By Adriano Marchese
Riot Platforms said Tuesday that it has doubled its bitcoin-backed credit facility with Coinbase Global to $200 million.
The bitcoin mining company said that the upsized credit facility was agreed with Coinbase's subsidiary, Coinbase Credit, only a few weeks after its original financing agreement.
In late April, Riot announced that it entered into a $100 million credit facility with Coinbase, its first bitcoin-backed facility which Riot Chief Executive Jason Les said at the time "provides us with non-dilutive funding at an attractive cost of financing."
Riot plans to use proceeds from to pursue key strategic initiatives and for general corporate purposes, it said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
May 20, 2025 09:21 ET (13:21 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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