Mining company Cipher Mining establishes a $35 million term loan facility with Coinbase

ChainCatcher news, Bitcoin mining company Cipher Mining has expanded its existing credit line with Coinbase and established a new term loan mechanism, hoping to strengthen its debt financing channels.

Cipher first signed a credit line agreement with Coinbase in August 2023, using Bitcoin assets as collateral, with a limit of $10 million. As of September 30, the company had not drawn any funds from the institution. In its latest quarterly report submitted on Wednesday, Cipher stated that after September 30, it increased the credit line to $15 million and established a new term loan mechanism with Coinbase with a maximum of $35 million. It is currently unclear whether Cipher has utilized these loan mechanisms since October.