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PowerCompute bridge loan deadline passes without public default update

PowerCompute said its US Digital unit borrowed about $18.1 million from Arch Lending on July 27, but as of the lender cutoff the company had not shown a post-deadline SEC filing, press release, or clear refinancing outcome.

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PowerCompute, a Bitcoin miner expanding into high-performance computing, disclosed that its US Digital subsidiary borrowed about $18.07 million from Arch Lending under two bridge notes signed July 27, with repayment capacity running until Aug. 1.

The notes carried a July 31 maturity and allowed payment until 5 p.m. ET on Aug. 1. Proceeds were intended to fund repayment in full of Galaxy Digital and Liebel debt while PowerCompute finalized an anticipated Bitcoin-secured term facility, with a listed July 31 8-K the only filing shown after that date in its SEC feed.

The bridge disclosure landed on the maturity date while documents for the proposed Arch facility were still being finalized. As of press time, the company’s public record did not establish whether a default occurred, whether any extension was granted, or whether refinancing was completed.

PowerCompute rounded the bridge to an aggregate $18 million in its 8-K, while the underlying principals totaled $18,068,845.28, about 97% of the company’s $18.6 million Bitcoin treasury value assigned at June 30. The notes specify a 15% annual default interest rate, but the disclosure did not show that the rate had been triggered, and the story said it did not disclose key Arch facility terms such as the Bitcoin amount, loan-to-value ratio, liquidation terms, or pricing.

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