Hut 8 Mining (HUT) has just bought $100 million worth of Bitcoin, catapulting its total reserve to a staggering $1 billion. According to CoinDesk, the Miami-based company acquired about 990 Bitcoin at an average price of $101,710 each. This purchase places Hut 8 among the top 10 corporate holders of Bitcoin globally—a bold move that sets it apart in an increasingly competitive mining landscape.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Hut 8 Strengthens its Balance Sheet with Bitcoin
Hut 8’s strategic Bitcoin reserve isn’t just a static holding. CEO Asher Genoot explained that the reserve is viewed as a “dynamic financial asset” meant to drive returns through strategies like options, pledges, and sales. He added, “We will remain opportunistic in expanding our Bitcoin reserve,” underlining the company’s confidence in Bitcoin’s value and its flexibility as a financial tool.
Following the Industry Trend
This move follows the trend set by companies like MicroStrategy (MSTR) and MARA Holdings (MARA). Riot Platforms (RIOT) also recently purchased 667 Bitcoin, demonstrating how miners are leveraging their reserves to strengthen their financial position amid industry challenges.
At the time of writing, Bitcoin is sitting at $101,847.42.
