⚠️ coinbase offers a $50 million credit facility to Hut8Mining! Why does the crypto miner need the funds? Read more here -
Hut 8 announced entering into a $50 million credit facility with Coinbase Credit as the lender. In a statement, the North American crypto miner revealed that the proceeds from the loan will be used for general corporate purposes while providing it with added financial flexibility and helping it maintain a dynamic Bitcoin treasury management strategy.
Initially, the credit facility provides a $15 million term loan, followed by an additional $20 million delayed-draw term loan tranche in a second borrowing between one and two months following the closing. The deal also includes another $15 million delayed-draw term loan tranche in a third borrowing within 15 business days following the completion of the previously announced merger between Hut 8 and U.S. Data Mining Group to create a United States-domiciled entity called “New Hut.”that following the merger, the new entity is expected to have access to approximately 825 MW of gross energy across all six sites with self-mining, hosting, and managed infrastructure operations.
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