PowerCompute's Bridge Loan Deadline Passes with Refinancing Outcome Uncertain

PowerCompute, a Bitcoin miner expanding into high-performance computing, disclosed that its US Digital subsidiary borrowed about $18.07 million from Arch Lending under two bridge notes signed July 27. The notes had a listed maturity of four days later, on July 31.

The proceeds were intended to fund repayment in full of Galaxy Digital and Liebel debt while PowerCompute finalized an anticipated Bitcoin-secured term facility. However, the disclosure landed on the listed maturity date with the term facility's documents still being finalized.

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