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2025 ATM program (2025 Sales Agreement, up to $500 million)
Dec 30, 2025 · OtherTerms of issuance
Instrument
ATM program
Principal
$500.0M
Net proceeds
Issue date
Dec 30, 2025
Maturity
Seniority
Conversion ratio
n/a
Settlement
n/a
Economic analysis
Effective annual cost
n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost
Interest savings vs. plain debt
n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate
Implied option value / volatility
n/anot shown — would require an assumed volatility input, which we do not fabricate
Breakeven
n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate
Context
Shares outstanding (as of issue date)
371,807,186
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Other financing outstanding (excl. this instrument)
0.75% Convertible Senior Notes due 2030 ($594.4M), Coinbase Credit bitcoin-backed term loan facility (second A&R) ($200.0M), Senior secured delayed-draw term loan (Riot DC Logistics, LLC) ($573.0M)
— of which existing debt
$1.37B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
n/a
Related acquisition
none
Related deal
none
Related site
none
Sources
OtherRiot establishes $500 million at-the-market equity offering program
Dec 30, 2025