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Bitcoin Stocks in Play - Hut 8 Corp. (Nasdaq: HUT) (TSX: HUT) Soars on $150 Million Strategic Investment to Build Next Generation AI Infrastructure Platform

 

June 25, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas, reports on trading for - Hut 8 Corp. (Nasdaq: HUT) ( TSX: HUT), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America's largest Bitcoin miners.

The bitcoin miner is trading at $20.20, up $3.12, gaining 18.27% on the TSX, making it one of the top percentage gainers. The stock had a day's range of $17.70 - $20.55 on the TSX as of the time of this report.

Hut 8 announced that it has entered into a definitive agreement with a fund managed by Coatue Management, L.L.C. ("Coatue") pursuant to which Coatue has agreed to invest $150 million into the Company through a convertible note (the "Note").

"We are committed to supporting innovators advancing AI and believe that compute capacity is crucial to unlocking significant growth across the ecosystem," said Philippe Laffont, Founder and Portfolio Manager of Coatue. "We believe that Hut 8 is well-positioned to accelerate new compute capacity and can capitalize on the opportunity it will bring."

"The broader market is beginning to appreciate the scarcity of high-quality power assets, and Hut 8 has built a deep pipeline of highly attractive expansion assets," said Robert Yin, Partner at Coatue. "We believe their differentiated energy strategy and track record of fast, cost-efficient development will continue to drive competitive advantage as they execute on these opportunities."

Many traditional data center operators are failing to meet the surging demand for AI compute capacity due to power shortages, long lead times to bring new capacity online, and the extensive upgrades required for existing data centers to support the latest generation of high-density compute. Hut 8 believes it can leverage its proven ability to develop and operate complex energy infrastructure to address unmet demand and emerge as a leader in the AI infrastructure market.

"We are thrilled to be partnering with Coatue, given the firm's deep expertise and long track record of investments in the AI ecosystem," said Asher Genoot, Chief Executive Officer of Hut 8. "We believe this partnership will allow us to unlock significant opportunities and connectivity to the broader space as we enter this next phase of growth."

Recent News:

https://ca.finance.yahoo.com/news/hut-8-announces-150-million-103000755.html

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