Riot Platforms prepays $200 million Coinbase credit facility
Riot Platforms told the SEC it has voluntarily prepaid all outstanding principal on its credit facility with Coinbase Credit, Inc., closing out a deal that let the miner borrow against its bitcoin, USDC and cash. The prepayment, completed Monday, September 21, 2026, triggered no early termination fees and released the collateral pledge tied to the loan.
- Facility was a multiple draw-down secured term loan of up to $200 million, dated April 21, 2026
- Collateral included bitcoin, USDC and cash held in Coinbase Custody Trust Company, LLC
- Zero early termination fee applied because prepayment fell after the four-month mark past original maturity
- $200M maximum size of the terminated credit facility
- Sept 21 date Riot completed the full prepayment
- $0 early termination fee under the Day Count Fraction clause
The disclosure comes in a Form 8-K filed under Item 1.02, Termination of a Material Definitive Agreement, triggered by Riot’s own repayment action rather than a lender demand or default. The filing states the company “completed the full voluntary prepayment of all outstanding principal amounts under the Second Amended and Restated Credit Agreement.” Coinbase Credit, Inc. served as lender, collateral agent and administrative agent on the facility.
What the Coinbase Deal Covered
The credit agreement, first disclosed in an 8-K filed April 27, 2026, gave Riot access to draw down up to $200 million against a pledge of financial assets.
Those assets sat in the custody of Coinbase Custody Trust Company, LLC, and included bitcoin, USDC and cash, per the filing.
No Penalty, Clean Exit
The filing spells out why Riot avoided an early termination charge. Because the prepayment date fell after “the four-month anniversary of the Original Maturity Date,” the Day Count Fraction used in the fee formula came out to zero.
The document does not disclose the Original Maturity Date itself, nor how much principal was outstanding at the time of repayment.
It also does not say what funding source Riot used to make the payoff, or how much bitcoin, USDC and cash remain unencumbered on its balance sheet now that the pledge is released.
Collateral Released, Lien Terminated
With the principal and accrued interest through September 21, 2026 paid in full, the filing says “the security interests granted by the Company in favor of the Lender under the Collateral Documents were released.” Coinbase’s commitment to fund further draws under the facility also ended concurrently.
Reading a Miner’s Debt Exit
Miners have leaned on bitcoin-backed credit lines to fund expansion without diluting equity, and Riot’s April 2026 deal with Coinbase Credit was part of that pattern. Closing the facility with an undisclosed amount repaid against a $200 million ceiling and zero exit fee reads as balance-sheet housekeeping rather than distress.
The move frees Riot’s pledged bitcoin, USDC and cash from a lien, which matters to shareholders tracking unencumbered treasury assets, but the filing gives no updated figure for what that treasury now holds.
“the applicable Day Count Fraction used to calculate the early termination fee under the Credit Agreement was zero, and accordingly no early termination fees or penalties were incurred by the Company”
Riot Platforms, Form 8-K
The CCS read. A zero-cost payoff of a bitcoin-backed facility is a routine deleveraging move, not a liquidity signal either way. What matters more for holders is the number this filing skips: how much unencumbered BTC, USDC and cash Riot now controls outright.
Riot’s next 10-Q, due for the quarter covering this period, should show whether the freed collateral shows up as unencumbered bitcoin holdings or gets redeployed into a new facility.
