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<p class="is-style-lead">Major Canadian crypto miner Hut 8 Mining inked a $50 million credit facility agreement with Coinbase Credit, to provide the latter with robust financial flexibility, liquidity, and also fund its business operations.</p> 
<p>Hut 8, in a <a href="https://hut8.io/2023/06/26/hut-8-announces-us50-million-credit-facility/" target="_blank" rel="noopener">press release</a> on June 26, stated that the credit facility, which will mature 364 after the initial borrowing, comprises a term loan of $15 million, which, the announcement said, “is expected to be funded at or shortly following closing.”&nbsp;</p> 
<p>There is also an additional $20 million delayed-draw term between one and two months after closing and a third borrowing of $15 million within 15 working days after the <a href="https://crypto.news/bitcoin-mining-firms-hut8-and-us-bitcoin-announce-merger/">completion of the merger</a> with bitcoin mining company US Bitcoin Corp., or USBTC.</p> 
<p> You might also like: <a href="https://crypto.news/marathon-digital-gets-sec-subpoena-for-the-second-time/"> Marathon Digital gets SEC subpoena for the second time </a> </p> 
<p>Hut 8 and USBTC entered a “merger of equals” deal, which will see the creation of a new entity called Hut 8 Corp. The company domiciled in the United States will have access to approximately megawatts of energy. Also, upon completion of the transaction, both Hut 8 and USBT shareholders will have equal ownership of the new company’s stock.&nbsp;</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="Riot To 20.1eh/s! Hut 8 $50m Credit Facility! Bitcoin vs Bitcoin Miners Past week." width="1020" height="574" src="https://www.youtube.com/embed/msGroZGWI8Y?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<p>Regarding the latest development, Hut 8 CEO Jamie Leverton said the credit facility would boost the company’s financial flexibility.&nbsp;</p> 
<blockquote class="wp-block-quote"> 
 <p>“This credit facility gives us additional financial flexibility. At the same time, it ensures that we can maintain our dynamic Bitcoin treasury management strategy going into the halving.”</p> <cite>Jamie Leverton, Hut 8 CEO</cite>
</blockquote> 
<p>Hut 8 <a href="https://crypto.news/hut-8-mining-mined-147-btc-in-may-bitcoin-hash-rate-slumping/">mined</a> 147 BTC in May and sold 179 BTC in the same month, while the company has 9,233 bitcoins (worth nearly $280 million at the current price of BTC) in its reserves as of May 31, 2023.&nbsp;</p> 
<p> Read more: <a href="https://crypto.news/texas-legislature-passes-new-bitcoin-mining-laws/"> Texas legislature passes new bitcoin mining laws </a> </p>

Hut 8 receives a $50m loan from Coinbase’s subsidiary

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