Hut 8 Joins $1 Billion Bitcoin Reserve Club With $100 Million BTC Purchase

Hut 8’s strategic bitcoin reserve of over 10,000 BTC has been achieved through low-cost production and strategic at-market purchase.

990 Bitcoin Purchase Pushes Hut 8’s Holdings Past $1 Billion Net Worth

Hut 8, one of North America’s largest bitcoin miners has announced the purchase of 990 BTC at an average cost of $101,710 per bitcoin. This recent purchase of almost a $100 million worth of BTC has raised Hut 8’s total holding to 10,096 BTC worth over $1 billion.

According to publicly available data on Bitcoin Treasuries, this recent BTC acquisition places Hut 8 in the top ten corporate bitcoin holders worldwide.

Using low-cost mining production and the planned at-market acquisition disclosed today, Hut 8’s 10,096 bitcoin has been achieved at a realized average cost of $24,484 per bitcoin. The acquired bitcoin will be essential to a creative finance strategy for the company’s fleet upgrade.

Asher Genoot, CEO of Hut 8 said:

The strategic bitcoin reserve supports a flywheel effect that aligns our capital and operating strategies to accelerate value creation across the business. Building a strategic bitcoin reserve will fortify our financial position as we pursue large-scale growth initiatives.

The strategic bitcoin reserve held by Hut 8 is part of the company’s capital strategy, acting as a versatile asset that can enhance balance sheet performance and finance capital-intensive expansion projects.

This bitcoin acquisition follows the earlier announcement of a market share issue program worth $500 million. The company stated at the time that some of the fund’s earnings would be utilized to purchase bitcoin on the open market.

In purchasing bitcoin, Hut 8 joins fellow bitcoin mining companies such as MARA Holdings and Riot Platforms who recently completed bitcoin acquisitions of 1,423 BTC and 667 BTC respectively on the open market.