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Riot could unlock pledged Bitcoin as BTC rally cuts loan-to-value

Riot entered 2026 with $200 million owed to Coinbase secured by 3,977 BTC, and a BTC rebound near $78,000 has lowered the loan-to-value ratio to about 44.1%, below levels tied to collateral release schedules.

Reported · Written up by our desk · Market Structure

Riot Platforms entered 2026 with 3,977 BTC pledged against a $200 million Coinbase loan, but a later Bitcoin drop triggered an additional pledge requirement of 1,825 BTC in February, bringing pledged collateral to 5,802 BTC, according to CryptoSlate. While the collateral was locked under Coinbase’s lien and held in a segregated custody account, Riot could not deploy those coins elsewhere, leaving more of its treasury constrained as its core asset weakened, CryptoSlate reported. That restriction is now easing as Bitcoin rallies, with the cryptocurrency’s three-day move taking it close to $78,000, its highest level in three months. CryptoSlate estimates that if Riot’s latest pledged balance of 5,821 BTC has not changed, the collateral would be worth about $454 million and the loan-to-value ratio would fall to roughly 44.1%.

CryptoSlate also said the company’s April credit agreement includes three collateral release schedules, and the applicable schedule depends on the pledged Bitcoin’s market value versus benchmark levels set in the contract. If Riot’s actual LTV remains at or below the relevant release threshold for at least two consecutive days and no blocking event is active, it can submit a written request, after which Coinbase can direct the return of enough collateral to bring the facility back to the reset LTV.

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