Hut 8 receives $150 million boost for AI data center expansion
Summary
Hut 8, a Bitcoin miner, will receive a $150 million investment from Coatue Management to expand its data center portfolio, focusing on energy-intensive infrastructures for crypto-mining and AI compute. Hut 8 aims to leverage its expertise to meet the high demand for AI infrastructure. The investment comes as Bitcoin miners pivot towards AI due to declining revenues. The convertible note will pay 8% interest annually and has an initial term of five years, with an expected closing date by July 11.
