tl;dr
Hut 8, a North American Bitcoin mining firm, has secured a $150 million investment from Coatue in the form of a convertible note to accelerate its growth in the AI infrastructure market. The investment aims to address the surging demand for AI compute capacity by leveraging Hut 8's energy infrastruc...
Hut 8, a North American Bitcoin mining firm, has secured a $150 million investment from Coatue in the form of a convertible note to accelerate its growth in the AI infrastructure market. The investment aims to address the surging demand for AI compute capacity by leveraging Hut 8's energy infrastructure expertise.
The convertible note carries an 8% annual interest rate, an initial five-year term, and an initial conversion price set at $16.395 per share. The transaction is expected to close by July 11.
Coatue partner Robert Yin expressed confidence in Hut 8's energy strategy and track record, while Hut 8's stock price has risen nearly 4% to $12.79.
“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,” said Hut 8 CEO Asher Genoot, in a release.
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Dividend Yield: 0
Beta: None
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200-Day Moving Average: 0.007
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Dividend Yield
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Price/Earnings Ratio
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Return on Equity
17.8%
Beta
0.215
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Enterprise Value
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Sector: LIFE SCIENCES
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