Riot's shares have declined by around 9% to below $17 on Tuesday, with the company scheduled to release its Q1 earnings on April 30.