Riot Platforms Upsizes Credit Facility to $200M with Coinbase

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Riot Platforms: From Bitcoin Miners to Credit Giants! 💰🚀

  • Riot Platforms, in a bold move, has decided to play the financial game with its Bitcoin stash.
  • Who knew Bitcoin mining could be the golden ticket for securing a credit facility? Talk about a plot twist!

In a delightful turn of events, Riot Platforms, Inc. (NASDAQ: RIOT), a seasoned Bitcoin (BTC) miner nestled in the heart of the United States, has announced that it has upsized its existing $100 million credit facility with Coinbase Credit to a whopping $200 million. Yes, you heard that right! They’ve decided to use a slice of their Bitcoin holdings as collateral, because why not? It’s not like Bitcoin is volatile or anything! 😅

The ambitious miner plans to use these funds for some key strategic initiatives. Rumor has it they might be eyeing new BTC miners or perhaps even investing in renewable energy sources. Because, you know, saving the planet while mining Bitcoin is the new trend. 🌍✨

“Riot is pleased to upsize the credit facility with Coinbase, which is a demonstration of our efforts to diversify our financing sources and lower our cost of capital in order to support greater long-term value creation for our shareholders,” announced Jason Les, CEO of Riot Platforms. Sounds fancy, doesn’t it? 🤓

Riot Platforms and the Bitcoin Strategy

As Coinpedia has previously reported, Riot Platforms has been on a Bitcoin buying spree, in addition to their mining escapades. Earlier this month, they unveiled their first quarter 2025 financial results, revealing they now hold a staggering 19,223 Bitcoins after adding 1,530 coins during the quarter. Talk about a Bitcoin hoarder! 🤑

In the same quarter, Riot Platforms made headlines by acquiring Rhodium’s mining operations, boasting a power capacity of 125 MW. This bold move catapulted their Bitcoin mining hashrate to an impressive 33.7 EH/s by the end of the first quarter. Their increased support for the Bitcoin network has been pivotal in stabilizing the process, effectively preventing the dreaded 51 percent attack. Who knew they were also in the business of keeping institutional investors awake at night? 😴💤

Furthermore, the cash inflow to Bitcoin’s investment products has surged recently, led by the U.S. spot BTC ETFs. It seems like everyone wants a piece of the Bitcoin pie! 🥧

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2025-05-20 23:21