$RIOT · Riot Platforms, Inc.
Riot Platforms filed an 8-K reporting the termination of a material definitive agreement: the Second Amended and Restated Credit Agreement with Coinbase Credit, Inc., originally dated April 21, 2026. The Company completed a full voluntary prepayment of all outstanding principal and accrued interest on September 21, 2026. The facility provided up to $200 million in secured term loans collateralized by bitcoin, USDC, and cash. No early termination fees were incurred.
- Riot voluntarily prepaid all outstanding principal under the $200M secured term loan with Coinbase Credit, Inc.
- The Credit Agreement, dated April 21, 2026, was fully terminated and all collateral security interests were released.
- No early termination fees were incurred — the prepayment date fell after the four-month anniversary of the Original Maturity Date, making a
- zero Day Count Fraction applicable.
- The loan was secured by a pledge of bitcoin, USDC, and cash held in custody at Coinbase Custody Trust Company.
RIOT is up +0.31% since the filing, a modest positive reaction consistent with a debt-removal catalyst. The $8.70B market cap dwarfs the $200M facility, limiting the magnitude of the move.
Riot eliminates a $200M secured debt obligation and reclaims its pledged bitcoin collateral, strengthening the balance sheet and removing a potential forced-sale overhang.
Bitcoin miners have increasingly used BTC-collateralized loans for operational liquidity; Riot's early payoff suggests strong cash generation or a strategic pivot away from pledging digital assets.
The filing notes the Credit Agreement was only entered into in April 2026 and terminated within five months — rapid turnover in financing arrangements could signal shifting treasury strategy.
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