PowerCompute Taps Bitcoin Holdings to Refinance $18 Million Debt
PowerCompute (PWCM) is using its Bitcoin holdings as collateral to refinance $18 million in debt. The company's preliminary, unaudited July update reported that it mined 7.9 BTC and sold 11.1 BTC, ending the month with a Bitcoin treasury of 315.1 BTC valued at approximately $20.2 million based on a Bitcoin price of about $64,000.
However, by August 19, the value of PowerCompute's Bitcoin holdings increased to around $21.5 million using a Bitcoin price of $68,200. The company generated around $91,000 in curtailment and energy sales revenue in July due to heat-related curtailment at its Oklahoma and Mississippi sites.
PowerCompute operates 26 megawatts of wholly owned power infrastructure for Bitcoin mining and is expanding into high-performance computing and AI infrastructure while also running a technology-enabled specialty finance business. The company has consolidated approximately $18 million of debt into a single facility with Arch Lending secured by Bitcoin collateral.