Riot Platforms has revised its $200 million credit agreement with Coinbase Credit, replacing the variable interest rate with a fixed one for enhanced cost predictability. As the company transitions into AI and high-performance computing infrastructure, it continues to decrease its bitcoin holdings. According to bitcoin treasuries.net, Riot's bitcoin stash decreased to 15,680 BTC as of Tuesday from 19,368 BTC at the start of the year. The revised agreement maintains the loan size and collateral structure, with the loan secured by Riot's bitcoin, USDC, and cash held with Coinbase Custody.
The loan maturity has been extended by 364 days, with the option to extend it further by a year, subject to lender approval. However, the loan operates under a loan-to-value framework that may require Riot to replenish collateral if bitcoin's price plummets, potentially leading to further depletion of its treasury to fund its AI and HPC expansion. Riot's shares plummeted around 9% on Tuesday to below $17, with the company set to release its Q1 earnings on April 30.