Canadian miner Hut 8 doesn’t give up on HODLing Bitcoin, opting for a credit facility from Coinbase Credit.
The Canadian Bitcoin mining company, Hut 8 Mining, has secured a credit facility from a subsidiary of the United States-based cryptocurrency exchange, Coinbase.on June 26 that it entered into a $50 million credit agreement with Coinbase Credit as lender. The credit facility involved Hut 8’s subsidiary, Hut 8 Holdings, as the borrower.
According to the announcement, the loan proceeds will be used for general corporate purposes. The credit facility provides a $15 million term loan that is expected to be funded at or subsequently after closing. The loan also provides an option of getting an additional $20 million delayed-draw term loan tranche in a second borrowing between one and two months following closing. The facility also offers an option of further drawing an additional $15 million delayed-draw term loan tranche.
The last tranche would be the third borrowing provided within 15 business days following the completion of the previously announcedAccording to Hut 8 CEO Jaime Leverton, the credit facility provides the firm with additional financial flexibility. He mentioned the importance of the credit facility in the context of the upcoming Bitcoin halving, which is set to reduce“At the same time, it ensures that we can maintain our dynamic Bitcoin treasury management strategy going into the halving.
Hut 8 has emerged as a major Bitcoin miner that continued to hodl BTC despite massive financial issues faced by the BTC mining industry. While some mining firms like Argo Blockchain wereRelated:
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