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.
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