Bitcoin mining company Hut 8 (HUT) made an ambitious move and purchased 990 Bitcoins for approximately $100 million at an average price of $101,710 per coin.
The latest acquisition brings the company’s total Bitcoin reserves to 10,096 BTC, worth approximately $1 billion, placing Hut 8 among the top 10 institutional BTC holders.
The Miami-based firm plans to use its Bitcoin reserves through a variety of strategies, including options, commitments and puts. “Today, the market recognizes and values our strategic reserve, which effectively reduces our cost of capital and strengthens our financial position,” Hut 8 CEO Asher Genoot said in a statement. Genoot also stated that the company is open to purchasing more Bitcoin when market conditions are right.
The acquisition comes after Hut 8 recently launched a $500 million in-market share issuance program, with proceeds earmarked for BTC purchases and other investments.
Other miners have recently followed suit. Riot Platforms (RIOT) purchased 667 Bitcoin at an average price of $101,135 on December 16, while MARA Holdings (MARA) is also actively purchasing BTC to strengthen its financial position.
These strategies are proving effective as miners face shrinking profit margins following the recent Bitcoin halving event. For example, MARA raised $1 billion in convertible debt last month, offering investors exposure to BTC equity instead of traditional interest income.
Hut 8 sees the Bitcoin reserve as more than a store of value. “We view our strategic reserve as a dynamic financial asset that can generate returns beyond a simple price increase,” said CEO Genoot.
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/bir-sirket-daha-yuklu-miktarda-bitcoin-satin-aldigini-duyurdu-iste-ortalama-alim-fiyati/
