PowerCompute Refinances $18M Debt with 307 BTC

Nasdaq-listed Bitcoin treasury and mining company PowerCompute has refinanced $18 million of existing debt into a Bitcoin-backed credit facility using 307 BTC as collateral.

The new loan replaces three existing facilities and lowers the initial interest rate to about 2% APR, a significant reduction from the 12% interest charged on previous Liebel loans.

PowerCompute said the refinancing lets it reduce borrowing costs without selling its Bitcoin holdings. The company pledged 307 BTC from its treasury as collateral for the new loan.