Hut 8, a major North American Bitcoin mining company, has increased its BTC assets with an acquisition of $100 million. The company has now increased its total reserve to 10,096 BTC valued at over $1 billion.
Hut 8 Bitcoin Reserves Top $1 Billion
Hut 8 is a Miami-based cryptocurrency miner that continues to add Bitcoins to its reserves despite recent BTC price increases. Hut 8 has released its most recent announcement. revealed The purchase of approximately 910 BTC at a price of $100 million.
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Hut 8 has now acquired over 1 billion dollars worth of BTC, at an average price per Bitcoin (of $24,485). This move is part of the company’s overall strategy to combine low-cost BTC manufacturing with strategic market purchases in order to increase returns and consolidate its reserves.
Hut 8 is now one of the 10 biggest corporate Bitcoin holders in the world. MicroStrategy is the top company on this list with more than 250,000 BTC in its balance sheet. Asher Genoot CEO of Hut 8 commented:
As we look to expand our business across the power grid and digital infrastructure, building a Bitcoin strategic reserve is essential. As we expand our operations and increase our cost-advantage in Bitcoin production we expect that our reserves will grow organically, at a discount from market prices.
Hut 8’s CFO Sean Glennan echoed these sentiments and explained that BTC being a reserve was an important component in the company’s strategy. “superior returns” Strategic Treasury Management. The company’s BTC reserve can be used to help achieve its business objectives such as improving its mining fleet.
Hut 8, which was released earlier this month unveiled A massive $750-million initiative is aimed to achieve general corporate goals, repay debt, and boost its Bitcoin reserves. Hut 8 stock is up over 102% year to date, and currently trades at $27.11 as of this writing.
4 Mining Firms Among Top 10 Corporate BTC Holders
When companies such as MicroStrategyTesla, Block and Coinbase, are amongst the most prominent corporate Bitcoin owners. However, this exclusive list also includes four Bitcoin-mining firms, including Marathon Digital Holdings Hut 8, Riot Blockchain and CleanSpark.
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Riot Blockchain reported A significant rise in the BTC held by its company. As of the date of this article, Bitcoin Mining Firm holds an overall total of 8,490 BTC.
Marathon Digital Holdings also announced similar news earlier this month. purchased This brings its total to 34 794 BTC. Marathon CEO’s prior statements are in alignment with this new move. statement The institutions that are “waiting to buy up” Bitcoin.
In October, CleanSpark CEO Zach Bradford predicted BTC’s peak could be around $200,000. BTC is currently trading for $100,543, a decrease of 3.1% from the previous 24 hours.
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Source: www.newsbtc.com
