PowerCompute Bitcoin mining hardware framed by a yellow-orange collar treatment

PowerCompute Puts 307 Bitcoin Behind a 30-Day Loan Reset—Here’s the Catch

By Isaac • August 30, 2026 3:09 pm • Comments

PowerCompute has turned nearly its entire Bitcoin treasury into the collateral behind a new 30-day financing test—and the reset was not cheap.

According to the company’s August 28 filing with the Securities and Exchange Commission, its subsidiary replaced an earlier collared loan with a new $21.89 million facility from Arch Lending. The new balance includes $3.765 million tied to unwinding the previous collar early.

The loan remains secured by 307 Bitcoin. PowerCompute reported 318.3 BTC at the end of June, so the pledged amount represents almost all of the Bitcoin it disclosed holding at that point.

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A cheaper loan became a much tighter bet.

The original August 3 facility carried roughly $18.13 million in principal and a 2% annual interest rate. PowerCompute ended that collar on August 25, before its planned September 2 reset, and capitalized the unwind cost into the replacement loan instead of paying it separately in cash.

The result is a higher principal balance and a 6.5% annual rate for the new 30-day period. The company did not borrow more money to buy Bitcoin. It used its Bitcoin as collateral while accepting a contract that changes what happens to the upside at one specific price test.

CryptoSlate’s review of the executed schedule puts the key numbers in plain English: the new collar has a $71,112 floor, a $75,000 ceiling and a $93,500 knock-in barrier, with the reference price checked at 8 a.m. Eastern on September 24.

Why the $93,500 level matters.

If Bitcoin is below $93,500 at that test, the $75,000 ceiling does not apply. PowerCompute keeps the appreciation above the ceiling.

If Bitcoin is at or above $93,500, however, the ceiling switches on for the whole period. At exactly $93,500, the excess-appreciation formula would produce a $5.6795 million settlement before interest: 307 multiplied by the $18,500 difference between the barrier and the ceiling.

That amount is conditional, not a bill PowerCompute owes today. The company could settle through Bitcoin, dollars or USDC, or potentially incorporate the amount into another rollover.

But the structure means a sharp Bitcoin rally could increase the financing obligation tied to coins the company already owns.

The treasury trade is splitting into two very different strategies.

The contrast across the Bitcoin-treasury market was hard to miss Sunday. Michael Saylor posted a short message suggesting Strategy may be ready to resume buying after a pause:

Bitcoin Magazine framed that post as a hint that another purchase could be coming:

Strategy’s scale lets it approach Bitcoin through repeated capital raises and purchases. PowerCompute is showing the other side of the trade: a much smaller treasury using nearly all its reported coins to refinance debt through a customized collar.

PowerCompute describes itself as a Bitcoin treasury and mining company expanding into high-performance computing and artificial-intelligence infrastructure. Its investor materials say it operates 26 megawatts of owned power infrastructure in Oklahoma and Mississippi.

That operating business matters because the collar also affects how PowerCompute finances its broader transition. It is part of how the company is financing a broader transition while preserving exposure to the asset on its balance sheet.

The September 24 test will not determine whether PowerCompute survives, and the loan is non-recourse to the parent company. But it will show exactly how much the new structure costs when Bitcoin moves—and whether pledging 307 BTC bought flexibility or simply moved the pressure into a one-day price test.

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