Hut 8 swaps Coinbase loan for cheaper FalconX deal, slashing borrowing costs as it bets big on AI

A new $200 million, 364-day bitcoin-backed facility replaces the Coinbase Credit arrangement, cutting debt costs by 200 basis points. What to know : Hut 8 refinanced its bitcoin-backed credit facility through FalconX, cutting its interest rate to 7% from 9%, a 200-basis-point improvement. The deal frees up approximately 3,300 BTC worth roughly $260 million, giving Hut 8 greater flexibility outside of collateral covenants. Refinancing to get better terms on their loans is becoming a trend among miners who are continually looking to pivot from mining to hosting growing AI computing needs.