Hut 8 (HUT) Announces $65M Amended and Restated Credit Facility with Coinbase (COIN)

Hut 8 Corp. (Nasdaq: HUT) announced today that, together with its subsidiary, Hut 8 Mining Corp. (the “Borrower”), it has entered into an amendment and restatement of its credit facility (the “Credit Facility”) with a subsidiary of Coinbase Global, Inc. (Nasdaq: COIN) (“Coinbase”), as lender, in connection with the extension of an additional loan in the amount of US$15M (the “New Loan”) to the Borrower, increasing the aggregate principal amount of the loans under the Credit Facility to US$65 million.

The New Loan is expected to be used for general corporate purposes and funded at or shortly following closing.

All amounts borrowed under the Credit Facility will bear interest at a rate equal to (a) the greater of (i) the federal funds rate on the date of the applicable borrowing, and (ii) 3.25%, plus (b) 5.0%. The Credit Facility matures 364 days after the date of the first borrowing.

The obligations under the Credit Facility are secured by the Borrower’s interest in certain Bitcoin held in the custody of Coinbase Custody Trust Company, LLC and are guaranteed by the Company.

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