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Hut 8 Replaces Coinbase Loan with $200M FalconX Bitcoin-Backed Facility

CryptoFrontier
bitcoin news
BTC0.19%

Hut 8 replaced its Coinbase Credit arrangement with a new $200 million bitcoin-backed facility provided by FalconX, according to the announcement. The new facility has a 364-day term and reduces the company’s borrowing costs by 200 basis points compared to the previous Coinbase arrangement.

Facility Terms

The new FalconX facility is structured as a bitcoin-backed credit arrangement with a one-year term. The 200 basis point reduction in debt costs represents a significant decrease in borrowing expenses for the company.

View Source
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Comment
0/400
LendingPoolObservervip
· 05-07 19:56
FalconX is deepening its institutional business, and Coinbase Credit is under increasing pressure.
View OriginalReply0
GateUser-dce566e8vip
· 05-05 18:00
The saved interest is directly transferred to operations, and the meticulous management of mining companies is ramping up.
View OriginalReply0
ReflectionsOnTheStreetAfterThevip
· 05-05 01:02
Switching from Coinbase to FalconX, the competition for institutional fund pools is heating up.
View OriginalReply0
VineGeometryvip
· 05-05 00:54
A 364-day deadline card is just right, precisely avoiding the volatility period after next year's halving?
View OriginalReply0
GateUser-8d51653bvip
· 05-05 00:42
200M BTC collateral, Hut 8's balance sheet has grown even thicker.
View OriginalReply0
MemeSourdoughvip
· 05-05 00:40
FalconX's entry this time is quite aggressive; saving 200 basis points is enough to mine quite a few more coins.
View OriginalReply0