Blockchain

Applied Digital Supplier Of Bitcoin Hosting Obtains $15 Million Loan To Grow In Texas

In order to grow its business in Texas, hosting provider Applied Digital, formerly known as Applied Blockchain, acquired a $15 million loan agreement with Vantage Bank Texas.
Applied Digital Supplier Of Bitcoin Hosting Obtains $15 Million Loan To Grow In Texas 2

According to a document the company submitted to the U.S. Securities and Exchange Commission on Monday, it has already borrowed close to $4.7 million.

Iris Energy, one of the largest mining companies in terms of hash rate, recently defaulted on debts totaling more than $100 million, and Core Scientific, another mining company, recently floated the idea of filing for bankruptcy.

Applied Digital’s deal includes 16 installments of up $937,500, with a 6.15% fixed interest rate. The loan matures April 2028.

The additional funding will go toward the company’s second facility, which is now being built near Garden City, Texas, and is anticipated to have a 200 megawatt capacity.

The leasehold interest in the Garden City facility, a security interest in property owned by Applied Digital’s subsidiary Rattlesnake Den I, LLC (the borrower), and a security interest in the form of a collateral assignment of Applied Digital’s rights and interests in the master hosting agreements relating to the facility are all used as security for the loan, according to the filing.

In order to pay off previous debt, the company had signed a second $15 million loan with Starion Bank in July.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

11 minutes ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

27 minutes ago

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

55 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

1 hour ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

2 hours ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

4 hours ago

This website uses cookies.