News linked to both this project and an event.
According to CoinDesk, cryptocurrency trading firm FalconX has confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) and engaged investment banks including Cantor to prepare for its initial public offering (IPO). Sources familiar with the matter said that, due to market conditions, FalconX’s listing is not expected before later this year. Founded in 2018, FalconX primarily provides institutional clients—including hedge funds, asset management firms, and market makers—with digital asset prime brokerage, trade execution, liquidity access, credit, and clearing services. The company raised $150 million in its Series D funding round in 2022, achieving an $8 billion valuation.
Hut 8 announced its subsidiary has entered into a $200 million, 364-day bitcoin-backed credit agreement with FalconX to replace the previous financing arrangement from Coinbase Credit. The new financing carries an annualized fixed interest rate of 7.0%, a reduction of 200 basis points from the previous 9.0% rate on the Coinbase facility. During the period from December 2023 to March 2025, this financing cost had reached as high as 10.5%–11.5%, meaning cumulative reductions of up to 450 basis points, demonstrating continued progress in optimizing debt costs.Following this refinancing, approximately 3,300 BTC held by Hut 8 have been converted to an unencumbered state, valued at approximately $260 million based on market capitalization as of May 1, 2026. This significantly enhances the flexibility and liquidity capacity of its balance sheet. Additionally, the credit structure maintains key risk control provisions, including a limited recourse structure, a no-rehypothecation clause, and a fixed LTV threshold design to avoid triggering additional margin calls in the event of a decline in bitcoin prices.Hut 8 management stated that this financing not only reduces capital costs but also releases more unencumbered bitcoin assets, helping to enhance capital allocation flexibility across different market cycles. FalconX emphasized that this transaction reflects its growing capability in providing institutional-grade bitcoin credit solutions. (PRNewswire)