Bitcoin miner gambles on a 4-day bridge loan equal to 97% of its BTC treasury value – the deadline passed without in total silence
PowerCompute’s US Digital subsidiary borrowed about $18.07 million from Arch Lending through two bridge notes signed July 27, with a July 31 maturity and payment permitted until 5 p.m. ET on Aug. 1. The funds were meant to repay Galaxy Digital and Liebel debt while PowerCompute finalized a Bitcoin-backed term facility. By the maturity date, public filings did not show a default, extension, or completed refinancing, and no 15% default interest had been shown as triggered. The bridge principal totaled $18,068,845.28, close to PowerCompute’s reported June 30 Bitcoin treasury value of $18.6 million, based on 318.3 BTC. However, much of that Bitcoin was already tied to existing loans or restricted custody, including Galaxy and Liebel-related collateral. PowerCompute did not disclose how much Bitcoin would secure the Arch facility, or whether prior pledged Bitcoin was released, transferred, or reused. Until the refinancing outcome is disclosed, the company’s Bitcoin holdings cannot be treated as fully unencumbered liquidity.
