Hut 8 Corp. announced a significant expansion of its strategic Bitcoin reserve, surpassing $1 billion in market value following the purchase of approximately 990 Bitcoin. The aggregate purchase price for these Bitcoin was about $100 million, averaging approximately $101,710 per Bitcoin.
This acquisition increased Hut 8’s total strategic Bitcoin reserve to 10,096 Bitcoin as of December 18, 2024, with a market value exceeding $1 billion. The company stated that its reserve was built through low-cost production and this strategic at-market purchase, with a realized average cost of $24,484 per Bitcoin.
The company believes this positions it as one of the ten largest corporate owners of Bitcoin globally. The purchased Bitcoin will be integral to an innovative financing model for Hut 8’s previously announced fleet upgrade, bolstering its capital strategy and providing a flexible asset for funding capital-intensive growth initiatives in power and digital infrastructure development.
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