Jun. 24 at 10:39 AM
$HUT Hut 8 ammends and expands Bitcoin-backed credit facility with Coinbase to
$130M
Hut 8's subsidiary has entered into a Third Amended and Restated Credit Agreement with Coinbase Credit to amend and expand its Bitcoin-backed credit facility from
$65M to up to
$130M and extend the maturity date to July 16, 2026. The amended facility reflects improvements in economic and structural terms, including: up to
$65M in incremental, non-dilutive capital that positions Hut 8 to deploy capital against near-term opportunities advancing through its growth pipeline;
Conversion from a floating-rate structure to a fixed interest rate of 9.0% designed to improve Hut 8's overall cost of capital as it scales, compared to a stated interest rate ranging from 10.5% to 11.5% between the quarter ended December 31, 2023 and the quarter ended March 31, 2025; and collateral and borrower protections including an improved limited recourse structure and continued application of a no-rehypothecation covenant on pledged Bitcoin.
