Hut 8 Doubles Bitcoin-Backed Credit Facility With Coinbase to $130M

Hut 8 Corp. (Nasdaq | TSX: HUT) has significantly expanded its financial flexibility through an amended agreement with Coinbase Credit, doubling its Bitcoin-backed credit facility from $65 million to $130 million and extending the maturity to July 16, 2026.

The revised Third Amended and Restated Credit Agreement introduces a range of enhanced terms aimed at improving Hut 8s capital efficiency as it scales operations in Bitcoin mining and high-performance computing.

Improved Financial Terms and Flexibility

The expansion delivers up to $65 million in incremental, non-dilutive capital, allowing Hut 8 to pursue high-priority growth opportunities without issuing new equity. The structure also transitions from a floating interest rate to a fixed 9.0% rate, reducing the companys cost of capital. The prior rate ranged between 10.5% and 11.5% over recent quarters.

Notably, the agreement includes improved collateral protections, such as a limited recourse structure and the continued enforcement of a no-rehypothecation clause—ensuring pledged Bitcoin cannot be re-lent or re-used.

Strategic Growth Backed by Coinbase

“As we advance a robust pipeline of growth opportunities, we have partnered with Coinbase to strategically double the size of our credit facility,” said Asher Genoot, CEO of Hut 8. He emphasized the companys focus on non-dilutive financing and disciplined capital deployment.

CFO Sean Glennan echoed the sentiment, highlighting that the facility “further strengthens its strategic value” with enhanced borrower protections and reflects Hut 8s risk-managed approach to building a resilient balance sheet.

Matt Boyd, Head of Institutional Financing at Coinbase, said the deepened relationship illustrates a shared commitment to “capital efficiency and responsible scaling” in the evolving digital infrastructure space.

The move positions Hut 8 to aggressively pursue growth while maintaining financial discipline, as institutional appetite for crypto-backed lending continues to rise.

Kosta Gushterov

Reporter at Coindoo

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