Hut 8 Acquires 990 Bitcoin, Pushing Reserves Over 10,000 BTC
Hut 8 (NASDAQ: HUT) has joined its public Bitcoin mining peers by acquiring 990 BTC for $100 million, increasing its Bitcoin reserves to over the 10,000 BTC mark.
The company announced on Thursday that it purchased the 990 BTC at an average price of $101,710. With this latest acquisition, Hut 8 now holds a total of 10,096 BTC on its balance sheet.
As one of the longest-running public Bitcoin mining firms, Hut 8 has primarily built up its Bitcoin reserves through its proprietary mining operations.
However, Hut 8 has been actively liquidating its mined Bitcoin throughout the year while Bitcoin gradually climbed towards the $100,000 mark. From January to November, the firm mined 1,413 BTC and liquidated 1,486 BTC, according to its monthly disclosures.
Hut 8 is now among the latest public mining companies with over 10,000 BTC in holdings through market acquisitions in addition to regular mining.
For example, MARA (NASDAQ: MARA) has acquired over 22,000 BTC since late November, funded by nearly $2 billion raised through the issuance of convertible notes. Riot Platforms (NASDAQ: RIOT), after raising $600 million through convertible bonds, purchased 5,784 BTC, bringing its total Bitcoin reserves to 17,429 BTC.
