Bitcoin Miner PowerCompute Seeks Emergency Loan Worth 97% of Its BTC Treasury

PowerCompute, a Bitcoin miner expanding into high-performance computing, has disclosed that its US Digital subsidiary borrowed approximately $18.07 million from Arch Lending under two bridge notes signed July 27.

The notes had a listed maturity of July 31 and permitted payment until August 1 at 5 p.m. ET. The proceeds were intended to fund repayment in full of Galaxy Digital and Liebel debt while PowerCompute finalized an anticipated Bitcoin-secured term facility.

As of press time, the contractual payment cutoff had passed, but the public record still did not establish a default, extension, or completed refinancing. The notes specify a 15% annual default interest rate, but it is unclear whether this rate has been triggered.