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Arch is a single loan platform offering a wide selection of crypto and NFTs. Users can access instant credit without selling assets, with the platform providing best-in-class security and liquidation prevention. Customers' assets are always held 1:1 with custodian partner, BitGo.
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PowerCompute fully repays Arch Bitcoin-backed loan, exits leveraged Bitcoin treasury strategy
According to WSJ, US-listed Bitcoin mining company PowerCompute (Nasdaq: PWCM) has fully repaid and terminated its Bitcoin-secured credit facility with Arch Lending. The facility settled on its maturity/reset date on September 24; Arch sold approximately 267.3 of the 307 collateralized BTC to repay about $22.45 million in principal, interest, and fees, while the remaining approximately 39.6 BTC were returned to the company. PowerCompute noted that the settlement proceeded as planned and was not triggered by a margin call or forced liquidation. After the repayment, the company’s secured debt fell from roughly $19.4 million at the end of June to about $1.25 million. As of September 25, it holds approximately 62 BTC. The company said it will step away from its leveraged Bitcoin treasury strategy, using Bitcoin as working capital for equipment procurement and expansion.
Arch Lending Plans to Enter the Tokenized Equity Mortgage Market
Arch Lending co-founder Himanshu Sahay announced plans to enter the tokenized stock mortgage lending space in the near future. The market capitalization of distributed tokenized stocks has grown from approximately $630 million one year ago to around $3.15 billion.
Prometheus, an AI startup founded by Jeff Bezos, has closed its Series B funding round of $12 billion, valuing the company at approximately $41 billion.
According to GeekWire, Prometheus, an AI startup co-led by Jeff Bezos as co-CEO, has announced a $12 billion Series B funding round, valuing the company at approximately $41 billion. Investors include JPMorgan, BlackRock, Goldman Sachs, DST Global, and Arch Venture Partners.