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Bitcoin Miner Hut 8 Secures Up to $50M in Loans From Coinbase
The first $15 million will be drawn shortly after closing the deal, while another $15 million is conditional on closing a merger.
Updated Jun 28, 2023, 3:29 p.m. Published Jun 26, 2023, 3:13 p.m.
Hut 8 Mining (HUT) has secured up to $50 million in loans from Coinbase Credit to fund its operations, which right now includes closing a highly anticipated merger with peer US Bitcoin Corp (USBTC), according to a Monday press release.
Coinbase (COIN) has been leaning into the institutional market, particularly with its plans to be the custodian for BlackRock's highly-publicized bitcoin exchange-traded fund, pending regulatory approval. In March, Coinbase acquired institutional digital asset manager One River.
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Hut 8's new credit facility is made up of a $15 million term loan "which is expected to be funded at or shortly following closing," an option to draw an additional $20 million between one and two months later, and another $15 million within 15 business days after completing the merger with USBTC, the press release said.
Hut 8 shares did not move significantly in early Monday trading.
The U.S. Securities and Exchange Commission has accused Coinbase of operating an unregistered securities exchange in one of two recently-filed blockbuster lawsuits, the other one against Binance.
Coinbase Credit is one of the crypto exchange's subsidiaries, according to the firm's 2022 annual earnings report. In a previous filing, it is labeled as a "finance subsidiary."
Read more: Hut 8 First-Quarter Revenue Drops 64% as Bitcoin Mining Difficulties Bite
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