Canadian crypto miner Hut 8 Mining has secured a $50 million credit facility agreement with Coinbase Credit, which will provide Hut 8 with financial flexibility and liquidity. The credit facility consists of a $15 million term loan, which is expected to be funded shortly after closing, as well as an additional $20 million delayed-draw term and a third borrowing of $15 million. Hut 8 recently entered into a merger with bitcoin mining company US Bitcoin Corp., creating a new entity called Hut 8 Corp. Upon completion of the merger, both Hut 8 and US Bitcoin Corp. shareholders will have equal ownership of the new company’s stock. Hut 8 CEO Jamie Leverton sees the credit facility as a way to boost the company’s financial flexibility and maintain their Bitcoin treasury management strategy. In May, Hut 8 mined 147 BTC and sold 179 BTC, leaving them with 9,233 bitcoins in reserves as of May 31, 2023.
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