Riot Platforms May Unlock $120M in Bitcoin After Rally

Riot Platforms entered 2026 with a $200 million Coinbase loan secured by 3,977 BTC. The Bitcoin price subsequently fell far enough that an additional 1,825 BTC was required to meet the collateral agreement, increasing the total pledged to 5,802 in February.

However, the recent three-day rally has carried Bitcoin's price close to $78,000, its highest point in three months. With the collateral now worth approximately $454 million, the loan-to-value ratio has dropped to around 44.1%.

This development may potentially free up between 1,159 BTC and 1,547 BTC from the pledged amount, depending on which schedule applies to the loan agreement. The strictest schedule allows no release near $78,000.