Donald Trump

Bitcoin

President Donald Trump

Bitcoin miner Hut 8 launched an at-the-market and stock repurchase program to finance its corporate strategic BTC reserve.
Hut 8’s ATM initiative aims to raise $500 million for its Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) treasury and $250 million to fund stock buybacks, per a Dec. 4 press statement. The firm’s CEO, Asher Genoot, <a href="https://hut8.com/2024/12/04/hut-8-announces-new-atm-and-stock-repurchase-programs/" target="_blank" rel="noopener noreferrer nofollow">stated</a> that Hut 8’s decision will allow the miner to weather volatile markets and bolster its balance sheet with the world’s leading digital asset.
According to Genoot’s remarks, net proceeds from the ATM program have also been designated for expanding Hut 8’s mining infrastructure and data centers.&nbsp;
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 We believe the capital market updates announced today send a clear message to shareholders: our key investors continue to believe in us, and the flexibility provided by the ATM Program and Stock Repurchase Program strengthens our ability to pursue ambitious growth objectives with confidence while maintaining a relentless focus on driving sustainable shareholder returns.
 Asher Genoot, Hut 8 CEO
</blockquote>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Hut 8 today announced a $500 million ATM program and a $250 million stock repurchase program. Read the full release here: <a rel="noopener noreferrer nofollow" href="https://t.co/AbpSre2Hql" target="_blank">https://t.co/AbpSre2Hql</a>— Hut 8 (@Hut8Corp) <a href="https://twitter.com/Hut8Corp/status/1864307385705038182?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 4, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
Since MicroStrategy <a href="https://crypto.news/microstrategy-ups-bitcoin-total-to-38b/" target="_blank" rel="noopener noreferrer nofollow">introduced</a> the concept, stock sales and issuing securities are fast-growing trends among crypto-savvy institutions. MicroStrategy executive chairman Michael Saylor secured loans and raised capital to buy Bitcoin, spurring other firms to leverage the idea.
Firms across the U.S. and Asia, like Hut 8 and Metaplanet, have <a href="https://crypto.news/japans-metaplanet-to-reward-shareholders-with-bitcoin-for-holding-stock/" target="_blank" rel="noopener noreferrer nofollow">hopped</a> on the bandwagon, growing respective reserves domiciled in the trillion-dollar crypto asset.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/microstrategy-ups-bitcoin-total-to-38b/"> MicroStrategy ups Bitcoin total to $38b </a>
More Bitcoin miners have also announced strategic BTC reserves, adding to existing holdings generated through massive computing facilities.
Marathon Digital Holdings held $3.3 billion in BTC following its latest top-up <a href="https://crypto.news/maras-bitcoin-top-up-readjusts-total-to-3-3b/" target="_blank" rel="noopener noreferrer nofollow">disclosed</a> on Nov. 27. The BTC miner offered a $1 billion convertible note sale, spending over $67 million on crypto buys while holding $160 million in reserve for additional purchases.
Policymakers and BTC supporters also encouraged the U.S. federal and state governments to create strategic crypto stockpiles. Satoshi Act Fund founder Dennis Porter <a href="https://crypto.news/bitcoin-advocate-hints-at-strategic-reserve-laws-in-10-us-states/" target="_blank" rel="noopener noreferrer nofollow">claimed</a> that some 10 U.S. states could soon pass laws to establish reserves, even before President Donald Trump makes good on his promise.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/kulr-technology-plans-to-allocate-90-of-surplus-cash-to-bitcoin/"> KULR Technology plans to allocate 90% of surplus cash to Bitcoin </a>

Hut 8 to build Bitcoin treasury with $500m raise

crypto.news

Other articles published on Dec 4, 2024

Russian President Putin Praises Bitcoin and The Growth of Crypto

How Cryptocurrencies Are Shaping the Future of Remittances

BlackRock Spot Bitcoin ETF Hits $50B AUM, Holds Over 500K BTC

Expert Reveals Why Real World Assets (RWAs) Could Be the Next Big Thing, Shares Top Picks: Clearp...

REBLOK UPDATE

Doge Christmas (DOGECHRIS) Will Explode Over 15,000% Before Exchange Listings, While Shiba Inu an...

Join our free newsletter for daily crypto updates!