Bitcoin
PowerCompute Refinances $18M Debt With Bitcoin-Backed Facility
Bitcoin miner PowerCompute consolidated three existing loans into a single Bitcoin-backed credit facility from Arch Lending at roughly 2% initial interest.
PowerCompute, a Nasdaq-listed mining company, has consolidated $18 million in debt across three separate facilities into one Bitcoin-backed loan arrangement with Arch Lending. The company pledged 307 BTC from its treasury as collateral, entering a bridge loan on July 27 before finalising the new facility this week.
The refinancing consolidated a previous $11 million Galaxy Digital loan, a $5 million facility from SE and AJ Liebel used to acquire a 15-megawatt Oklahoma operation, and another $2 million Liebel loan for an 11-megawatt Mississippi facility. The new arrangement carries an initial interest rate of approximately 2% APR, a substantial reduction from the 12% charged on the two Liebel loans totalling $7 million.
The rate resets every 30 days based on market conditions. While the structure allows PowerCompute to maintain its Bitcoin exposure, the agreement includes a requirement for additional collateral posting should Bitcoin's price decline materially.
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