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BTC Riot Platforms fully repaid and terminated its US$200 million Bitcoin mortgage loan with Coinbase Credit
According to filings with the U.S. Securities and Exchange Commission (SEC), Riot Platforms has fully repaid and terminated its US$200 million Bitcoin mortgage line agreement with Coinbase Credit, while releasing digital assets as collateral. The Nasdaq-listed bitcoin miner completed the full voluntary prepayment of all outstanding principal on September 21 and disclosed the transaction on a Form 8-K filed on September 25.
Thedocument states that all obligations under the credit agreement have been met and discharged, and the agreement is formally terminated. The prepayment ends Riot's previous secured borrowing arrangement to raise funds by pledging its Bitcoin and other digital assets.
Loan Structure Design
The terminated financing instrument was developed by Riot (borrower) and Coinbase Credit, Inc. (lenders, mortgage agents and administrative agents) are governed by the Second Amendment and Restatement Credit Agreement signed on April 21, 2026. The agreement provides a multiple drawing-guaranteed term loan of up to $200 million, backed by a pledge of Riot's financial assets (including Bitcoin, USDC and cash) deposited with Coinbase Custody Trust Company. Riot first reported the agreement on Form 8-K filed on April 27, 2026. Currently, the lender's commitment to continue providing loans has also ended.
No early termination fees
Riot 表示，其已向贷款人发出提前还款通知，并支付了截至 9 月 21 日的所有本金以及应计且未付的利息。由于提前还款日期晚于原始到期日的四周年纪念日，用于计算早期终止费用的天数分数为零，因此公司无需支付任何早期终止费或罚金。
比特币抵押贷款已成为数字资产公司反复采用的融资渠道，这一趋势也体现在 Circle 推出基于比特币的 USDC 借贷业务中。
对 Riot 财务战略的影响
与此同时，随着信贷协议的终止和 Coinbase Credit 进一步放贷承诺的结束，Riot 对其比特币、USDC 和现金的担保权益也被解除。虽然 Riot 未在文件中说明终止前立即质押的比特币数量，但此举使其资产负债表上的担保债务清零，并将抵押品的完全控制权归还给公司。
随着担保权益的解除，Riot 可以在不先清偿债权人的情况下持有、出售或以其他方式使用这些资产，这对于一家将比特币保留在资产负债表上的矿商而言意义重大。这也反映了企业比特币财务战略更广泛的重新调整，包括 Sequans 近期退出其比特币持仓的案例。
