Stronghold Digital Mining, a bitcoin mining company, entered into an equipment financing agreement with NYDIG ABL for up to approximately $54 million. The company has already received a first advance of approximately $18.6 million (gross). The aggregate principal outstanding bears interest at 9.85% and will be repaid over the next 24 months, ending on Dec. 25, 2023. The debt is non-recourse to Stronghold and is collateralized by the purchase of 12,000 Antminer S19j Pro miners from Bitmain Technologies.

“We believe this financing demonstrates our ability to quickly raise non-dilutive capital at an attractive cost,” Greg Beard, co-chairman and CEO of Stronghold Digital Mining, said. “Equipment financing is our preferred non-equity source of capital given the flexible terms and non-recourse structure to Stronghold. We have been encouraged with recent developments in the miner equipment finance market, which is becoming more competitive, making terms more attractive for Stronghold. We expect to continue utilizing modest amounts of equipment financing with both existing and new partners, along with cash on the balance sheet and opportunistic monetization of our bitcoin holdings, to continue funding our growth plans.”