Bitcoin Miner Taps Bridge Loan for $18M, Expiring With No Refinancing Update

PowerCompute, a Bitcoin miner expanding into high-performance computing, borrowed $18.07 million from Arch Lending to fund repayment of debt owed to Galaxy Digital and Liebel. The two bridge notes had a maturity date of July 31, four days after signing on July 27.

The loan was equal to about 97% of PowerCompute's Bitcoin treasury value at the end of June. At that time, it held approximately 318.3 BTC. The notes permitted payment until 5 p.m. ET on August 1.

As of press time, no filing or press release had been made after July 31 to indicate a default, extension, or completed refinancing. PowerCompute's June update reported that Galaxy held 174 BTC as collateral for its loan facility.

The company anticipated securing an Arch facility with Bitcoin from its treasury, but details such as the amount, loan-to-value ratio, and margin-call thresholds were not disclosed.