Inside the $18 million Bitcoin gamble with zero margin calls until September

PowerCompute will face its first monthly decision on 307 pledged BTC on Sept. 2, when its $18.13 million loan from Arch Lending reaches the end of its initial 30-day period. The Bitcoin treasury and mining company refinanced three existing facilities into the collar loan at an initial 2% annual rate, avoiding an immediate sale of the coins but accepting a recurring repricing and settlement clock.The filed Reset Confirmation sets an 8:00 a.m. EST reference-price check against a $58,860 floor and $66,370 ceiling. PowerCompute then has until 5:00 p.m. EST to accept a new quote or close out. For any new period, the floor and ceiling will be re-struck from the reset reference price, while the annual rate will be re-quoted.The timing is the structure’s central protection and risk. Price and LTV moves during the initial period trigger no margin call or liquidation, even if Bitcoin crosses either strike before Sept. 2. The collar is tested only at the reset time, shifting the pressure from daily price moves to a monthly financing choice.If the reference price is below $58,860, PowerCompute may let Arch keep the pledged BTC in full satisfaction of the debt, with no deficiency claim. It can ...