A recent press release states that Hut 8 Mining, a Canadian Bitcoin mining company, has obtained a $50 million credit facility from Coinbase Credit with Hut 8 Holdings, a subsidiary of Hut 8, as the borrower.
The money will apparently be used to support its operations, which at the moment involve finalizing a widely anticipated merger with rival US Bitcoin Corp. The facility offers an initial term loan of $15 million, a delayed-draw term loan tranche of $20 million, and an additional tranche of $15 million is optional.
CEO of Hut 8 Jaime Leverton said,
"This credit facility gives us more financial wiggle room. As we approach the halving, it guarantees that we can continue to use our flexible Bitcoin treasury management method.