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Hut8, a major North American Bitcoin (BTC) mining company, has further expanded its BTC holdings with a $100 million acquisition. This latest acquisition brings the company's total reserves to over 10,096 BTC, worth over $1 billion at current market prices.
Hut 8's Bitcoin reserves exceed $1 billion
The Miami-based cryptocurrency mining company continues to grow its Bitcoin reserves despite the recent spike in BTC prices. In its latest announcement, Hut 8 revealed that it purchased approximately 990 BTC for $100 million, at an average price of $101,710 per Bitcoin.
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The acquisition brings Hut 8's total BTC holdings to over $1 billion, with the coins acquired at an average cost of $24,485 per Bitcoin. The move reflects the company's strategy to combine low-cost BTC production with what it considers strategic market purchases to maximize profits and strengthen its reserve assets.
Notably, Hut 8's recent acquisition puts it among the top 10 Bitcoin-holding companies in the world. MicroStrategy remains the leader on this list, with over 250,000 BTC on its balance sheet. Asher Genoot, CEO of Hut 8, commented:
We believe deeply in our business operations and believe that building a strategic Bitcoin reserve will strengthen our financial foundation as we pursue large-scale growth initiatives across power and digital infrastructure. I am. Additionally, as we expand our business and extend our cost advantage in Bitcoin production, the flywheel effect allows us to organically grow our holdings at a significant discount to market prices. We expect yields for our reserve strategy to strengthen.
Echoing this sentiment, Hut 8 CFO Sean Grennan said that making BTC a reserve asset is a key element of the company's strategy to deliver “superior returns” to shareholders through strategic financial management. He explained. He added that the company is open to leveraging BTC reserves to support business goals such as mining fleet upgrades.
Earlier this month, Hut8 announced a major $750 million effort aimed at general corporate goals, debt repayments, and increasing Bitcoin reserves. On a year-to-date basis, Hut 8 stock has soared over 102%, trading at $27.11 at the time of writing.
Source: Yahoo! Finance
Four mining companies ranked among the top 10 corporate BTC holders
While companies like MicroStrategy, Tesla, Block, and Coinbase are well known as the top corporate Bitcoin holders, this prestigious list includes four Bitcoin miners: Marathon Digital Holdings, Hut 8, Riot Blockchain, and CleanSpark. Also includes companies.
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Last year, Riot Blockchain reported a significant increase in BTC holdings. At the time of writing, the Bitcoin mining company holds a total of 8,490 BTC.
Similarly, Marathon Digital Holdings purchased an additional 703 BTC earlier this month, increasing its total reserves to 34,794 BTC. The move is in line with Marathon's previous statement that institutions are “waiting to buy up” Bitcoin.
CleanSpark CEO Zach Bradford predicted in October that BTC could reach a peak of around $200,000 in the next 18 months. At the time of writing, BTC is trading at $100,543, down 3.1% in the past 24 hours.
BTC is trading at $100,543 on the daily chart. Source: BTCUSDT on TradingView.com
Featured image from Unsplash, chart from Yahoo! Finance and Tradingview.com
