Mining companies are beginning to "delever and prevent volatility," and the logic behind BTC collateralized financing is evolving.

Riot Platforms has made key adjustments to its $200 million Bitcoin collateralized loan agreement with Coinbase:
Changing the original floating rate linked to interest rates to a fixed annual rate
Introducing a "triggered for 2 consecutive days" rule to reduce the risk of forced liquidation caused by short-term price fluctuations
The agreement was signed on April 21, 2026, with an option to extend for 1 year
This reflects not just a simple optimization of terms, but the entire industry proactively addressing a core issue:
How to control leverage risk in highly volatile assets.
At the same time, the company's disclosed asset movements are also noteworthy:
In Q1 2026, sold 3,778 BTC, raising approximately $289.5 million
As of March 31, restricted collateralized BTC increased to 5,802 coins
The core logic is gradually becoming clear:
Selling part of BTC to obtain liquidity while optimizing financing structures to reduce liquidation risk.
This is a typical "steady cash flow + deleverage" strategy.
When mining companies start actively adjusting their financing models, they are essentially admitting one thing:
Relying solely on BTC price appreciation is no longer the only survival path.
The market is shifting from a "bull market-driven" to a "structure-driven" approach.
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