Hut 8 Secures a $1.07 Billion Four-Year Revolving Credit Facility Led by JPMorgan

MakeCryippreferred on

• Hut 8 closed a $1.07 billion senior secured revolving credit facility with a four-year term, led by JPMorgan as lead left arranger, bookrunner, and administrative agent
• Citi, Goldman Sachs, and Morgan Stanley are joint lead arrangers and joint bookrunners, with the facility syndicated among 12 lenders in total and a $1.07 billion letter-of-credit sublimit
• The facility carries a drawn margin of SOFR plus 150 to 200 basis points depending on Hut 8’s debt-to-market-capitalization ratio, with an initial margin of SOFR plus 175 basis points at closing

Hut 8 said in a release distributed on PR Newswire on September 28, 2026 that it closed a $1.07 billion senior secured revolving credit facility with a four-year term. JPMorgan serves as lead left arranger, bookrunner, and administrative agent on the facility, with Citi, Goldman Sachs, and Morgan Stanley acting as joint lead arrangers and joint bookrunners.

The facility is syndicated among 12 lenders in total and includes a $1.07 billion letter-of-credit sublimit alongside the revolving credit itself. Pricing on drawn amounts carries a margin of SOFR plus 150 to 200 basis points, determined by Hut 8’s consolidated total debt-to-market-capitalization ratio, with an initial margin of SOFR plus 175 basis points set at closing.

Hut 8 said the facility will support interim working capital needs and provide collateral for site development activities, including interconnection deposits and vendor obligations tied to its River Bend and Beacon Point AI data center campuses. Both sites form part of the company’s expansion beyond bitcoin mining into broader compute infrastructure serving AI workloads.

“This Facility adds more than $1 billion of committed, non-dilutive bank liquidity at the parent level,” said Hut 8 chief financial officer Sean Glennan, emphasizing that the financing does not require issuing new equity, in contrast to some peers that have funded growth primarily through stock sales.

The size and four-bank arranger group behind the facility, spanning JPMorgan, Citi, Goldman Sachs, and Morgan Stanley, reflects a level of traditional bank participation that has become increasingly available to established bitcoin mining and digital infrastructure companies as they diversify into AI-focused data center development, a sector attracting substantial capital commitments from both crypto-native and traditional lenders.

The pivot toward AI compute among bitcoin miners has accelerated as operators look to diversify revenue beyond mining rewards alone, and traditional bank lenders have grown more comfortable extending large, non-dilutive credit facilities to these companies as their power infrastructure and site development expertise increasingly overlaps with what AI data center operators themselves require.

A revolving structure, rather than a single term loan disbursed all at once, gives Hut 8 the flexibility to draw funds as specific site development costs come due and repay them as other capital becomes available, a structure that tends to suit companies managing a pipeline of staged infrastructure buildouts better than a lump-sum facility would.