The Bitcoin Credit Stack
rates are percent a year, continuously compounded · figures as of 2026-10-15 · read 2026-10-16 04:01 UTC
Market › Corporate › Riot Platforms › riot_btc_facility

riot_btc_facility

riot_btc_facility

Terms

IssuerRiot Platforms, Inc.
Tickernot stated
Typecredit facility
Rate policyfixed
Rate policy terms
Indexfederal funds rate, upper limit, on the date of the applicable borrowing
LenderCoinbase Credit, Inc. (lender, collateral agent and administrative agent)
CustodyCoinbase Custody Trust Company, LLC, segregated account in the name of the Company
FormulaUNTIL 2026-04-21: greater of (i) the federal funds rate, upper limit, on the date of the applicable borrowing and (ii) 3.25%, plus a margin of 4.50%
Floor %3.25
Ltv table
SourceSEC EDGAR accession 0001558370-25-008138, Exhibit 10.1 (Amended and Restated Credit Agreement, 2025-05-19), Section 1.01 and Section 2.06, definition of LTV Table
Columns
0
Namebase
Appliesother than during a Deleveraging Trigger Period or Second Deleveraging Trigger Period
Top up ltv %70
Initial ltv %60
Release ltv %50
Liquidation ltv %80
1
Namedeleveraging
Appliesduring any Deleveraging Trigger Period
Top up ltv %65
Initial ltv %55
Release ltv %45
Liquidation ltv %75
2
Namesecond_deleveraging
Appliesduring any Second Deleveraging Trigger Period
Top up ltv %60
Initial ltv %50
Release ltv %40
Liquidation ltv %70
Structurefixed
Margin %4.5
Fully drawnyes
Facility typemultiple drawdown secured term loan
Upsize fee usd1000000
Implied ltv %57.5
Rate fixed from2026-04-21
Rehypothecationprohibited — pledged assets shall not be used by the Lender to secure any other loan or account
Stated rate %6.15
Upfront fee %1
Extension optionmay request a further 364 days, no later than 90 days before the initial maturity date, subject to the consent of the Lender
Margin step ruleCORRECTION to the earlier record, which carried a flat 4.50%. SEC EDGAR accession 0001558370-25-008138, Exhibit 10.1 (Amended and Restated Credit Agreement, 2025-05-19), Section 1.01 and Section 2.06: "Applicable Margin means (a) during any Second Deleveraging Trigger Period, 4.75% per annum and (b) otherwise, 4.50% per annum." THE LOAN REPRICES UPWARD IN STRESS — the spread widens by 25bp in the same condition that tightens every LTV threshold.
Collateral assetsbitcoin, USDC and cash
Implied ltv as of2025-12-31
Observed rate %8.3
Collateral history
0
BTC3977
As of2025-12-31
Eventinitial pledge as reported at year end
Fair value usd347979000
1
BTC5802
As of2026-02-28
EventMARGIN CALL. 1,825 additional BTC pledged "due to the decline in bitcoin prices" (SEC EDGAR accession 0001104659-26-022322 (10-K, period 2025-12-31), Note 12 Debt). Month-end date is the FILING'S month ("In February 2026"); the exact day is not stated.
2
BTC4258
As of2026-03-31
Event1,544 BTC released (SEC EDGAR accession 0001104659-26-053120 (10-Q, period 2026-03-31)). Reconciles exactly: 3,977 + 1,825 - 1,544 = 4,258.
3
BTC5821
As of2026-06-30
Event"5,821 of the Company's bitcoin were pledged as collateral to secure the $200 Million Credit Facility" (SEC EDGAR accession 0001104659-26-093448 (10-Q, period 2026-06-30), Debt note). +1,563 BTC on the quarter. The Debt note read does NOT say why — a top-up and a re-pledge under the 2026-04-21 agreement are both possible — so no event type is asserted.
Margin % stressed4.75
Observed rate as of2025-12-31
Permitted drawdowns4
Trigger definitions⚠ THE COLUMNS SHIFT ON THE COLLATERAL'S DRAWDOWN FROM ITS VALUE AT INCEPTION, NOT ON THE LTV RATIO — a natural misreading, and wrong. Deleveraging Trigger Period: any period from the day the Administrative Agent determines "the Prevailing Market Value of the Collateral is less than 70% of the Initial Prevailing Market Value", ending when it returns to or above the Initial Prevailing Market Value. Second Deleveraging Trigger Period: the same at "less than 50% of the Initial Prevailing Market Value", ending on a return to Initial PMV or when a (first) Deleveraging Trigger Period is in effect. Initial Prevailing Market Value is fixed at 9:00 a.m. New York time on the Original Effective Date.
Floating terms until2026-04-21
Actual ltv definitionSEC EDGAR accession 0001558370-25-008138, Exhibit 10.1 (Amended and Restated Credit Agreement, 2025-05-19), Section 1.01 and Section 2.06: "Actual LTV Ratio means, at any time, the ratio (expressed as a percentage) of (a) the principal amount of the Loan outstanding at such time to (b) the Prevailing Market Value of the Collateral at such time."
Margin call mechanicsSEC EDGAR accession 0001558370-25-008138, Exhibit 10.1 (Amended and Restated Credit Agreement, 2025-05-19), Section 1.01 and Section 2.06: a Margin Call Event occurs when the Actual LTV Ratio is on any Business Day at or above the Top Up LTV. The Administrative Agent may deliver a Margin Funding Notice within 2 Business Days; the Borrower must satisfy it by the Margin Funding Deadline, "no later than the time falling twenty-four (24) hours after such Margin Funding Notice ... is received". Additional Collateral is sized so that the Actual LTV Ratio is restored to the INITIAL LTV, not merely back under the Top Up LTV. Release runs the other way: collateral is released once the Actual LTV Ratio is at or below the Release LTV for at least two consecutive days. Reaching the Top Up LTV is also a Blocking Event, so withdrawals are barred while a call is live.
Interest expense 2025 usd13200000
Distance to margin call %17.9
Distance to margin call as of2025-12-31
Distance to margin call basisDERIVED, and labelled so. At 2025-12-31 the Actual LTV Ratio was 200,000,000 / 347,979,000 = 57.5% against a base-column Top Up LTV of 70%. Collateral would have to fall to 200,000,000 / 0.70 = 285,714,286 for a call, i.e. a 17.9% decline in collateral value. This is arithmetic on filed figures and the agreement's own thresholds — it is NOT a filed number and must never be presented as one.
Observed behaviour matches scheduleThe collateral path in collateral_history is the mechanism above executing: +1,825 BTC in February 2026 "due to the decline in bitcoin prices" is a Top Up, and -1,544 BTC by 2026-03-31 is a Margin Release. Recorded as a QUALITATIVE match. The implied BTC prices are deliberately NOT back-solved from the thresholds; that would publish derived prices wearing filed authority.
Cumulativenot stated
Seniority rank1
Maturity2027-04-20
Liquidation preferencenot stated
Outstanding200,000,000 USD
CurrencyUSD
USD translation (issuer-filed)not stated
Statusoutstanding
Source for the seniority ranking

Secured on identified collateral. SEC EDGAR accession 0001558370-25-005568 (8-K, 2025-04-25, event 2025-04-22): "The Company's obligations under the Credit Agreement are secured by a pledge of the Company's financial assets, including bitcoin, USDC and cash, held in the custody of Coinbase Custody Trust Company, LLC under a segregated custody account in the name of the Company. Such pledged financial assets shall not be used by the Lender to secure any other loan or account." SEC EDGAR accession 0001104659-26-022322 (10-K, period 2025-12-31), Note 12 Debt reports 3,977 BTC pledged at 2025-12-31. Ranks ahead of the unsecured 2030 Notes.

Market

collecting (no market price is served for this instrument, so no yield, attachment point or coverage is derived)

Issuer bitcoin holdings

Holdings, read from a filing11,380 BTC as of 2026-06-30 · 10-Q, filed 2026-08-10 · 0001104659-26-093448

Valued in the payload at $82,161 as at 2026-10-15. Holdings and price carry different as-of dates and are not restated to a common one.

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As of 2026-10-14

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