Bitcoin

Million

<a href="https://ultramining.com/news/en/hut-8s-q2-2023-a-bitcoin-mining-marvel/" rel="noopener noreferrer nofollow">Hut 8</a>, a renowned leader in digital asset mining and high performance computing infrastructure in North America, has announced a significant financial move. On January 12, 2024, the company, alongside its subsidiary Hut 8 Mining Corp., amended and restated its credit facility with a subsidiary of Coinbase Global, Inc. This amendment includes an additional loan of <a href="https://ultramining.com/news/en/major-bitcoin-mining-pool-foundry-usa-to-introduce-fee-structure/" rel="noopener noreferrer nofollow">US</a>$15 million, increasing the total principal amount under the facility to US$65 million, according to <a href="https://hut8.com/2024/01/12/hut-8-announces-us65-million-amended-and-restated-credit-facility-with-coinbase/" rel="noopener noreferrer nofollow">Hut 8</a>.
This new loan is earmarked for general corporate purposes and is anticipated to be funded shortly after closing. The terms of the credit facility specify an interest rate based on the higher of the federal funds rate on the borrowing date or 3.25%, plus an additional 5.0%. The maturity of the credit facility is set at 364 days from the date of the first borrowing.
Notably, the obligations under this facility are secured by the borrower’s interest in certain <a href="https://ultramining.com/news/en/rising-mining-difficulty-squeezes-bitcoin-miners-sparks-accumulation-among-whales/" rel="noopener noreferrer nofollow">Bitcoin holdings</a> under the custody of Coinbase Custody Trust Company, LLC, and are guaranteed by Hut 8 Corp.
This strategic financial move underlines Hut 8's commitment to growth and innovation in the digital asset space. The company, headquartered in Miami, Florida, boasts a diverse infrastructure portfolio, including high-performance computing <a href="https://ultramining.com/news/en/crypto-miners-shift-gears-ai-is-the-new-gold-rush/" rel="noopener noreferrer nofollow">data centers</a> and Bitcoin mining sites across North America. Hut 8 is celebrated for its unique treasury strategy, holding one of the largest inventories of self-mined Bitcoin among publicly-traded companies globally.

Hut 8 Secures $65 Million in Amended Credit Facility

Ultramining_Eng

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