Hut 8 Corp. 8-K

What Happened
Hut 8 Corp. (through its wholly owned subsidiary Hut 8 Mining Corp.) announced an amended and restated credit agreement with Coinbase Credit, Inc. on December 22, 2025. The Fourth Amended and Restated Credit Agreement increases the maximum principal available by $70,000,000 to a total of up to $200,000,000, and the borrower drew the additional $70,000,000 in full on December 22, 2025. The loan is secured by certain Bitcoin held in custody by Coinbase Custody; Coinbase’s recourse under the agreement is limited to that Bitcoin collateral. Other material terms (interest rate, maturity, payment and acceleration provisions) remain in line with the prior agreement.

Key Details

• Total facility increased to up to $200,000,000; $70,000,000 of additional borrowings were funded on Dec 22, 2025.
• Lender, collateral agent, and administrative agent: Coinbase Credit, Inc.; collateral is Bitcoin held by Coinbase Custody.
• Coinbase’s recourse is limited to the Bitcoin in custody; Coinbase Custody will not charge custodial fees for the pledged Bitcoin.
• Company states funds are expected to be used for general corporate purposes.

Why It Matters
This amendment provides Hut 8 with additional liquidity ($70M drawn now, up to $200M available) which can support operations or capital needs. However, the borrowing is secured by specific Bitcoin holdings at Coinbase, meaning those crypto assets are encumbered and could be seized by Coinbase if the loan is accelerated. The filing also creates a direct financial obligation for the company and was reported on Form 8-K (Items 1.01 and 2.03). Investors should note the increase in secured debt and that core loan economics (rate, maturity) did not materially change per the filing.