Riot Platforms was forced to pledge an additional 1,825 BTC in February when Bitcoin’s crash triggered a collateral requirement on its $200 million Coinbase loan, bringing total pledged BTC to 5,802. Bitcoin’s recent rally near $78,000 pushed the loan-to-value ratio down to approximately 44.1%, crossing below the release threshold in two of the three contract schedules. Depending on which schedule applies, Riot could recover between 1,159 and 1,547 BTC without repaying the loan, expanding its unrestricted BTC pool by 21% to 28%. The company has not yet filed an official release request, and only Coinbase controls the final calculation. MARA Holdings illustrates the scale of the phenomenon with 18,750 BTC pledged for $750 million in financing, representing approximately $1.46 billion in collateral value at current prices.
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