Bitcoin crash forced Riot to pledge 1,825 BTC, but this huge rally may now free up 1,500 BTC
Riot Platforms entered 2026 with 3,977 $BTC pledged against a $200 million Coinbase loan. Bitcoin then fell far enough that the agreement required another 1,825 $BTC, taking the collateral balance to 5,802 in February. Those coins still belonged to Riot and sat in a segregated custody account under Coinbases lien. Riot couldnt deploy them elsewhere while they protected the loan, so the selloff restricted more of its treasury at the same time its core asset was weak. Now that mechanism is reversing. Bitcoins three-day rally carried it close to $78,000, its highest price in three months. If Riots latest disclosed balance of 5,821 pledged $BTC hasnt moved, the collateral is worth about $454 million, and the loan-to-value ratio has fallen to roughly 44.1%. That level is below the release line in two of the three schedules written into Riots loan. CryptoSlate calculates that the rally could place between 1,159 $BTC and 1,547 $BTC above the amount needed to reset the facility, depending on which schedule applies. The strictest schedule allows no release near $78,000. Riot hasnt disclosed a current release request, and its filings dont establish which schedule Coinbase is using. The calculation shows that Bitcoins price can alter how much of a miners