Hut 8 expands Bitcoin holdings, crosses $1 billion mark

Investing.com -- Hut 8 Corp (NASDAQ:HUT ), one of North America's largest Bitcoin miners, has bolstered its Bitcoin reserves by purchasing about 990 Bitcoin for an aggregate price of around $100 million, the company announced on Thursday.

This acquisition raises the firm's total Bitcoin holdings to 10,096, with a market value surpassing $1 billion.

The company, which operates large-scale energy infrastructure, has positioned itself through this purchase as one of the top ten corporate Bitcoin owners globally.

Hut 8's Bitcoin reserve, acquired at an average cost of $24,484 per Bitcoin, is part of a broader capital strategy aimed at optimizing balance sheet performance and funding growth initiatives.

"A key component of our treasury strategy, the strategic Bitcoin reserve supports a flywheel effect that aligns our capital and operating strategies to accelerate value creation across the business,” according to Asher Genoot, the chief executive officer of Hut 8.

The reserve will support the company's financial position as it pursues expansion in power and digital infrastructure.

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Source: Investing.com