Riot Platforms, Inc. - Credit Agreement


Parties: Riot Platforms, Inc. (borrower) and Coinbase Credit, Inc. (lender, collateral agent, administrative agent)

Key Details:

Loan Amount: Up to $100 million, with multiple drawdowns available within two months from the agreement date.

Interest Rate: Federal funds rate (minimum 3.25%) + 4.50% margin.

Fees: 1.00% upfront fee ($1 million) for the first drawdown.

Maturity: 364 days, with an option for a 364-day extension (subject to lender approval).

Security: Secured by financial assets like bitcoin, USDC, and cash held in a segregated account at Coinbase Custody Trust Company.

Prepayment: Allowed with a minimum of $5 million, with early termination fees subject to exceptions.

Events of Default: Includes failure to pay, change of control, and breach of loan-to-value thresholds.

Riot Platforms, Inc. – Form 8-K Summary (Prospectus Supplement & Share Registration Update)

Riot Platforms, Inc. announced that it has filed a prospectus supplement to its automatic shelf registration statement on Form S-3ASR (File No. 333-281454), registering the resale of up to 8,200,000 shares of common stock by Rhodium 2.0 LLC, the identified selling stockholder.

These shares are being issued as part of a transaction involving Riot’s wholly-owned subsidiary, Whinstone US, Inc., which has acquired specific assets from Rhodium Encore LLC. Additionally, the shares serve as part of a settlement agreement between Riot and Rhodium, resolving outstanding disputes under Federal Rule of Bankruptcy Procedure 9019.

The registered shares will be issued to Rhodium 2.0 LLC upon the execution of the purchase and sale agreement related to this transaction. Riot also included, as Exhibit 5.1, a legal opinion from Womble Bond Dickinson LLP affirming the validity of the common stock to be issued.

Riot Platforms Extends Colin Yee’s Role as CFO with New Professional Services Agreement


Riot Platforms, Inc. has renewed its engagement with Colin Yee to continue serving as the company’s Chief Financial Officer under an amended and restated professional services agreement. The updated agreement, effective April 12, 2025, extends Mr. Yee’s term for an initial 36 months, with automatic 12-month renewals thereafter unless otherwise terminated.

The terms of the new agreement align closely with Riot’s executive employment policies, including procedures for potential severance arrangements. Any severance would include structured lump sum payments, and Mr. Yee may receive pro rata or accelerated vesting of stock awards upon termination, depending on the award type.

As part of the agreement, Mr. Yee will continue in his role as an independent contractor, not as an employee, and is therefore not eligible for employee-specific benefits or protections such as workers’ compensation.

The revised agreement reflects the company’s ongoing commitment to its leadership continuity amid its continued operational expansion. Riot previously disclosed similar executive contract formats in a filing dated November 26, 2024.

Riot Platforms Announces Potential Acquisition of Rhodium Assets at Rockdale Facility

On March 21, 2025, Riot Platforms, Inc. announced it has entered a non-binding term sheet to acquire specific assets of Rhodium Encore LLC at its Rockdale, Texas facility. The proposed deal, valued at $185 million, includes $129.9 million in cash, a $6.1 million return of Rhodium’s power security deposit, and $49 million in Riot shares.

Following the transaction, Rhodium will vacate the Rockdale site within three business days, transferring all tangible assets—including ASIC miners—to Riot. Riot will then assume Rhodium’s 125 MW of power capacity, gaining full control over the site’s power usage. The agreement includes a mutual release of all existing litigation and future claims not tied to the transaction.

The deal is contingent on approval from the bankruptcy court and the execution of definitive agreements. Riot plans to provide updates as the process moves forward. The company continues to pursue a vertically integrated strategy in Bitcoin mining and infrastructure, with operations in Texas, Kentucky, Colorado, and Houston.

On January 21, 2025, Riot Platforms, Inc. announced that it is taking strategic actions to optimize the use of its power assets at the Corsicana Facility in Navarro County, Texas. The company is evaluating the potential to develop its remaining 600 megawatts of power capacity at the facility for artificial intelligence (AI) and high-performance computing (HPC) applications. As part of this evaluation, Riot has paused the Phase II expansion of its Bitcoin mining operations at the site.

The company emphasized that this decision aligns with its efforts to explore alternative opportunities that could maximize the value of its assets. Riot acknowledged that these forward-looking plans involve risks and uncertainties, as outlined in its filings with the SEC.