Riot Platforms
Takes as collateral: bitcoin
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
- BTC held (issuer filings) — bitcoin the issuer holds and reports, not collateral pledged to its creditors: there is no lien on it.
- Dollar debt against bitcoin — registered debt financed by bitcoin the issuer holds — no lien on the coins, so not debt secured by them; filed but outside the registered stack, so not added: $20 Million Credit Facility (revolver), cash-collateralized ($20m), $50 Million Credit Facility (revolver), cash-collateralized ($34m), as filed for 2026-06-30.
- Debt / BTC held — registered debt over the value of the bitcoin held — not an LTV: there is no lien.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.
Price
What does credit cost here, and how is the price formed?
| Rate formation | administeredsourceCorporate paper: the rate is set by the issuer and its counterparties at issue, or by the board — administered. The facility's rate was negotiated with its lender, Coinbase Credit. |
|---|---|
| Term structure | fixed_termsourceRiot Platforms — the facility matures 2027-04-20 (the borrower "may request a further 364 days... subject to the consent of the Lender"); the convertible notes on 2030-01-15. |
| Rate certainty | fixed_at_originationsourceRiot Platforms — the facility is fixed at 6.15% from 2026-04-21; before that each borrowing fixed at the federal funds upper limit (floor 3.25%) plus 4.5% on its drawdown date. The convertible notes pay 0.75%. ⚠ The facility's margin rises to 4.75% during a second deleveraging period. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | undisclosedsourceRiot Platforms — the $200m facility is margined on "the Prevailing Market Value of the Collateral", which the Administrative Agent (Coinbase Credit, also the lender) determines (SEC EDGAR accession 0001558370-25-008138, Exhibit 10.1 (Amended and Restated Credit Agreement, 2025-05-19)). The mark is therefore the lender's own determination; the price source behind it was not read from the agreement. The 2030 convertible notes are unsecured and depend on no price. |
|---|---|
| Default & liquidation | thresholdsourceRiot Platforms — a published LTV table (SEC EDGAR accession 0001558370-25-008138, Exhibit 10.1 (Amended and Restated Credit Agreement, 2025-05-19), Sections 1.01 and 2.06): initial 60%, top-up 70%, liquidation 80%, release 50%. ⚠ Every threshold tightens by five points when the collateral has fallen 30% from its value at inception, and by five more at 50% — and the loan's margin steps up 25bp in the second regime. Observed working: 1,825 BTC were added in February 2026 "due to the decline in bitcoin prices". The convertible notes have no collateral and no liquidation. |
| Custody & backing | third_party_custodialsourceRiot Platforms — the pledged assets are "held in the custody of Coinbase Custody Trust Company, LLC under a segregated custody account in the name of the Company. Such pledged financial assets shall not be used by the Lender to secure any other loan or account" (SEC EDGAR accession 0001558370-25-005568, 8-K 2025-04-25). The custodian is an affiliate of the lender. |
| Recourse | recoursesourceRiot Platforms — the convertible notes are general obligations of the company ("Convertible Senior Notes"), behind the facility to the extent of its collateral. Whether the facility lender has a claim beyond the pledged assets was not read from the agreement. |
| Track record | 1 month observedsourceDerived from credit_venues.first_date (2026-08-08), the day the issuer's instruments were first registered here from its filings. This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before we began reading it reads short here. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC pledged (5,821) to one term facility; the notes are unsecuredsourceCorporate registry (registry/corporate_registry.yaml), as served 2026-09-30. "5,821 of the Company's bitcoin were pledged as collateral to secure the $200 Million Credit Facility" at 2026-06-30; the pledge also covers USDC and cash. Pledged bitcoin at each reporting date: 3,977 (2025-12-31), 5,802 (2026-02-28), 4,258 (2026-03-31), 5,821 (2026-06-30). 15,679 BTC held at 2026-03-31. The $594m of convertible notes have no claim on the coins. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: none — Convertible notes and secured debt sourced from filings. Slow-moving and partly manual; no ingestion built. Included in the registry despite holding nothing because this is the largest tranche of Bitcoin-collateralised credit by notional and nobody aggregates it — an empty row that names the gap is the point. quantity: none — Convertible notes and secured debt sourced from filings. Slow-moving and partly manual; no ingestion built. Included in the registry despite holding nothing because this is the largest tranche of Bitcoin-collateralised credit by notional and nobody aggregates it — an empty row that names the gap is the point. composition: none — Convertible notes and secured debt sourced from filings. Slow-moving and partly manual; no ingestion built. Included in the registry despite holding nothing because this is the largest tranche of Bitcoin-collateralised credit by notional and nobody aggregates it — an empty row that names the gap is the point. |
What the loans are denominated in
| Borrowed in | Assets | Size (USD equivalent) | In the loan asset | Read by |
|---|---|---|---|---|
| US dollars | riot_2030_notes, riot_btc_facility | $794m | — | issuer filings, 2026-06-30 |
Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- issuer established — the issuer's balance sheetnone_issuer — no lien on any coin
source
venue_type · corporate_debtcorporate class → none_issuer
none_issuer (§6.1): no claim on coins. Corporate paper is financed BY bitcoin on the issuer's balance sheet, never backed by it in the collateral sense — unsecured: true.
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | not applicable — there is no pool of deposits here to be drawn |
|---|---|
| Intermediation margin | unknown (not published by the venue) — needs both a borrow and a lend rate; the borrow rate is not served here |
| Trailing realised average (7/30/90d) | unknown (not published by the venue) — a posted or filed rate has no daily series here |
| Rate volatility (30/90d) | unknown (not published by the venue) — a posted or filed rate has no daily series here |
| Spread to the pair aggregate | unknown (not published by the venue) — this venue has no borrow rate to compare |
| Spread to matched Treasuries | unknown (not published by the venue) — this venue has no borrow rate to compare |
| Origination flow | unknown (not published by the venue) — the venue publishes no loan-by-loan flow |
| Repayment flow | unknown (not published by the venue) — the venue publishes no loan-by-loan flow |
| Aggregate and distributional LTV | 85.4% · analogue registered debt over the value of the bitcoin held — not an LTV: there is no lien; the aggregate only — no distribution is read here SEC EDGAR filings |
| Residence distribution | unknown (not published by the venue) — the venue publishes no loan durations |
| Liquidation incidence | not applicable — no lien, so nothing is liquidated |
| Top-10 concentration share | unknown (not published by the venue) — the venue publishes no borrower distribution |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
Instruments issued
| Instrument | Type | Status |
|---|---|---|
| riot_btc_facility › | credit facility | outstanding |
| 0.75% Convertible Senior Notes due 2030 › | convertible note | outstanding |
In the order the dataset carries them, not ranked. Every instrument →
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/corp_riot |
|---|---|
| MCP | get_venue({ venue_id: "corp_riot" }) get_venue({ venue_id: "corp_riot", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp