June 26 (Cointime) - Hut 8 Mining Corp. and its subsidiary, Hut 8 Holdings Inc., have entered into a $50 million credit facility with Coinbase Credit, Inc. for general corporate purposes. The facility includes a $15 million term loan and two delayed-draw term loan tranches of $20 million and $15 million, respectively, subject to maintaining a specified loan-to-value ratio. Interest on the loans will be at a rate equal to the federal funds rate plus 5%.
The obligations are secured by the borrower's interest in certain Bitcoin held in Coinbase Custody Trust Company, LLC. Hut 8 is one of North America's largest digital asset miners with two operational sites in Southern Alberta and over 36,000 square feet of data center space.
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