Rhodium Encore LLC Approved for Unique Bitcoin-Based Bankruptcy Loan

Rhodium Encore LLC, a bankrupt crypto miner, has received court approval for a unique debtor-in-possession financing plan that allows borrowing in either US dollars or Bitcoin. The plan was approved on Friday, and Galaxy Digital, led by Mike Novogratz, has proposed to provide funding of either $30 million or 500 Bitcoin to support Rhodium's Chapter 11 bankruptcy proceedings. The financing options include a dollar loan with a 14.5% annual interest rate and a Bitcoin loan with a 9.5% interest rate.