The total value of Hut 8’s Bitcoin holdings now exceeds $1 billion following a $100 million purchase. In a December 19 press release, the Bitcoin miner revealed that it had acquired 990 BTC at an average price of $101,710 per Bitcoin.
This latest purchase brings its total Bitcoin holdings to 10,096 BTC, with a realized average cost of $24,484 per coin, including both mined and purchased reserves.
The mining company described the acquisition as part of its strategy to combine low-cost Bitcoin production with targeted market purchases, optimizing returns and positioning Bitcoin as a core reserve asset.
“As we scale operations and extend our cost advantage in Bitcoin production, we anticipate that the flywheel effect will enable us to grow our holdings organically at a significant discount to market prices,”
CEO Asher Genoot stated.
The move is expected to support Hut 8’s upcoming fleet upgrade and expansion plans. Notably, the miner has been ramping up its focus on innovation in mining technology. In September, the company deepened its partnership with hardware manufacturer Bitmain to introduce the U3S21EXPH, an advanced ASIC mining machine capable of speeds up to 860 TH/s. Scheduled for release in Q2 2025, this model will be the first mass-produced ASIC device to feature direct liquid-to-chip cooling in a U-shaped form factor. This design aims to reduce upfront capital costs while supporting Hut 8’s ambitions to grow its mining and AI infrastructure.
Also, earlier this month, Hut 8 announced two significant financial initiatives to fuel its growth strategy: a $500 million “at-the-market” (ATM) stock offering and a $250 million stock repurchase program.
The ATM offering enables Hut 8 to sell shares to fund expansion, including Bitcoin acquisitions and infrastructure investments. Meanwhile, the stock repurchase program allows the company to buy back up to 4.68 million shares over the next 12 months.
Genoot highlighted these financial moves as essential for navigating market volatility and maximizing shareholder value. According to him, they provide the company “flexibility” to “pursue ambitious growth objectives with confidence while maintaining a relentless focus on driving sustainable shareholder returns.”
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