Riot Platforms (NASDAQ: RIOT) has extinguished a $200 million secured credit line with Coinbase Credit and regained control of the assets that had been pledged against it. The company disclosed the transaction in a Form 8-K dated September 25, 2026, reporting that it completed a full voluntary prepayment of outstanding principal and accrued interest on September 21, 2026.
All obligations under the agreement were satisfied and the contract itself was terminated.
The loan sat under a Second Amended and Restated Credit Agreement dated April 21, 2026. Coinbase Credit acted as lender, collateral agent, and administrative agent.
The facility allowed multiple draws up to an aggregate principal amount of $200 million. Security consisted of a pledge of Riot’s financial assets—bitcoin, USDC, and cash—held at Coinbase Custody Trust Company.
Riot had first put a $100 million version of the arrangement in place in April 2025 and increased the commitment to $200 million the following month. An April 2026 restatement locked in a fixed 6.15 percent annual rate and moved maturity to April 20, 2027.
Riot chose not to wait for that date.
It delivered the required prepayment notice and settled the remaining balance plus interest through September 21.
Because that date fell after the four-month anniversary of an earlier contractual maturity, the formula used to compute an early-termination fee produced a zero result.
The company therefore paid no penalty.
At the same moment the cash changed hands, two other things happened.
Coinbase Credit’s commitment to make additional advances ended, and the security interests created under the collateral documents were released.
The pledged bitcoin, stablecoins, and cash are no longer encumbered by that particular lien.
Mid-year filings had shown 5,821 bitcoin posted against the facility as of June 30, then worth about $340.7 million and equal to roughly half of Riot’s holdings.
The September 8-K does not restate the exact collateral balance on the payoff date, but it is explicit that the liens came off.
The repayment removes a source of secured leverage and the loan-to-value mechanics that could have forced additional bitcoin into custody, or even liquidation, if prices had fallen far enough.
It also ends a ready source of borrowed liquidity. Interest that had been running at more than $12 million a year at the fixed rate disappears from the cost structure.
The timing sits against a broader shift in Riot’s business.
The company is expanding data-center capacity at its Rockdale, Texas campus. In August it announced a 20-year lease for 191 megawatts of critical IT load with a leading frontier AI customer, a contract later reported to be worth about $9.1 billion over the initial term.
Separate project financing has been arranged for that build-out.
First-quarter 2026 revenue was $167.2 million, including $33.2 million from the new data-center segment.
Clearing the Coinbase facility does not change bitcoin’s supply or Riot’s hash-rate footprint.
It does tidy the balance sheet, return previously restricted digital assets to corporate control, and leave management with a cleaner set of options for how those assets are used. Whether the company holds, spends, or otherwise deploys the released collateral will be the next item investors watch.
