By Roshan Fernandez
Shares of Riot Platforms and Coinbase Global rose during Wednesday's trading after Riot announced that it entered into a $100 million credit facility with Coinbase.
Shares of Riot, a Castle Rock, Colo.-based bitcoin mining and digital infrastructure company, were up 7.6% to $7.66 in Wednesday morning trading. Shares of Coinbase, a cryptocurrency exchange, were up 2.9% to $195.43.
"Riot has entered into its first bitcoin-backed facility, which provides us with non-dilutive funding at an attractive cost of financing," said Riot Chief Executive Jason Les.
The company said that under the terms of agreement, Coinbase will provide a multiple drawdown term loan facility, which will be made available to Riot over a two-month period.
Riot said it will use the proceeds to pursue key initiatives and for general corporate purposes.
Write to Roshan Fernandez at roshan.fernandez@wsj.com
(END) Dow Jones Newswires
April 23, 2025 11:31 ET (15:31 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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