Hut 8 reaches a $200 million Bitcoin collateralized credit agreement, replacing the original Coinbase Credit financing arrangement
btc-42">Bitcoin mining company and energy infrastructure platform Hut 8 announced that its subsidiary has reached a $200 million Bitcoin collateralized credit agreement with FalconX, replacing the previous financing arrangement from Coinbase Credit. The new financing has an annual fixed interest rate of 7.0%, a decrease of 200 basis points from the previous 9.0% financing from Coinbase; during the period from December 2023 to March 2025, the financing cost was as high as 10.5%–11.5%, with a cumulative reduction of up to 450 basis points, demonstrating progress in continuously optimizing debt costs.
After this refinancing, Hut 8 has approximately 3,300 BTC converted to an uncollateralized state, valued at about $260 million based on the market value as of May 1, 2026, significantly enhancing its balance sheet flexibility and liquidity. Meanwhile, the credit structure maintains key risk control terms, including a limited recourse structure, a no-rehypothecation clause, and a fixed LTV threshold design, preventing additional margin calls triggered by a decline in Bitcoin prices.
Hut 8's management stated that this financing not only reduces financing costs but also releases more uncollateralized Bitcoin assets, helping to enhance capital allocation flexibility across different market cycles; FalconX emphasized that this transaction reflects its ongoing expansion capabilities in institutional-level Bitcoin credit solutions.
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