Bitcoin Miner Hut 8 Secures Up to $50M in Loans From Coinbase

Hut 8 Mining (HUT) has secured up to $50 million in loans from Coinbase Credit to fund its operations, which right now includes closing a highly anticipated , according to a .

Coinbase (COIN) has been leaning into the institutional market, particularly with its plans to be the , pending regulatory approval. In March, Coinbase .

Hut 8's new credit facility is made up of a $15 million term loan "which is expected to be funded at or shortly following closing," an option to draw an additional $20 million between one and two months later, and another $15 million within 15 business days after completing the merger with USBTC, the press release said.

Hut 8 shares did not move significantly in early Monday trading.

The U.S. Securities and Exchange Commission has accused Coinbase of in one of two recently-filed blockbuster lawsuits, the other one against .

Coinbase Credit is one of the crypto exchange's subsidiaries, according to the firm's . In a , it is labeled as a "finance subsidiary."

Edited by Nelson Wang.