Hut 8 surpasses $1B in Bitcoin holdings after $100M acquisition
Hut 8 has purchased 990 Bitcoin for approximately $100 million, raising its total holdings to over $1 billion. The acquisition, made at an average cost of $101,710 per coin, supports Hut 8's strategy of combining low-cost Bitcoin production with market purchases. The company aims to establish Bitcoin as a reserve asset, reflecting a trend among institutions to include BTC in financial portfolios, especially with a pro-crypto administration anticipated in the U.S. The total BTC holdings now stand at 10,096, with an average cost of $24,484 per coin. Hut 8 plans to leverage its digital asset reserve for fleet upgrades and has initiated a strategy to raise up to $500 million for further BTC acquisitions. Additionally, Hut 8 is seeking to dismiss a class-action lawsuit from shareholders linked to allegations from a short-seller report.
