The four-day borrowing covered 97% of its BTC treasury, but an Aug. 1 deadline passed without a filing confirming refinancing, an extension or default.
PowerCompute disclosed that its US Digital subsidiary borrowed about $18.07 million from Arch Lending under two bridge notes signed July 27 to repay Galaxy Digital and Liebel debt while it finalized an anticipated Bitcoin-secured term facility. The notes were listed as maturing July 31, with payment permitted until 5 p.m. ET on Aug. 1, but no later SEC filing or investor-relations release had confirmed a refinancing, extension or default. The two notes total $18,068,845.28, slightly above the 8-K's rounded $18 million figure, and that principal was about 97% of the $18.6 million value PowerCompute assigned to its 318.3 BTC treasury at June 30. Company disclosures show part of that Bitcoin had already been pledged, including 174 BTC held by Galaxy for its loan facility and about 112.7 BTC in restricted custody for two Liebel loans, while the July filing also introduced an unexplained creditor naming discrepancy, referring to “DE & AJ Liebel” instead of “SE & AJ Liebel.” PowerCompute said the anticipated Arch facility would be secured by Bitcoin in its treasury, but it did not disclose the collateral amount, loan-to-value terms, margin-call triggers, cure periods, liquidation terms, maturity or pricing, leaving the current level of unencumbered liquidity unclear.