💸 RIOT announces credit facilities worth 100 million dollars backed by Bitcoin!
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In a new strategic move, Riot Platforms announced an agreement with Coinbase Credit to provide credit facilities of up to 100 million dollars, partially backed by Riot's reserves of Bitcoin.
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Key details:
▪️ The loan is of the "Multiple Draw" type, extending over two months
▪️ Interest: approximately 9% annually
▪️ No dilution of shareholder rights (Non-Dilutive)
▪️ The loan is secured by part of Riot's $BTC holdings
▪️ Used for expansion plans and infrastructure support
▪️ Maturity period: 364 days, with an option to extend for an additional year
▪️ Supports Riot's plans to expand mining operations in Texas and Kentucky
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