Inside the $18 million Bitcoin gamble with zero margin calls until September
PowerCompute faces its first monthly reset on Sept. 2 for an $18.13 million Arch Lending collar loan backed by 307 BTC. The refinancing consolidated an $11 million Galaxy loan and two Liebel loans into one facility at an initial 2% annual rate, with no new cash advanced. The structure avoids immediate liquidation but requires a monthly price check and potential repricing. At the reset time, Bitcoin is measured against a $58,860 floor and $66,370 ceiling. If price is below the floor, PowerCompute can either let Arch keep the pledged BTC in full satisfaction of the debt or repay and recover the coins; if price is within the band, it can repay and reclaim collateral or roll into a new period; above the ceiling, upside is capped and excess appreciation goes to Arch. No margin call applies during the month, and no response leads to automatic maturity rather than default. The operative balance is $18,127,131.88 secured by 307 BTC, with an applicable LTV of 92.33%.
