Riot Platforms secures $100M ‘Bitcoin-backed’ loan from Coinbase
The Bitcoin mining company holds 19,223 BTC currently valued at nearly $1.8 billion.
Riot Platforms has used its massive Bitcoin stockpile as collateral to secure a $100 million credit facility from Coinbase as the cryptocurrency miner eyes continued expansion.
The $100 million loan from Coinbase’s credit arm marks Riot’s “first Bitcoin-backed facility,” CEO Jason Les said in an April 23 statement.
Les said the credit line will be used to fund general corporate operations and support the company’s “strategic growth initiatives.”
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