Hut 8 Amends and Expands Bitcoin-Backed Credit Facility with Coinbase to $130 Million
Fixed-rate facility adds $65 million in capacity and supports lower cost of capital
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.
The amended facility reflects significant improvements in both economic and structural terms, including:
- 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.
“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.”
“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.”
“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.”
About Hut 8
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 and follow us on X at @Hut8Corp.
Cautionary Note Regarding Forward–Looking Information
This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to positioning Hut 8 to deploy capital against near-term opportunities in its growth pipeline, advancing Hut 8’s robust pipeline of growth opportunities, Hut 8 and Coinbase’s shared commitment to disciplined growth and leveraging flexible, non-dilutive capital, Hut 8 scaling responsibly in the digital infrastructure ecosystem, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.
Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at and SEDAR+ profile at .
Hut 8 Corp. Investor Relations
Sue Ennis
Hut 8 Corp. Public Relations
Gautier Lemyze-Young
