Bitcoin miner Hut 8 has allocated a $50 million loan from Coinbase.
Bitcoin mining firm Hut 8 took out a $50 million loan. In its statement today, the company talked about the use of the loan and its future plans.
Hut 8 Allocates $50M Loan From Coinbase
Crypto mining company Hut 8 has secured a $50 million loan facility provided by Coinbase Credit.
The company announced today that Hut 8 has secured a $50 million loan facility from Coinbase Credit. This loan will be used for general corporate purposes. This loan allocation offers an initial $15 million term loan and an additional $20 million delayed term loan.
According to the statement, the deal also includes an additional $15 million tranche option. The loan is secured by Bitcoin assets held at Hut 8’s Coinbase Custody Trust Company.
Hut 8 CEO Jaime Leverton said in a statement:
“This loan facility gives us additional financial flexibility. At the same time, Bitcoin makes it possible for us to continue our treasury management strategy until the halving period.”
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