Riot extends $200 million Coinbase credit facility, and bitcoin weakness could mean more sales

Riot Platforms amended a $200 million credit facility with Coinbase, switching the loan from a floating to a fixed interest rate and extending maturity by 364 days (with a possible one-year extension). The facility remains collateralized by Riot’s bitcoin, USDC and cash held at Coinbase, but Riot’s BTC treasury has fallen to 15,680 BTC from 19,368 BTC at the start of the year. Under the facility’s tiered LTV framework, collateral top-ups are triggered at a 70% LTV and liquidation at 80%, meaning further BTC price weakness could force more sales and reduce Riot’s treasury further. The market reacted negatively: Riot shares slid about 9% to below $17. The filing increases predictability of borrowing costs for Riot’s AI/HPC pivot but highlights downside risk to BTC supply and price if forced liquidations occur.