Coinbase Backs Riot Platforms with $100M Bitcoin-Backed Credit Facility

Riot Platforms, a leading Bitcoin mining company, has secured a $100 million credit facility from Coinbase Credit, a subsidiary of Coinbase Global. This strategic move allows Riot to access capital for growth initiatives without diluting shareholder value through equity issuance. The loan, which bears interest tied to the federal funds rate, will be used to support key projects and general corporate needs. This partnership highlights Coinbase’s growing role in providing financial solutions to the cryptocurrency industry.

Riot Platforms Secures $100M Bitcoin-Backed Credit Facility from Coinbase

Riot Platforms, a Bitcoin mining firm, has announced a $100 million credit facility from Coinbase Credit, a subsidiary of Coinbase Global. The facility provides Riot with capital for strategic growth without issuing new equity, preserving shareholder value. The loan bears interest tied to the federal funds rate and will be used to support key initiatives and general corporate needs. This credit facility is a key part of Riot’s financing strategy, offering non-dilutive funding at an attractive cost.

DogWifHat ($WIF) Rallies 25% as Meme Coin Market Rebounds

The meme coin market is roaring back to life, with its total capitalization jumping 12.63% to $53.95 billion in just 24 hours. Leading the charge is DogWifHat ($WIF), a token that has soared more than 25% during the same period. Born from meme culture in November 2023, $WIF features a Shiba Inu donning a pink knitted hat—a playful nod to its crypto predecessors. At its peak, the token briefly claimed the title of third-largest meme coin by market value, trailing only Dogecoin and Shiba Inu. But the euphoria was short-lived. After hitting an all-time high of $4.85 in December following its Coinbase listing, $WIF plummeted 88.49%. Now, it’s staging a comeback, climbing over 9% on Coinbase International Exchange and securing the eighth spot among meme coins. The resurgence underscores the volatile, yet resilient nature of crypto’s most speculative corner.

Coinbase Wins Legal Battle as Alabama Drops Staking Enforcement Case

Coinbase secured a legal win as Alabama dropped its enforcement action against the exchange’s staking program, narrowing the number of states challenging the service to five. The development follows Coinbase’s recent advance in a Freedom of Information Act lawsuit against the SEC, where it uncovered internal documents related to the Ethereum 2.0 investigation. Paul Grewal, the exchange’s Chief Legal Officer, noted the legal battle has reached its midway point. Coinbase remains entangled in disputes with multiple states over its staking services, which let users earn rewards by validating blockchain transactions. The outcome could set a precedent for how regulators treat crypto staking—a key revenue stream for the industry.

Riot Platforms Secures $100 Million Bitcoin-Backed Credit Line from Coinbase

Riot Platforms has secured a $100 million credit facility from Coinbase, using its Bitcoin holdings as collateral. The two-month loan marks the company’s first foray into Bitcoin-backed financing, a move CEO Jason Les says preserves shareholder value while funding strategic initiatives. With 19,223 Bitcoin on its balance sheet, the mining firm joins a growing list of crypto-native companies leveraging their digital assets for working capital. The deal reflects institutional adoption of Bitcoin as a balance sheet asset—one that can be deployed without liquidation. Coinbase’s willingness to extend credit against volatile collateral signals deepening trust in crypto markets. Riot’s approach mirrors MicroStrategy’s recent debt offerings, suggesting a broader trend of Bitcoin-heavy firms avoiding equity dilution. As miners face margin pressure from halving events, such financing tools may become critical for maintaining operations and funding growth.

Sovereign Wealth Funds Accumulate Bitcoin as Retail Investors Exit

According to John D’Agostino, head of strategy at Coinbase, more sovereign wealth funds are buying Bitcoin (BTC) as retail investors flee the market through ETFs and spot markets. D’Agostino compared Bitcoin to gold, noting its scarcity, immutability, and non-sovereign asset characteristics. He also mentioned that institutional buyers are treating BTC as a hedge against currency inflation and macroeconomic uncertainty.