Bitcoin Miner Hut 8 Joins the Buying Spree, Accumulates $100M in BTC

Bitcoin mining firm Hut 8 has bought about 990 BTC for approximately $100 million when each bitcoin traded at $101,710. Following the latest acquisition, Hut 8 holds a BTC portfolio of 10,096 BTC (currently worth about $1 billion).

Hut 8 Boost BTC Holdings

Earlier this month, Hut 8 revealed plans to raise $500 million through an at-the-market shares issuance program. The announcement explained that proceeds from the program would be used to boost its business operations and stockpile BTC as a “strategic reserve asset.” Fast-forward two weeks, and the Bitcoin mining firm has spent even more than the raised amount on BTC in the open market.

Notably, this is the firm’s first publicly disclosed BTC acquisition. Before now, Hut 8 got its BTC stash through its mining operations. The Bitcoin miner’s CEO Asher Genoot explained that the firm would “remain opportunistic in” acquiring BTC. At the same time, Hut 8 will continue expanding its mining business.

“Together with the significant investments we are making to expand our core operating business—with a clear path to 24 EH/s of self-mining capacity by Q2 2025—strategic Bitcoin purchases in the open market can strengthen our balance sheet and ability to invest thoughtfully in growth,” Genoot said.

Interestingly, Hut 8’s latest BTC big buy positions it as the fourth largest corporate BTC holder after MicroStrategy, Marathon Digital, and Riot Platforms. Before now, the Bitcoin miner held the 7th position after Tesla, Coinbase, and CleanSpark.

More Bitcoin Miners Are Accumulating BTC

Hut 8’s newly-embraced BTC buying practice follows the same path with the top two Bitcoin mining firms, Marathon Digital and Riot Platforms.

Last week, Marathon bought 11,774 BTC worth $1.1 billion. This took its BTC stash to 40,435 BTC valued above $4.12 billion based on bitcoin’s current market price.

Earlier this week, Riot Platforms acquired 667 BTC, bringing its total holdings to 17,429 BTC (worth about $1.8 billion). The acquisition came days after the firm announced a $500 million convertible senior note offering, a fundraising mechanism various institutional BTC buyers have recently employed.