Crusoe Energy Secures $200 Million Financing Commitment From Upper90

According to Foresight News, Bitcoin mining company Crusoe Energy has received a $200 million asset support financing commitment from investment firm Upper90. The funds raised are planned to be used specifically for the further purchase of GPUs (NVIDIA H100 Tensor Core GPU) to expand cloud business. Upper90 is responsible for providing all the funds for this debt financing, and the additional GPU capacity is expected to be available to customers in the first quarter of 2024.As reported by Wall Street News, Upper90 is a hybrid credit fund company whose main job is to provide financing solutions for start-up technology companies. Crusoe Energy is using this batch of chips as collateral for the loan, which will take three and a half years to repay principal and interest. The company claims that the value of each H100 will be retained for six years, with depreciation not exceeding 50% within two years. Crusoe Energy also states that it can not only recover the initial cost of the chips during this period but also generate a gross profit of $100,000 per chip.