Publicly-traded Bitcoin mining company Stronghold Digital Mining said it plans to return more than 26,000 mining rigs to New York Digital Investment Group to reduce its debt significantly. NYDIG is a leading bitcoin firm that helps miners finance mining equipment and power infrastructure.
The mining company also intends to restructure a convertible note for cash after receiving a binding commitment letter from private credit investment manager WhiteHawk Capital to amend its financing agreements.Stronghold will return about 26,200 bitcoin mining rigs to NYDIG to eliminate all of its $67.4 million outstanding debt to the lender, the company said on Tuesday in a pressThe bitcoin miner released its Q2 earnings report this week after delaying it seven days prior.
Furthermore, Stronghold said it restructured its Convertible Notes and Warrants to reduce the principal outstanding amount by $11.3 million in exchange for lowering the strike price on outstanding warrants from $2.50 to $0.01. “By returning miners to NYDIG that served as the collateral for the non-recourse financing agreements and restructuring the WhiteHawk financing agreements and the Convertible Notes, we will be able to eliminate over half of our total principal amount of debt outstanding and the significant associated interest and principal payments,” the company said.Since the market crash in Q2, bitcoin miners have been selling mined BTC or mining machines to pay off their debt or cover operational costs.
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