Hut 8 Closes $4.25 Billion Bond Offering
Hut 8 closes the largest single-project data center bond on record, Keel Infrastructure prices a major debt offering, bitcoin's selloff leaves more than half of all circulating supply at a loss, and Fold Holdings eliminates all secured debt. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.HUT 8 PRICES $4.25B BOND:Hut 8subsidiary Beacon Point DCit closed a private offering of $4.25B principal of 6.129% Senior Secured Notes due 2042 at 100% of par, with JPMorgan acting as representative of initial purchasers. Proceeds finance a 352 MW data center spanning six halls on an approximately 521-acre property in Nueces County, Texas, leased to a single AA-or-higher investment-grade tenant through note maturity in November 2042. Hut 8 described the Beacon Point raise as "the largest single-sponsor data center bond," surpassing its own prior $3.25B River Bend raise. The tenant identity has not been disclosed in the bond offering documents.MINER DEBT MARKETS SURGE:Keel Infrastructureconfirmed closing $458M aggregate principal of 1.250% Convertible Senior Notes due 2032, including the full $58M greenshoe, with net proceeds of approximately $445.4M before expenses and capped-call costs, at an initial conversion price of approximately $7.41 per share, representing a 25% premium to the June 4 closing price of $5.93,. The capped-call cap price is $11.86 per share, a 100% premium, with proceeds designated for data center development deposits across Keel's Panther Creek, Sharon, and Moses Lake sites.BITCOIN SELLOFF DEEPENS:According to, bitcoin'sdecline from its October 2025 all-time high of approximately $126,198 has pushed more than half of all circulating supply into loss-making territory.reported that bitcoin, ether, solana, and XRPare all trading lower.crypto newsletter characterized bitcoin's partial recovery as "a technical bounce rather than a durable bottom," warning crypto-linked equities remain at risk.argued the $75B SpaceXIPO is pulling retail and institutional capital away from bitcoin and crypto-adjacent equities, keeping prices suppressed.FOLD CLEARS ALL SECURED DEBT:Fold Holdingsit monetized approximately $45M of bitcoin at an average price of approximately $71,000 per bitcoin, repaid $20M of bitcoin-collateralized debt, eliminated all secured debt, and allocated the remaining approximately $25M in unrestricted cash toward growth initiatives while maintaining a bitcoin treasury position.COINCHECK CLOSES KDDI DEAL:Coincheck, with KDDI subscribing for 28,536,516 newly issued shares at $2.28 per share for aggregate proceeds of $65,063,256.48, giving the Japanese telecom a 14.9% ownership stake and one board nomination right. A business alliance covering mutual customer referrals and revenue sharing in Japan was signed alongside the equity close.BITGO DEBUTS ON FORTUNE 500:BitGodebuted on the 2026 Fortune 500 at number 273 with approximately $16.1B-$16.2B in 2025 revenue in its first year as a public company following its January NYSE listing,. BitGo described itself in the release as "the first public federally chartered digital asset infrastructure company."GOVERNANCE AND MINING NOTES:Cangoreported total operational hashrate of 31.67 EH/s as of May 31, with 237.59 bitcoin produced in May and total bitcoin treasury holdings of 1,065.11 bitcoin across operations in North America, the Middle East, South America, and East Africa,.PRICE ACTION:As of time of writing, bitcoin was trading at $61,902.66, while ether was trading at $1,638.23,.
