Nasdaq-listed PowerCompute refinanced $18 million of debt via a Bitcoin-backed facility carrying an preliminary rate of interest of about 2%.
Nasdaq-listed Bitcoin mining firm PowerCompute has consolidated its three current debt services totaling $18 million below a brand new Bitcoin-backed credit score facility with Arch Lending.
PowerCompute pledged 307 Bitcoin (BTC) from its treasury as collateral. The corporate entered an preliminary bridge mortgage with Arch on July 27 earlier than coming into into the brand new facility on Monday, in keeping with a Wednesday press launch shared with Cointelegraph.
The brand new facility changed PowerCompute’s earlier $11 million mortgage from Galaxy Digital, a $5 million mortgage from SE and AJ Liebel used to buy a 15-megawatt Oklahoma facility and one other $2 million mortgage from Liebel used to buy an 11-megawatt Mississippi facility.
Learn extra