Riot Platforms, Inc. (NASDAQ: RIOT), an established Bitcoin (BTC) miner based in the United States, announced that it has upsized its existing $100 million credit facility with Coinbase Credit to $200 million. Riot Platforms secured the credit facility through a portion of its Bitcoin holding, which will be held as collateral by Coinbase Credit.
The Bitcoin miner intends to use the funds to enable key strategic initiatives, which might include purchases of new BTC miners, and increasing its power output through renewable energy sources.
“Riot is pleased to upsize the credit facility with Coinbase, which is a demonstration of our efforts to diversify our financing sources and lower our cost of capital in order to support greater long-term value creation for our shareholders,” Jason Les, CEO of Riot Platforms, announced.
Riot Platforms and the Bitcoin Strategy
As Coinpedia reported in the past, Riot Platforms has been a major buyer of Bitcoin in addition to mining BTC. Earlier this month, Riot Platforms released the first quarter 2025 financial results, which revealed that the company held 19,223 Bitcoins after adding 1,530 coins during the quarter.
During the first quarter, Riot Platforms announced the acquisition of Rhodium’s mining operations, which had 125 MW of power. As a result, Riot Platforms increased its Bitcoin mining hashrate to 33.7 EH/s by the end of the first quarter.The company’s increased support for the Bitcoin network has played a crucial role in the stabilization process, which has significantly prevented the 51 percent attack and thus attracted more institutional investors. Furthermore, the cash inflow to Bitcoin’s investment products has significantly increased in the recent past, led by the U.S. spot BTC ETFs.
