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Coinbase Credit bitcoin-backed term loan facility (second A&R)
Apr 21, 2026 · OtherTerms of issuance
Instrument
Term loan / DDTL
Principal
$200.0M
Net proceeds
Drawn (of commitment)
$200.0M as of Jun 30, 2026
Issue date
Apr 21, 2026
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)
379,125,849
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), 2025 ATM program (2025 Sales Agreement, up to $500 million) ($500.0M), Senior secured delayed-draw term loan (Riot DC Logistics, LLC) ($573.0M)
— of which existing debt
$1.67B
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
ClosedRiot enters $100 million bitcoin-backed Coinbase credit facility
Apr 22, 2025ClosedRiot Platforms closes $200 million bitcoin-backed Coinbase credit facility
May 19, 2025OtherRiot enters second amended Coinbase credit agreement at fixed rate
Apr 21, 2026