Hut 8 Bitcoin Holdings Now Over $1 Billion With Latest Buy
Major North American Bitcoin (BTC) mining company Hut 8 has further expanded its BTC holdings with a $100 million acquisition. This latest purchase brings the company’s total reserves to over 10,096 BTC, worth over $1 billion at current market prices.
8 Bitcoin reserves top $1 billion
The Miami-based cryptocurrency mining company continues to increase its Bitcoin reserves and remains unaffected by Bitcoin’s recent price surge. Hut 8 in its latest announcement disclose Approximately 990 BTC were purchased for $100 million, at an average price per Bitcoin of $101,710.
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The acquisition brings Hut 8’s total BTC holdings to over $1 billion, with an average cost per Bitcoin of $24,485. The move reflects the company’s strategy of combining low-cost Bitcoin production with strategic market purchases to maximize returns and strengthen its reserve assets.
Notably, Hut 8’s recent acquisitions place it among the top 10 largest Bitcoin holders in the world. MicroStrategy remains the leader on the list, holding over 250,000 Bitcoins on its balance sheet. Hut 8 CEO Asher Genoot commented:
We have deep confidence in our operating business and establishing a strategic Bitcoin reserve will strengthen our financial position as we pursue large-scale growth plans in the power and digital infrastructure sectors. Additionally, as we scale our operations and expand our cost advantage in Bitcoin production, we anticipate that the flywheel effect will allow us to organically grow our holdings at a significant discount to market prices, thereby enhancing our reserve strategy income.
Hut 8 CFO Sean Glennan echoed these sentiments, explaining that making BTC a reserve asset is a key component of the company’s strategy to deliver “superior returns” to shareholders through strategic treasury management. He added that the company is willing to deploy its BTC reserves to support business goals, such as upgrading its mining fleet.
Earlier this month, Hut 8 unveiling This is a massive $750 million plan to achieve overall corporate goals, pay down debt, and grow Bitcoin reserves. Hut 8 shares have soared more than 102% year to date, trading at $27.11 as of this writing.
4 mining companies rank among top 10 BTC holdings
Although the company likes micro strategyTesla, Block, and Coinbase are well known among the top Bitcoin holders, and four Bitcoin mining companies also appear on this prestigious list: Marathon Digital Holdings, Hut 8, Riot Blockchain, and CleanSpark.
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Last year, Riot Blockchain report Its Bitcoin holdings increased significantly. As of this writing, the Bitcoin mining company holds a total of 8,490 Bitcoins.
Likewise, earlier this month, Marathon Digital Holdings Inc. Purchased Another 703 BTC increased its total reserves to 34,794 BTC. The move is consistent with previous moves by Marathon CEO statement Institutions are “waiting to buy” Bitcoin.
In October, CleanSpark CEO Zach Bradford Predictive BTC may peak around $200,000 within the next 18 months. As of press time, BTC was trading at $100,543, down 3.1% in the past 24 hours.
Featured image from Unsplash, chart from Yahoo! Finance and Tradingview.com
