Riot Platforms repays $200 million Coinbase loan, frees 5,821 bitcoin

Riot Platforms has closed out a $200 million Coinbase credit line, freeing 5,821 bitcoin that had sat as collateral under a credit agreement dated April 21, 2026. The move hands the Nasdaq-listed miner unrestricted control of a stack now worth roughly $494 million, at a moment when it is also pouring billions into converting Texas mining sites into artificial intelligence data centers.

• Riot repaid the $200 million Coinbase Credit loan in full on September 21, 2026, incurring no early termination fee.
• The freed 5,821 bitcoin equal roughly half of the 11,380 BTC Riot held as of June 30, 2026.
• Riot sold 3,778 bitcoin for $289.5 million in the first quarter of 2026 while mining only 1,473 coins.

• $494M value of the 5,821 freed bitcoin at today’s roughly $84,800 price
• $200M Coinbase loan principal Riot repaid seven months before its April 2027 maturity
• 6.15% fixed interest rate Riot paid on the now-terminated Coinbase credit facility
• $9.1B 20-year AI data center lease Riot signed in August for 191 megawatts

Riot Platforms, a Nasdaq-listed bitcoin miner, repaid a $200 million loan from Coinbase Credit, Inc. on Monday (September 21, 2026), releasing 5,821 bitcoin it had pledged as collateral, according to reporting by BeInCrypto. At bitcoin’s price of about $84,800, the released coins are worth roughly $494 million, well above the $340.7 million they were worth on June 30, 2026. The company disclosed the payoff in an 8-K filed Friday (September 25, 2026) with the Securities and Exchange Commission.

Riot clears Coinbase debt with zero prepayment penalty

The 8-K states Riot completed a “full voluntary prepayment of all outstanding principal amounts” under the Second Amended and Restated Credit Agreement dated April 21, 2026, with Coinbase Credit, Inc. serving as lender, collateral agent and administrative agent. Riot paid the outstanding principal plus all accrued interest through September 21, 2026, and Coinbase’s security interest in the pledged bitcoin, USDC and cash held at Coinbase Custody Trust Company was released the same day.

Riot owed no early termination fee or penalty on the $200 million balance.

The facility carried a fixed 6.15% interest rate and was not due until April 2027, meaning Riot cleared the debt seven months ahead of schedule. The filing does not disclose how Riot funded the repayment or what it intends to do with the freed bitcoin.

Pledged bitcoin doubled and shrank with the market

Riot’s collateral requirement moved with bitcoin’s price because the loan functioned like a margin-based pawn arrangement: falling prices reduced the coverage each coin provided, forcing Riot to post more collateral. That dynamic hit in February 2026, when a price slide pushed Riot’s pledged holdings from 3,977 bitcoin at the end of 2025, disclosed in its annual report, up to 5,802 coins.

Riot’s June 30, 2026 quarterly report shows only 5,559 of its bitcoin were unencumbered at that point, out of 11,380 total held. The September repayment frees 5,821 coins, roughly doubling the pool Riot can use without restriction, assuming its total holdings have not changed since. The 10-Q also shows the agreement let Riot request coins back when prices rose, though Coinbase retained final say over the calculation; Riot instead chose full repayment rather than a partial release.

Riot has sold more bitcoin than it has mined this year

Riot’s bitcoin treasury has been shrinking even as the loan collateral fluctuated. The company sold 3,778 bitcoin for $289.5 million in the first quarter of 2026 while mining just 1,473 coins, according to its production update.

Holdings fell further in the second quarter, from 15,680 to 11,

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