Riot Platforms (NASDAQ: RIOT) extends $200M secured loan and fixes rate

Rhea-AI Filing Summary

Riot Platforms, Inc. entered into a Second Amended and Restated Credit Agreement with Coinbase Credit, Inc., maintaining its multiple draw down secured term loan facility with an aggregate principal amount of up to $200 million.

The revised agreement changes the Loan’s interest from a floating rate to a fixed rate and extends its maturity to the date that is 364 days after the Original Maturity Date, with an option for the Company to request an additional 364-day extension subject to the Lender’s consent. The facility remains secured by Riot’s financial assets, including bitcoin, USDC and cash held with Coinbase Custody Trust Company, LLC, and includes customary representations, covenants and events of default for a secured term loan of this type.

Insights

Credit & capital structure analyst

Riot refinances its Coinbase term loan, fixing the rate and pushing out maturity.

Riot Platforms renewed and amended its secured term loan facility with Coinbase Credit, keeping total capacity at up to $200 million. The changes center on switching the Loan’s interest from a floating rate to a fixed rate and extending its maturity profile.

The Loan now matures 364 days after the Original Maturity Date, and Riot can request a further 364-day extension with lender consent. Obligations remain secured by bitcoin, USDC and cash held at Coinbase Custody Trust Company, LLC, so collateral values and crypto market conditions remain relevant to the facility’s risk profile.

The agreement appears to be a continuation and modification of existing financing rather than a new borrowing. Actual impact on interest expense and liquidity will depend on the fixed rate level, utilization of the up to $200 million capacity, and any future extensions agreed with the lender.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Secured term loan capacity: $200 million Initial Final Maturity extension: 364 days Optional additional extension: 364 days

3 metrics

Secured term loan capacity $200 million Aggregate principal amount under multiple draw down facility

Initial Final Maturity extension 364 days Maturity date set 364 days after Original Maturity Date

Optional additional extension 364 days Company may request 364-day extension of Final Maturity Date with lender consent

Key Terms

Second Amended and Restated Credit Agreement, secured term loan facility, Initial Final Maturity Date, Final Maturity Date, +1 more

5 terms

Second Amended and Restated Credit Agreement financial

"entered into a second amended and restated credit agreement (the “Second Amended and Restated Credit Agreement”)"

A second amended and restated credit agreement is a company’s loan contract that has been changed twice and rewritten into a single, updated document so all the terms are clear in one place. Investors care because it alters the company’s debt rules — such as interest rates, repayment schedule, and covenants — which affects cash flow, default risk, and the ability to invest or pay dividends; think of it like refinancing and reorganizing a mortgage that changes monthly payments and rules.

secured term loan facility financial

"customary provisions for a secured term loan facility of this type"

A secured term loan facility is a lump-sum loan a company borrows for a set period and repays on a fixed schedule, backed by specific assets (collateral) that lenders can claim if the borrower defaults. Investors care because it increases a company’s debt obligations and gives those lenders priority over shareholders and other creditors for repayment, affecting the company’s financial risk, cash flow flexibility, and potential returns.

Initial Final Maturity Date financial

"The Loan matures on the date that is 364 days after the Original Maturity Date (the “Initial Final Maturity Date”)."

Final Maturity Date financial

"request, no later than ninety (90) days prior to the Initial Final Maturity Date, that the Final Maturity Date be extended"

off-balance sheet arrangement financial

"Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant."

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 21, 2026

Riot Platforms, Inc.

(Exact name of registrant as specified in its charter)

​	​	​	​	​
Nevada	​ ​ ​	001-33675	​ ​ ​	84-1553387
(State or other jurisdiction of incorporation)	​	(Commission File Number)	​	(I.R.S. Employer Identification No.)

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3855 Ambrosia Street, Suite 301

Castle Rock, CO 80109

(Address of principal executive offices)

(303) 794-2000

(Registrant’s telephone number, including area code)

(Former name and former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

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Title of each class	​ ​ ​	Trading Symbol(s)	​ ​ ​	Name of each exchange on which registered
Common Stock, no par value per share	​	RIOT	​	Nasdaq Capital Market

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 1.01 – Entry into a Material Definitive Agreement.

On April 21, 2026, Riot Platforms, Inc. (the “Company”) entered into a second amended and restated credit agreement (the “Second Amended and Restated Credit Agreement”) by and between the Company, as the borrower, and Coinbase Credit, Inc., as lender, collateral agent, and administrative agent (the “Lender” and together with the Company, the “Parties”). The Second Amended and Restated Credit Agreement replaces in its entirety the existing amended and restated credit agreement, dated as of May 19, 2025, between the Company and the Lender (the “Existing Credit Agreement”), which amended and restated the Company’s original credit agreement with the Lender, dated as of April 22, 2025. All capitalized terms used but not defined herein have the meanings ascribed to them in the Second Amended and Restated Credit Agreement.

The Second Amended and Restated Credit Agreement continues the Company’s multiple draw down secured term loan facility in an aggregate principal amount of up to $200 million (the “Loan”) and amends the Existing Credit Agreement, among other things, to change the rate per annum at which interest accrues on the Loan from a floating rate to a fixed rate and to extend the maturity of the Loan. The Loan matures on the date that is 364 days after the Original Maturity Date (the “Initial Final Maturity Date”). The Company may request, no later than ninety (90) days prior to the Initial Final Maturity Date, that the Final Maturity Date be extended by an additional 364 days, subject to the consent of the Lender.

The Company’s obligations under the Second Amended and Restated Credit Agreement continue to be 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. The Second Amended and Restated Credit Agreement includes representations, warranties, covenants, events of default and other customary provisions for a secured term loan facility of this type.

The foregoing description of the Second Amended and Restated Credit Agreement, together with the description above of certain terms of the Second Amended and Restated Credit Agreement, is a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Amended and Restated Credit Agreement, a copy of which is filed with this Current Report on Form 8-K as Exhibit 10.1 and is hereby incorporated herein by reference.

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Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 is incorporated by reference into this Item 2.03.

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Item 9.01 – Financial Statements and Exhibits.

(d)Exhibits.

EXHIBIT INDEX

The following exhibits are filed or furnished herewith:

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Exhibit No.	​ ​ ​	Description
10.1 *†	​	Second Amended and Restated Credit Agreement, dated as of April 21, 2026, between Riot Platforms, Inc. and Coinbase Credit, Inc.
104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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* Portions of this exhibit have been omitted in accordance with Item 601(b)(10)(iv) of Regulation S-K.

† Certain schedules and appendices have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Registrant hereby undertakes to furnish to the SEC, upon request, copies of any such instruments.

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S I G N A T U R E

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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​	RIOT PLATFORMS, INC.		​
​	​	​	​
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​	By:	/s/ Jason Chung	​
​	Name:	Jason Chung	​
​	Title:	Chief Financial Officer	​

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Date: April 27, 2026

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FAQ

What credit facility did Riot Platforms (RIOT) amend with Coinbase Credit?

Riot Platforms amended its multiple draw down secured term loan facility with Coinbase Credit. The Second Amended and Restated Credit Agreement keeps aggregate principal capacity at up to $200 million and modifies interest and maturity terms while preserving existing collateral arrangements over bitcoin, USDC and cash.

How large is Riot Platforms’ secured term loan facility under the new agreement?

The Second Amended and Restated Credit Agreement continues Riot Platforms’ secured term loan facility with aggregate principal of up to $200 million. This amount reflects total borrowing capacity under the multiple draw down structure, not a stated current borrowing balance or immediate cash inflow to the company.

What interest change did Riot Platforms make to its Coinbase Loan in this 8-K?

Riot Platforms changed the Loan’s interest from a floating rate to a fixed rate under the Second Amended and Restated Credit Agreement. This adjustment replaces variable-rate exposure with a fixed rate for the term of the facility, potentially stabilizing future interest costs tied to this secured borrowing.

When does Riot Platforms’ amended Loan with Coinbase Credit now mature?

The Loan now matures on the date that is 364 days after the Original Maturity Date, called the Initial Final Maturity Date. Riot Platforms may also request an additional 364-day extension of the Final Maturity Date, subject to Coinbase Credit’s consent under the amended agreement terms.

What collateral secures Riot Platforms’ Second Amended and Restated Credit Agreement?

Riot Platforms’ obligations remain secured by a pledge of its financial assets held at Coinbase Custody Trust Company, LLC. These pledged assets include bitcoin, USDC and cash, providing lender protection and tying the facility’s collateral base to both crypto and cash holdings under custodial control.

Does this Riot Platforms 8-K create a new financial obligation or modify an existing one?

The 8-K describes a Second Amended and Restated Credit Agreement that replaces an existing credit agreement with Coinbase Credit. It continues the up to $200 million secured term loan facility while changing interest to a fixed rate and extending maturity, thus modifying an existing financial obligation.

Filing Exhibits & Attachments

5 documents

Other Documents

• EX-10 EX-10 610.4 KB
• EX-101 EX-101.SCH 3.4 KB
• EX-101 EX-101.DEF 2.8 KB
• EX-101 EX-101.LAB 16.9 KB
• EX-101 EX-101.PRE 11.1 KB