What’s going on in the world of people who definitely own more Bitcoin than your dad:
- Hut 8 just looked at its $65 million bitcoin-backed credit facility and said, “Let’s have seconds!” Then made it $130 million. Because why not live dangerously, but with spreadsheets?
- Fixed interest rate lands at 9%—which is basically a steal compared to the “floating” rate of 10.5 to 11.5%. (Yes, they just invented “float inflation.”)
- Loan matures in July 2026, so mark your calendar. Imagine what TikTok trends will exist by then.
- All this extra cash is earmarked for expansion. Because asking for more money and spending it immediately is a time-honored tradition.
- The loan is secured by actual bitcoin. So, if things go south, Hut 8’s piggy bank is one massive USB drive. Coinbase, sorry, you cannot play musical chairs with that collateral (“no rehypothecating!”—try saying that at a party).
Hut 8, the plucky bitcoin mining company that makes “mining” sound cool (not dirty), announced on Tuesday that it doubled its bitcoin-backed loan with Coinbase Credit to—get this—$130 million. Imagine being so chill about money that you say, “Let’s make it double,” and nobody blinks.
And not only did they get more money, but now they pay less interest: just 9%. Before, it was a “floating” rate between 10.5% and 11.5%, which, coincidentally, is about what I pay my therapist to coach me through this much risk exposure.
Sean Glennan, Hut 8’s CFO, said, “This facility has been an efficient source of capital on our balance sheet.” Which is CFO-ese for “It hasn’t exploded, so we’re calling it a win.” The new agreement includes better terms for both collateral and borrower protection because apparently Hut 8’s favorite hobby is risk-reduction—second only to mining bitcoin and humblebragging about their megawatts.
This isn’t your grandma’s loan: it’s secured by actual bitcoins, stored safely so Coinbase can’t do any double-dutch with your digital piggy bank. For extra flavor, there’s a “limited recourse” clause, so Hut 8 can sleep at night (or at least nap occasionally).
That sweet $65 million in fresh capital will go to—what else—expansion! Spend it while you’ve got it, right?
Investors liked this just fine—HUT shares popped up 7.7% on Tuesday, and the rest of the bitcoin mining kids followed suit. Like when one person starts the wave at a football game, but with more spreadsheets and less nacho cheese.
What does Hut 8 actually do? They operate a huge network of mining and data infrastructure across North America, handling over 1,000 megawatts of energy capacity. Because apparently, in 2024, bitcoin doesn’t mine itself. 🚀
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2025-06-24 23:11