HODL

2024

Bitcoin

<p class="is-style-lead">Hut 8, a Bitcoin mining company, has added 990 Bitcoin to its reserves, spending $100 million to increase its total holdings to 10,096 BTC.&nbsp;</p>
<p>The reserve, now valued at over $1 billion, places Hut 8 among the largest corporate Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) holders globally.</p>
<p>The company <a href="https://www.globenewswire.com/news-release/2024/12/19/2999697/0/en/Hut-8-s-Strategic-Bitcoin-Reserve-Surpasses-1-Billion-in-Market-Value-with-Purchase-of-100-Million-of-Bitcoin.html" target="_blank" rel="noopener noreferrer nofollow">purchased</a> the coins at an average price of $101,710, significantly higher than its cumulative acquisition cost of $24,484 per Bitcoin. Hut 8 credits its historically lower average cost to efficient mining operations and strategic acquisitions, as outlined in its press release.</p>
<p>This move follows examples set by crypto-focused businesses like <a rel="noopener noreferrer nofollow" href="https://crypto.news/tag/microstrategy/">Microstrategy</a> and <a rel="noopener noreferrer nofollow" href="https://crypto.news/crypto-travel-platform-travala-introduces-bitcoin-reserve-plan/">Travala</a>, which have implemented Bitcoin reserves as part of their growth strategies.</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/hodl-day/"> HODL Day in crypto: How a typo became a celebration </a></p>
<h2 class="wp-block-heading" id="bitcoin-funds-will-support-mining-equipment">Bitcoin funds will support mining equipment</h2>
<p>The newly acquired Bitcoin will support an innovative financing model for upgrading its mining fleet. Hut 8 plans to enhance its mining operations by upgrading 111 MW of self-mining capacity.</p>
<p>The upgrade is expected to boost its hashrate by 66% to 9.3 EH/s by early 2025 while improving efficiency by reducing energy consumption.&nbsp;</p>
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   <p lang="en" dir="ltr">Hut 8 today announced the purchase of approximately 990 Bitcoin for approximately $100 million, or an average of approximately $101,710 per Bitcoin. Combined with the Bitcoin held prior to this purchase, Hut 8’s strategic Bitcoin reserve now totals more than 10,000 Bitcoin with a… <a rel="noopener noreferrer nofollow" href="https://t.co/BhgCNMMEJu" target="_blank">pic.twitter.com/BhgCNMMEJu</a></p>— Hut 8 (@Hut8Corp) <a href="https://twitter.com/Hut8Corp/status/1869737023424327837?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 19, 2024</a>
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<p>CEO Asher Genoot stated that the reserve fortifies Hut 8’s financial position as it expands into power and digital infrastructure.&nbsp;</p>
<p>“The strategic Bitcoin reserve supports a flywheel effect that aligns our capital and operating strategies to accelerate value creation across the business,” said Genoot.</p>
<p>Hut 8 <a href="https://crypto.news/hut-8-to-build-bitcoin-treasury-with-500m-raise/" target="_blank" rel="noopener noreferrer nofollow">launched</a> an at-the-market offering and stock repurchase program earlier this month to fund its Bitcoin treasury and corporate strategy. The company aimed to raise $500 million for its BTC reserves and $250 million for stock buybacks to strengthen its position during market volatility.</p>

Hut 8’s Bitcoin reserve tops $1b after $100m purchase

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