Hut 8 Secures $50 Million Credit Facility with Coinbase Credit, Boosting Bitcoin Treasury Strategy

By Lola Coin Jun 26, 202370Views

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Hut 8, a North American crypto miner, has secured a $50 million credit facility with Coinbase Credit. The loan will be used for general corporate purposes and to maintain a dynamic Bitcoin treasury management strategy. The credit facility includes a $15 million term loan initially, followed by an additional $20 million term loan tranche, and another $15 million tranche after the completion of the merger between Hut 8 and U.S. Data Mining Group. The merger will create a new entity called “New Hut” with access to approximately 825 MW of gross energy across all six sites. Hut 8’s CEO, Jaime Leverton, stated that the credit facility provides financial flexibility and supports their Bitcoin strategy leading up to the halving. Hut 8’s financial results showed a 65% increase in Bitcoin holdings despite a 13% revenue decline.

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