CEO Jason Les emphasized that this upsizing reflects Riot's efforts to diversify financing sources and lower capital costs, ultimately aiming to enhance long-term shareholder value.

Riot Platforms, Inc. has successfully increased its credit facility with Coinbase from $100 million to $200 million, a strategic move aimed at supporting growth and innovation in the evolving Bitcoin mining landscape.

The funds from this expanded credit facility will be allocated towards advancing strategic initiatives, including the acquisition of new Bitcoin miners and enhancing power output through renewable energy sources.

This credit facility is secured by a portion of Riot's Bitcoin holdings and has a maturity of 364 days, with an option for a 364-day extension subject to Coinbase's approval.

Riot's increased Bitcoin mining capacity, bolstered by the acquisition of Rhodium's mining operations, now stands at 33.7 EH/s, contributing to network stabilization and attracting institutional investors.

This strategic move aligns with a broader trend in the cryptocurrency sector, where companies are strengthening their financial frameworks to seize market opportunities.

Overall, Riot Platforms' decision to upsize its credit facility not only enhances its financial flexibility but also supports its corporate strategies without causing equity dilution.

This expansion of the credit facility is indicative of Riot's confidence in its business model and the overall market for digital assets.

Meanwhile, Coinbase has reported a strong financial performance in Q1 2025, with $2 billion in revenue and $930 million in adjusted EBITDA, despite a 19% decline in transaction revenue.

Coinbase's subscription and services revenue increased by 9% quarter over quarter, indicating resilience in its business model amid market fluctuations.

In a significant development for the industry, Coinbase achieved a judicial victory with the dismissal of an SEC lawsuit, providing much-needed regulatory clarity.

Analysts project an average target price of $268.10 for Coinbase, reflecting a potential upside from its current trading price, while Riot Platforms holds an 'Outperform' rating from brokerage firms.