Other DebtExpired
Coinbase Bitcoin-Backed Credit Facility
HUT-CB26
$124.44▲ 4.68%
BTC Holdings
16,332 BTC
Total Debt
$7.90B
Leverage
741.2%
mNAV
13.41x
Outstanding
$0.00
Issue date
2023-06-26
Principal
$200.00M
Coupon
9.00%
Maturity
2026-06-16
Conversion price
—
- Expanded from $100M to $200M in Dec 2025
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Secured (non-recourse, limited to pledged BTC)
- Facility type
- Revolving
- Rate type
- Fixed
- Collateral
- BTC held in custody with Coinbase Custody Trust Company, LLC. No-rehypothecation covenant. Coinbase recourse limited to pledged BTC.
- Prepayment
- At par without premium or penalty
Outstanding History
Outstanding history(5)
| As of | Event | Outstanding |
|---|---|---|
| 2026-05-01 | Repayment | $0.00 Coinbase loan terminated; refinanced into FalconX |
| 2026-03-31 | — | $200.00M |
| 2025-12-31 | — | $200.00M |
| 2025-12-22 | — | $200.00M Fully drawn |
| 2023-06-26 | Issuance | $200.00M |
- 2026-05-01 — $0Note 19 — Subsequent events
- 2026-03-31 — $200,000,000Note 9 — Loans, notes payable, and other financial liabilities
- 2025-12-31 — $200,000,000Note 15 — Coinbase credit facility
- 2025-12-22 — $200,000,000
- 2023-06-26 — $200,000,000