Mining Firm Hut 8 Gets Access to $50M Credit Line from Coinbase
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Hut 8 Mining has announced a deal with a division of Coinbase for a $50 million line of credit which is secured by the company’s Bitcoin.
CEO Jaime Leverton has declared that the loan provides them with added financial flexibility, whilst also enabling them to maintain their Bitcoin treasury management strategy during the halving period.
Upon completion, the loan should offer an additional $20 million, with a further $15 million accessible 15 days following the planned US Bitcoin merger.
All tranches will have a term of 364 days at a rate of 8.25%, with Hut 8’s BTC being held in Coinbase Custody as collateral.
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