Crypto mining company Hut 8 has secured a $50 million credit facility from Coinbase Credit. The funds will be used for general corporate purposes, with an initial $15 million term loan and an additional $20 million delayed-draw term loan tranche. The agreement also includes the option for an additional $15 million tranche. Hut 8’s interest in bitcoin held at Coinbase Custody Trust Company will serve as collateral for the loan. Hut 8 CEO Jaime Leverton stated that the credit facility provides the company with additional financial flexibility and allows them to maintain their dynamic Bitcoin treasury management strategy ahead of the halving.
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