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CCIR Compute Credit
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Credit · Tracked as filed as of 2026-05-27

Bit Digital

CCIR tracks 6 instruments issued by Bit Digital (BTBT): credit facility, convertible. Every row traces to a primary document. Sizes are as filed and are not additive across the capital stack.

Fixed coupons at issue
Filed coupon, by issue date · hollow = convertible (the coupon is not the whole return) · window Oct 2025 – May 2026
2.5% 5% 7.5% 10% 12.5% 2026 conv 4% '30conv 4.5% '31Galaxy Master Loan …B. Riley-assigned a…

Capital stack by borrower

Which entity owes what, as filed. Facilities raised in a subsidiary sit on that subsidiary's assets; the parent's own paper sits beside them, senior to nothing below it.

BorrowerInstrumentSize $mRate
Bit Digital (parent level) Galaxy Master Loan Agreement — initial draw 50 5.45%
4.00% Convertible Senior Notes due 2030 150 4%
WhiteFiber Operating Partnership B. Riley-assigned advance — NC-1 bridge 20 9.5%
WhiteFiber RBC amended facility (MTL-3 bridge) 17.4 2.75%
WhiteFiber 4.50% Convertible Senior Notes due 2031 230 4.5%
WhiteFiber Iceland Landsbankinn term facility 18 S+4.25%

Instruments

Galaxy Master Loan Agreement — initial draw

Credit facility $50m 5.45% Entered 2026-05-20
Seniority
Collateralized; margin-call/NAV triggers
Maturity
Master 1-yr auto-renew (from 3/27/26)
Collateral
USD or digital-currency collateral per term sheet (specifics undisclosed)
Lenders
Galaxy Digital LLC
Pricing
5.45% on initial draw (+5% late fee)
Terms
$50.0M drawn 5/20/26; facility uncapped, per-loan term sheets

Source: 8-K 5/27/26 · document

B. Riley-assigned advance — NC-1 bridge

Credit facility $20m 9.5% Entered 2026-05-20
Borrower
WhiteFiber Operating Partnership (guarantor)
Seniority
Secured; WF Operating Partnership guarantee
Maturity
~2026-08-24 — 90 days
Collateral
Pledge of Enovum NC-1 Topco stock (NC-1 HPC datacenter, Madison NC)
Lenders
B. Riley Securities (by assignment)
Pricing
9.5%, steps to 8% on Phase I completion/80% leased; minimum 1.1x MOIC; PIK option
Terms
$20.0M (3% OID)

Source: 8-K 5/27/26 · document

RBC amended facility (MTL-3 bridge)

Credit facility $17.4m 2.75% Entered 2026-04-27
Borrower
WhiteFiber
Seniority
Secured bank facility; DSCR + leverage covenants
Maturity
~2026-11 — ~6-month bullet
Collateral
MTL-3 datacenter (Montreal) acquisition bridge
Lenders
Royal Bank of Canada
Pricing
CORRA + 2.75% or Prime + 1.00%; interest-only
Terms
CAD 28M (~US$20M) facility; CAD 24.2M (~$17.4M) funded 5/8/26 + CAD 8M LC line

Source: Q1-26 10-Q Notes 21/22 · document

Landsbankinn term facility

Credit facility $18m S+4.25% Entered 2026-03-25
Borrower
WhiteFiber Iceland
Seniority
Secured 1st-ranking; WhiteFiber guarantees
Maturity
2028-03-25 — Extendable to 2030; quarterly amortization
Collateral
Pledge of WhiteFiber Iceland shares + GPU/CPU servers, InfiniBand switches
Lenders
Landsbankinn hf.
Pricing
3-mo SOFR + 4.25% (0% floor)
Terms
Up to $20M; $18.0M drawn 4/24/26

Source: Q1-26 10-Q Notes 12/22 · document

WhiteFiber 4.50% Convertible Senior Notes due 2031

Convertible $230m 4.5% Entered 2026-01-26
Borrower
WhiteFiber (WYFI, ~70.1%-owned; non-recourse to BTBT)
Seniority
Senior unsecured at WhiteFiber; non-recourse to BTBT
Maturity
2031-02-01
Lenders
U.S. Bank (trustee)
Pricing
Coupon from Aug 1, 2026

Source: Q1-26 10-Q Note 12 · document

4.00% Convertible Senior Notes due 2030

Convertible $150m 4% Entered 2025-10-02
Seniority
Senior unsecured (structurally junior to WhiteFiber)
Maturity
2030-10-01
Lenders
U.S. Bank (trustee) · Underwriters: Barclays, Cantor, B. Riley
Pricing
Conversion $4.16; holder put Oct 1, 2028
Terms
Effective 11.7%

Source: 8-K 10/2/25; 424B5 10/1/25 · document

Collateral classes on this page: out, operator_campus, gpu. The full ledger, with every issuer and the derived credit series, is on Compute Credit.