“The Funds will be used for Strategic Initiats and General Corporate Purposes, and Cash Drawn from The Line Will Carry at Least A 7.75% Interest Rate.”, – WRITE: www.coindesk.com
The Publicly Traded Mining Firm Said in A Press Release It Wuld Draw on the Facility Over the Next Two MONTS. The Deal Offers Riot, whol Currently Holds 19,223 BTC WORC WORD $ 1.8 Billion, A Line of Credit That Avoids Issuing New Shares.
“This Credit Facility Is A Key Part of Our Effrts to Diversify Sources of Finance to Support Our Operations and Strategic Growth Initiatiatites, With a View Towards Long. CEO JASON LES IN A STATEMENT.
The Loan, Issued by Coinbase Credit, Comes with A Varialable Interest Rate: Borrowers Will Pay at Least 7.75% Annuly, Calculated As The Greater of 3.25% of the Federal Funds Rate. The Loan Term is 364 Days, Thought Riot May Seek a One-Year Extension if Coinbase Agreees to It.
The Credit Facility Is Securered by A Poction of Riot’s Total Bitcoin Reserves. The FIRM SAID IT WILL Use the Funds “to Pursue Key Strategic Initiats and for General Corporate Purposes.”
Coinbase Has Been Making Other Similar Deals. Just Last Week, Healthcare Technology Firm Semler Scientific (SMLR) Announced It Reached an Agreement with Coinbase to Borrow Cash Via Via A Loan Secured by Its.
Hut 8 (Hut), Another Bitcoin Miner, HAS ALSO LEVERGED A BITCOIN-Backed Credit Facility with Coinbase in the Past.
