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CapitalistWed Sep 30 · 2:14 PM ET · sec_edgar_bitcoin_fts

POWERCOMPUTE’S LENDER SOLD 267.3 OF THE 307 BITCOIN IT HAD PLEDGED TO CLOSE A $22.45 MILLION LOAN — THE COMPANY SAYS IT WAS A SCHEDULED RESET, NOT A MARGIN CALL — 323 BTC AT THE END OF AUGUST, ABOUT 62 NOW — THE LEVERAGED BITCOIN TREASURY IS OVER

PowerCompute, the Tampa bitcoin miner formerly called LM Funding America, filed an 8-K on September 30, 2026. On September 24 it "elected to terminate, settle, and pay in full" its bitcoin-backed loan from Arch Lending. Arch sold about 267.3 of the 307 BTC pledged to cover $21,892,132 of principal, $118,582 of interest and a $440,122 fee, and sent back about 39.6 BTC.

Add it up: $22,450,836 for 267.3 BTC, about $83,991 a coin. The fee alone is 2% of the principal, and the filing does not say what it was for. The company says the loan "contained no margin-call or price-triggered liquidation provisions" and was "settled on its scheduled reset date, not as a result of a margin call or forced liquidation."

The road here: $18 million of bridge loans from Arch in late July to pay off Galaxy Digital, then a 30-day rolling, collared loan against the same 307 BTC. At the August 25 reset the principal became $21,892,131.88 at 6.5%, and $3.765 million of it went "to fund the collar feature of the August 3 Loan, which had a Bitcoin collar ceiling of $66,370." The company held 323 BTC on August 31. It held about 62 on September 25.

The press release calls it a 94% cut in total debt. It is, and the bitcoin paid for it. "PowerCompute will no longer pursue a leveraged Bitcoin treasury strategy." Borrowing against bitcoin to hold more bitcoin only works if you still hold the bitcoin at the end. At the time of this writing, bitcoin was $84,034.

READ THE FILING →
SEC · WED SEP 30 · 2:14 PM ET
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