Coinbase provides crypto miner Hut 8 with $50 million credit facility

Crypto miner Hut 8 has snagged a $50 million credit facility from Coinbase Credit, the company said in a statement on Monday.

Proceeds from the loan will be used for general corporate purposes. The facility provides an initial $15 million term loan, and an additional $20 million delayed-draw term loan tranche.

The agreement includes the option for an additional $15 million tranche, according to the statement. The loan is secured by Hut 8's interest in bitcoin held at Coinbase Custody Trust Company. 

"This credit facility gives us additional financial flexibility," Hut 8 CEO Jaime Leverton said in the statement. "At the same time, it ensures that we can maintain our dynamic Bitcoin treasury management strategy going into the halving."