Hut 8 Mining Corp., one of North America's largest, innovation-focused digital asset mining pioneers, and high performance computing infrastructure provider, announced that, together with its subsidiary, Hut 8 Holdings Inc. (the "Borrower"), it has entered into a US$50 million credit facility with Coinbase Credit, Inc., as lender. The loan proceeds will be used for general corporate purposes.

The Credit Facility provides a US$15 million term loan which is expected to be funded at or shortly following closing. The Credit Facility also provides an option of drawing an additional US$20 million delayed-draw term loan tranche in a second borrowing between one and two months following closing, as well as an option of further drawing an additional US$15 million delayed-draw term loan tranche in a third borrowing within 15 business days following completion of the previously announced merger between Hut 8 and U.S. Data Mining Group, Inc. (d/b/a "US Bitcoin Corp."), in each case subject to maintaining a specified loan-to-value ratio.

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.

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

Hut 8 is one of North America's largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0, and bridging the nascent and traditional high performance computing worlds. With two operational digital asset mining sites located in Southern Alberta, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of unencumbered, self-mined Bitcoin of any digital asset miner or publicly-traded company globally. With over 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select Market.