Riot Platforms Announces $100 Million Credit Facility with Coinbase
CASTLE ROCK, Colo., April 23, 2025 /PRNewswire/ -- Riot Platforms, Inc. (NASDAQ:RIOT) ("Riot" or "the Company"), an industry leader in vertically integrated Bitcoin mining, is pleased to announce that it has entered into a $100 million credit facility (the "Credit Facility") with Coinbase Credit, Inc. ("Coinbase"), a subsidiary of Coinbase Global, Inc. (NASDAQ:COIN).
Under the terms of the Credit Facility, Coinbase will provide a multiple drawdown term loan facility in an aggregate principal amount up to $100 million which will be made available to Riot over a two-month period following execution of the Credit Facility ("the Effective Date"). Riot intends to use proceeds from the Credit Facility to pursue key strategic initiatives and for general corporate purposes.
"Riot has entered into its first bitcoin-backed facility, which provides us with non-dilutive funding at an attractive cost of financing," said Jason Les, CEO of Riot. "This credit facility is a key part of our efforts to diversify sources of financing to support our operations and strategic growth initiatives, with a view towards long-term stockholder value creation."
All amounts borrowed under the Credit Facility will bear interest at an annual rate equal to (a) the greater of (i) the federal funds rate – upper limit1 on the date of the applicable borrowing, and (ii) 3.25%, plus (b) 4.50%. The Credit Facility will mature 364 days after the Effective Date, but the Company may request that the maturity date be extended by an additional 364 days, subject to consent by Coinbase. The amount borrowed under the Credit Facility will be secured by a portion of the Company's total bitcoin holdings.
About Riot Platforms, Inc.
Riot's (NASDAQ:RIOT) vision is to be the world's leading Bitcoin-driven infrastructure platform.
Our mission is to positively impact the sectors, networks and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.
Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has Bitcoin mining operations in central Texas and Kentucky, and electrical switchgear engineering and fabrication operations in Denver, Colorado and Houston, Texas.
For more information, visit www.riotplatforms.com.
Cautionary Statement Concerning Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "believes," "plans," "expects," "intends," "will," "potential," "hope," and similar expressions are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements about uncertainties related to market conditions and the utilization of the Credit Facility on the anticipated terms or at all. Detailed information regarding the factors identified by the Company's management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"), including the risks, uncertainties and other factors discussed under the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as amended, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC's website, www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.
Investor Contact
Phil McPherson
303-794-2000 ext. 110
[email protected]
Media Contact
Alexis Brock
[email protected]
1 Represents the upper limit of the federal funds target range established by the Federal Open Market Committee. The federal funds rate – upper limit is 4.50% as of April 22, 2025.
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SOURCE Riot Platforms, Inc.