Million

Canadian mining company <a href="https://ultramining.com/news/en/hut-8s-q2-2023">Hut 8</a> announced the conversion of $38 million in debt into common shares, settling its obligation to Anchorage Digital. The conversion occurred at a price of $16.395 per share, which is a 51% premium over the 20-day average price. 
At the close of trading on September 30, Hut 8's shares were priced at $12.20. The deal strengthens the company's balance sheet and reduces leverage. This is a significant move in Hut 8's strategy to expand into artificial intelligence and high-performance computing. 
Hut 8's CEO, Asher Genoot, emphasized that reducing debt load will enable the company to better execute new projects.

Hut 8 Converts $38 Million Debt into Shares at 51% Premium Price

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