Bitcoin Miner Takes on $18M Debt with Uncertain Outcome

PowerCompute, a Bitcoin miner expanding into high-performance computing, took on $18.07 million in debt from Arch Lending through two bridge notes signed July 27. The notes had a listed maturity date of July 31 and permitted payment until August 1.

The proceeds were meant to fund repayment of Galaxy Digital and Liebel debts while PowerCompute finalized an anticipated Bitcoin-secured term facility. As of press time, the company's live SEC submissions feed showed no filing after July 31, and its investor-relations release feed showed no press release after July 29.

The notes specified a 15% annual default interest rate, but it was unclear whether this rate had been triggered as of August 1. PowerCompute's June update reported an entire Bitcoin treasury valued at $18.6 million, with the bridge loan amounting to about 97% of that total.