Key takeawaysPowerCompute (NASDAQ: PWCM) pledged 307 BTC as non-recourse collateral to consolidate $18 million in debt under a single facility with Arch Lending at approximately 2% APR. The 30-day rolling rate structure and margin call risk are real vulnerabilities, but the 2% print signals that specialized lenders are now pricing BTC collateral competitively with traditional secured debt. The facility replaced three prior instruments: an $11 million loan from Galaxy Digital, a $5 million Liebel loan on a 15 MW Oklahoma facility, and a $2 million Liebel loan on an 11 MW Mississippi facility. What that rate implies: lenders are building proprietary hedging infrastructure around Bitcoin collateral specifically to offer rates this low. Watch for any 8-K disclosures around the rollover date, and watch the BTC price level against the facility's undisclosed floor price.