Riot Platforms (RIOT) said Wednesday it signed a bitcoin-backed deal with Coinbase (COIN) unit Coinbase Credit for a $100 million credit facility.
The bitcoin mining company said the loan is a multiple-drawdown term facility available over two months and backed by a portion of its bitcoin holdings, adding that the proceeds will be used for general corporate purposes and strategic plans.
The credit facility will mature 364 days after the effective date, said Riot Platforms, which may seek an extension of another 364 days, subject to Coinbase's approval.
Riot Platforms shares were up more than 5% in recent Wednesday trading, while Coinbase stock was 4% higher.
Price: 7.48, Change: +0.36, Percent Change: +5.06
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