One mid-tier Bitcoin treasury just gambled its entire BTC reserve on a single 30-day reset price

PowerCompute, a Bitcoin mining and treasury firm, has restructured its derivatives-backed debt facility with Arch Lending, expanding its loan balance to $21.89 million from $18.13 million. The increase follows an early termination of a previous collar structure on August 25, which rolled a $3.765 million unwind cost directly into the loan's principal rather than settling in cash. The facility remains collateralized by 307 BTC, while its annual interest rate increased significantly from 2% to 6.5%. Under the new 30-day agreement expiring September 24, the loan establishes a $71,112 floor, a $75,000 ceiling, and a $93,500 knock-in barrier. The structure allows PowerCompute to retain Bitcoin upside between $75,000 and $93,500. However, if Bitcoin reaches or exceeds the $93,500 barrier at the single test time on September 24, a conditional excess appreciation settlement of $5.68 million is triggered. The transaction highlights the rising financing costs and structural risks facing corporate Bitcoin treasuries utilizing derivative collars to manage liquidity.