Bitcoin miner gambles on a 4-day bridge loan equal to 97% of its BTC treasury value – the deadline passed without in total silence

PowerCompute, a Bitcoin miner expanding into high-performance computing, disclosed that its US Digital subsidiary borrowed about $18.07 million from Arch Lending under two bridge notes signed July 27.The notes had a listed July 31 maturity, four days after signing, and permitted payment until 5 p.m. ET on Aug. 1. The proceeds were intended to fund repayment in full of Galaxy Digital and Liebel debt while PowerCompute finalized an anticipated Bitcoin-secured term facility.The disclosure landed on the listed maturity date with the term facility's documents still being finalized. As of press time, PowerCompute's live SEC submissions feed showed no filing after the July 31 8-K, while its investor-relations release feed showed no press release after July 29.The contractual payment cutoff had passed, but the public record still did not establish a default, an extension, or a completed refinancing. The notes specify a 15% annual default interest rate, but the disclosure did not show that rate had been triggered.The 8-K rounded the bridge to an aggregate $18 million. The first note carries $11,005,502.75 in principal and the second carries $7,063,342.53. Together they total $18,068,845.28,...