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Fixed-rate facility adds $65 million in capacity and supports lower cost of capital
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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 $65 million to up to $130 million and extend the maturity date to July 16, 2026.
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The amended facility reflects significant improvements in both economic and structural terms, including:
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- 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 from 10.5% to 11.5% 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.
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“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.”
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“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.”
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“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.”
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About Hut 8
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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.
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