Bitcoin miner PowerCompute, formerly LM Funding America, has completed an $18 million debt refinancing, according to Globenewswire. The transaction is backed by 307 BTC held in the company’s inventory and replaces several existing loans on its balance sheet. Those include an $11 million loan from Galaxy Digital, a $5 million loan tied to the acquisition of a 15 MW facility in Oklahoma, and a $2 million loan used to acquire an 11 MW facility in Mississippi. The company said the refinancing is intended to support a broader push beyond its core bitcoin mining business. Specifically, PowerCompute plans to expand into high-performance computing, or HPC, and artificial intelligence infrastructure. The deal reshapes the company’s existing debt structure while linking part of its financing directly to its bitcoin holdings.
Bitcoin miner PowerCompute, formerly LM Funding America, has completed an $18 million debt refinancing, according to Globenewswire.
The refinancing is backed by 307 BTC held in PowerCompute’s inventory and replaces several of the company’s existing loans.
Existing debt replaced
The debt being taken out includes an $11 million loan from Galaxy Digital, along with two loans tied to facility acquisitions:
- a $5 million loan used to acquire a 15 MW facility in Oklahoma;
- a $2 million loan used to acquire an 11 MW facility in Mississippi.
Shift beyond bitcoin mining
PowerCompute said the refinancing will support its expansion from bitcoin mining into high-performance computing (HPC) and artificial intelligence (AI) infrastructure.
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