Hut 8 Amends and Expands Bitcoin-Backed Credit Facility with Coinbase to $130 Million
Hut 8 Corp. (Nasdaq | TSX: HUT) has announced a significant expansion of its Bitcoin-backed credit facility with Coinbase Credit, doubling the capacity from $65 million to $130 million. The Third Amended and Restated Credit Agreement extends the maturity date to July 16, 2026 and converts the facility from a floating-rate to a fixed 9.0% interest rate, improving from the previous 10.5-11.5% range.
The enhanced facility provides up to $65 million in additional non-dilutive capital for growth opportunities, while maintaining important protections including a no-rehypothecation covenant on pledged Bitcoin and an improved limited recourse structure. This strategic expansion reflects both companies' commitment to disciplined growth and efficient capital deployment.
Hut 8 Corp. (Nasdaq | TSX: HUT) ha annunciato un'importante espansione della sua linea di credito garantita da Bitcoin con Coinbase Credit, raddoppiando la capacità da 65 milioni di dollari a 130 milioni di dollari. Il Terzo Accordo di Credito Emendato e Ristabilito estende la scadenza al 16 luglio 2026 e trasforma la linea da tasso variabile a un tasso fisso del 9,0%, migliorando rispetto al precedente intervallo del 10,5-11,5%.
La linea potenziata offre fino a 65 milioni di dollari in capitale non diluitivo aggiuntivo per opportunità di crescita, mantenendo al contempo importanti tutele, tra cui un patto di non riipoteca sul Bitcoin vincolato e una struttura di responsabilità limitata migliorata. Questa espansione strategica riflette l'impegno di entrambe le società verso una crescita disciplinata e un'efficiente allocazione del capitale.
Hut 8 Corp. (Nasdaq | TSX: HUT) ha anunciado una expansión significativa de su línea de crédito respaldada por Bitcoin con Coinbase Credit, duplicando la capacidad de 65 millones de dólares a 130 millones de dólares. El Tercer Acuerdo de Crédito Modificado y Restablecido extiende la fecha de vencimiento hasta el 16 de julio de 2026 y convierte la línea de crédito de tasa variable a una tasa fija del 9,0%, mejorando respecto al rango anterior del 10,5-11,5%.
La línea mejorada ofrece hasta 65 millones de dólares en capital adicional no dilutivo para oportunidades de crecimiento, manteniendo importantes protecciones, incluyendo un pacto de no rehipotecar el Bitcoin en garantía y una estructura de recurso limitado mejorada. Esta expansión estratégica refleja el compromiso de ambas compañías con un crecimiento disciplinado y un despliegue eficiente del capital.
Hut 8 Corp. (Nasdaq | TSX: HUT)는 Coinbase Credit과 함께 비트코인 담보 신용 한도를 대폭 확장하여 기존 6,500만 달러에서 1억 3,000만 달러로 두 배로 늘렸습니다. 제3차 수정 및 갱신 신용 계약은 만기일을 2026년 7월 16일로 연장하고, 변동 금리에서 고정 9.0% 금리로 전환하여 이전 10.5-11.5% 범위에서 개선되었습니다.
확대된 한도는 성장 기회를 위한 6,500만 달러의 추가 비희석 자본을 제공하며, 담보된 비트코인에 대한 재담보 금지 약정과 개선된 제한적 책임 구조 등 중요한 보호 조치를 유지합니다. 이번 전략적 확장은 두 회사가 엄격한 성장과 효율적인 자본 운용에 전념하고 있음을 반영합니다.
Hut 8 Corp. (Nasdaq | TSX: HUT) a annoncé une expansion significative de sa facilité de crédit adossée au Bitcoin avec Coinbase Credit, doublant la capacité de 65 millions de dollars à 130 millions de dollars. Le troisième accord de crédit amendé et restitué prolonge la date d'échéance au 16 juillet 2026 et convertit la facilité d'un taux variable à un taux d'intérêt fixe de 9,0%, une amélioration par rapport à la fourchette précédente de 10,5-11,5%.
Cette facilité renforcée offre jusqu'à 65 millions de dollars de capital supplémentaire non dilutif pour des opportunités de croissance, tout en maintenant des protections importantes, notamment une clause de non-réhypothèque sur les Bitcoins mis en gage et une structure de recours limité améliorée. Cette expansion stratégique reflète l'engagement des deux entreprises envers une croissance disciplinée et un déploiement efficace du capital.
Hut 8 Corp. (Nasdaq | TSX: HUT) hat eine bedeutende Erweiterung seiner Bitcoin-gestützten Kreditfazilität mit Coinbase Credit bekannt gegeben und die Kapazität von 65 Millionen auf 130 Millionen US-Dollar verdoppelt. Der Dritte geänderte und neu gefasste Kreditvertrag verlängert das Fälligkeitsdatum auf den 16. Juli 2026 und wandelt die Fazilität von einem variablen Zinssatz in einen festen Zinssatz von 9,0% um, was eine Verbesserung gegenüber dem vorherigen Bereich von 10,5-11,5% darstellt.
Die erweiterte Fazilität stellt bis zu 65 Millionen US-Dollar zusätzliches nicht verwässerndes Kapital für Wachstumschancen bereit und behält dabei wichtige Schutzmechanismen bei, darunter eine Vereinbarung zur Nicht-Rehypothekation der verpfändeten Bitcoins und eine verbesserte beschränkte Rückgriffstruktur. Diese strategische Erweiterung spiegelt das Engagement beider Unternehmen für diszipliniertes Wachstum und effizienten Kapitaleinsatz wider.
- Credit facility doubled to $130 million, providing significant additional capital
- Fixed interest rate reduced to 9.0% from previous 10.5-11.5% range
- Maturity extended to July 2026, providing longer-term stability
- Non-dilutive financing preserves shareholder value
- Improved limited recourse structure and maintained Bitcoin protection covenants
- Increased debt exposure through doubled credit facility size
- Continued reliance on Bitcoin-backed financing amid crypto market volatility
Insights
Hut 8's doubled credit facility with better terms strengthens its financial position and supports growth without diluting shareholders.
Hut 8's amended credit facility with Coinbase represents a significant financial improvement on multiple fronts. The doubling of capacity to
The extended maturity to July 2026 provides important runway for capital deployment while the improved limited recourse structure and no-rehypothecation covenant on pledged Bitcoin substantially reduce the company's risk profile. This latter provision is crucial as it prevents Coinbase from re-using Hut 8's pledged Bitcoin as collateral for other loans, avoiding potential counterparty risk cascades that have historically plagued crypto finance.
This transaction demonstrates management's focus on balancing growth with financial discipline - a rare combination in the Bitcoin mining sector which has historically favored equity issuance for expansion. By securing this debt facility, Hut 8 preserves future equity upside for existing shareholders while maintaining financial flexibility. The
Fixed-rate facility adds
MIAMI, June 24, 2025 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced that its subsidiary has entered into a Third Amended and Restated Credit Agreement with Coinbase Credit, Inc. (“Coinbase”) to amend and expand its Bitcoin-backed credit facility from
The amended facility reflects significant improvements in both economic and structural terms, including:
- Up to
$65 million in incremental, non-dilutive capital that positions Hut 8 to deploy capital against near-term opportunities advancing through its growth pipeline. - Conversion from a floating-rate structure to a fixed interest rate of
9.0% designed to improve Hut 8’s overall cost of capital as it scales, compared to a stated interest rate ranging from10.5% to11.5% between the quarter ended December 31, 2023 and the quarter ended March 31, 2025; and - Collateral and borrower protections including an improved limited recourse structure and continued application of a no-rehypothecation covenant on pledged Bitcoin.
“As we advance a robust pipeline of growth opportunities, we have partnered with Coinbase to strategically double the size of our credit facility and deliver significantly improved terms,” said Asher Genoot, CEO of Hut 8. “The amended structure reflects a shared commitment to disciplined growth and leveraging flexible, non-dilutive capital as we position ourselves to execute on opportunities in our pipeline.”
“This facility has been an efficient source of capital on our balance sheet, and the amended and restated agreement further strengthens its strategic value,” said Sean Glennan, CFO of Hut 8. “The combination of improved terms and collateral and borrower protections reflects our conviction that risk discipline is essential to building a resilient and efficient capital structure. We are grateful to Coinbase for their continued, constructive partnership in supporting this philosophy.”
“We're delighted to deepen our relationship with Hut 8 through this expanded credit facility, which reflects our shared focus on risk-managed growth and capital efficiency,” said Matt Boyd, Head of Institutional Financing at Coinbase. “By delivering non-dilutive financing with enhanced collateral protections, we're supporting innovators like Hut 8 as they scale responsibly in the digital infrastructure ecosystem.”
About Hut 8
Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.
Cautionary Note Regarding Forward–Looking Information
This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to positioning Hut 8 to deploy capital against near-term opportunities in its growth pipeline, advancing Hut 8’s robust pipeline of growth opportunities, Hut 8 and Coinbase’s shared commitment to disciplined growth and leveraging flexible, non-dilutive capital, Hut 8 scaling responsibly in the digital infrastructure ecosystem, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.
Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.
Hut 8 Corp. Investor Relations
Sue Ennis
ir@hut8.com
Hut 8 Corp. Public Relations
Gautier Lemyze-Young
media@hut8.com
FAQ
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