Riot Platforms, Inc. (NASDAQ: RIOT), a well-known American Bitcoin (BTC) mining company, announced that it has increased its existing credit line from $100 million to $200 million from Coinbase Credit. To do this, Riot Platforms used a portion of its Bitcoin as collateral for Coinbase Credit.
The bitcoin mining company plans to use the funds to implement key strategic initiatives, which may include acquiring new bitcoin miners and increasing electricity generation from renewable sources.
“Riot is pleased to expand our credit line with Coinbase, which further demonstrates our efforts to diversify our funding sources and reduce our cost of capital to support long-term value creation for our shareholders,” said Jason Les, CEO of Riot Platforms.
As Coinpedia previously reported, Riot Platforms is a significant buyer of bitcoin in addition to mining it. Earlier this month, the company reported financial results for the first quarter of 2025, which showed that it holds 19,223 bitcoin after adding 1,530 coins during the quarter.
In Q1, Riot Platforms also announced the acquisition of Rhodium’s 125 MW mining operations. As a result, Riot Platforms increased its Bitcoin mining hashrate to 33.7 EH/s by the end of Q1. The company’s increased support for the Bitcoin network played a key role in stabilizing it, significantly reducing the likelihood of a 51 percent attack and thus attracting more institutional investors. Additionally, recent inflows into Bitcoin investment products have increased significantly, especially through U.S.-based spot BTC ETFs.
Source: cryptonews.net
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