Riot Platforms repaid principal and accrued interest under its Coinbase Credit agreement, releasing liens over pledged assets. Its SEC filing dates the repayment to September 21 and does not disclose a Bitcoin sale.
Riot Platforms has closed its Coinbase Credit facility with a borrowing limit of $200 million. An SEC filing submitted on September 25 says repayment was completed on September 21 and liens over collateral, including Bitcoin, were released. The move gives the miner greater flexibility over its assets; it does not disclose a Bitcoin sale.
Repayment also ends the commitment to lend
According to the Form 8-K filed with the SEC, Riot paid all outstanding principal and interest accrued through September 21. The voluntary prepayment discharged its obligations under the agreement. The lender’s commitment to provide further loans under the same facility also ended.
BTC was not the only asset pledged. The collateral included Bitcoin, USDC and cash held at Coinbase Custody. The filing says the lender’s security interests over those assets were released. Riot incurred no early termination fee or penalty.
The $200 million figure is the facility’s ceiling. The latest disclosure does not give a separate number for the principal paid on the closing date. The size of the credit line should therefore not be treated as the amount of that day’s payment.
The 5,821 BTC figure has a date attached
In its second-quarter results, Riot reported holding 11,380 BTC as of June 30, with 5,821 BTC pledged as collateral. That works out to roughly 51% of its Bitcoin balance at the time.
A June balance is not a September transaction amount: The 5,821 BTC figure comes from the earlier reporting date. The new 8-K does not quantify the Bitcoin released when the loan was repaid. Using the same number as a confirmed current amount would merge two different dates.
The quarter-end valuation used a Bitcoin price of $58,527 and put the total BTC balance at approximately $666 million. Those are June 30 figures. A valuation using today’s market price would be a different measurement from the one in that historical balance sheet.
More treasury flexibility, but no sale disclosed
Releasing the liens broadens Riot’s options for its BTC assets. It could retain them or use them in future financing decisions. The latest filing, however, does not identify the cash source used to repay the loan, disclose whether tokens were sold or provide a new custody address.
The move comes as Riot expands its data center business. In the second quarter, Bitcoin mining generated $113.7 million in revenue and data center operations contributed $23.2 million. Assessing Bitcoin mining economics requires separating operating revenue, financing needs and the BTC treasury. The release of a loan’s collateral does not, on its own, show that new selling pressure has reached the market.
