The wide-ranging repercussions of May’s devastating crypto crash are still being accounted for.
In a quarterly earnings report released yesterday, Bitcoin mining firm Stronghold revealed that it had reached an agreement with lender New York Digital Investment Group (NYDIG) and another participating broker, to return some 26,200 mining machines in exchange for the cancellation of $67.4 million in debt.
Additionally, Stronghold received a commitment yesterday from lender WhiteHawk Capital to restructure and expand its current equipment financing agreements, in a move that will grant the Bitcoin miner up to $20 million in additional borrowing capacity.
All in all, those agreements—combined with a convertible notes restructuring—will reduce Stronghold’s debt by $79 million.
That’s 55% of the company’s current debt; $64 million will remain outstanding.
Bitcoin miners brace for bear market
The move comes as crypto companies continue to take stock of the crippling impact of May and June’s...
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