The Mining Pod | Blockspace Media Coinbase Asset Management is Quietly Driving Bitcoin's Hashrate Growth w/ Doug Wilson
Dec 16, 2025
Doug Wilson, Head of Credit/Capital Markets at Coinbase Asset Management, shares his expertise on innovative hashrate-backed loans designed for Bitcoin miners. He explains how these loans differ from traditional ones, allowing miners to use facilities and Bitcoin as collateral. The discussion touches on the growing acceptance of hashrate collateral in institutional lending, the potential of stablecoins to transform payments, and the vital need for regulatory clarity to spur institutional investment in digital assets.
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Hashrate Recognized As Real Collateral
- Coinbase Asset Management now accepts hashrate as collateral alongside Bitcoin for loans.
- They will consider up to 50% hashrate and 50% digital collateral for qualified miners.
Hashrate Means The Whole Facility
- CBAM treats hash rate as the finished product that includes ASICs, land, transformers, containers, and fiber.
- They prefer lending against the complete facility (the 'car') rather than single components ('the engine').
Field Work Shaped CBAM's View
- Doug recalls diligencing mining sites in 2002–2003 and learning why lending to whole facilities works better.
- That field experience shaped CBAM's preference for lending against complete hash rate assets.