Hut 8 Holdings, a wholly-owned operating subsidiary of Hut 8 Mining, a digital asset miner, entered into a $30 million senior secured equipment financing term loan with Trinity Capital.

The equipment financing provides Hut 8 with non-dilutive growth capital and was structured such that collateral support is limited to certain new MicroBT machines being installed at the company’s Medicine Hat, AB, and North Bay, ON, sites. The loan is repayable over its three-year term and carries a 9.5% interest rate.

“We are pleased to achieve this financing milestone with Trinity Capital,” Shane Downey, CFO of Hut 8, said. “This debt financing allows us to expand our capital structure and overall liquidity while achieving an attractive cost of capital with limited security in a traditional equipment financing arrangement.”

“We are excited to partner with Hut 8, one of the largest digital asset miners on the continent,” Ryan Little, managing director of equipment financing at Trinity Capital, said. “Their combination of experienced leadership, vision and innovation makes Hut 8 unique, and we look forward to partnering with them on this journey forward.”