Bitcoin miner Hut 8 has decided to buy bitcoin in the open market, following the likes of MicroStrategy and MARA Holdings. The Miami, Florida-based company bought about 990 bitcoin for an average price of $101,710 each, bringing the amount of bitcoin held in Hut 8’s reserve to 10,096, or about $1 billion in market value.
This makes Hut 8 one of the top 10 largest corporate owners of bitcoin. The miner plans to use the reserve through options strategies, pledges, sales, or other strategies. Hut 8’s CEO, Asher Genoot, said the firm will be opportunistic in buying more bitcoin in the open market. The move follows Hut 8’s announcement earlier this month that it started a new $500 million at-the-market share issuance program.
Most recently, peer Riot Platforms bought 667 bitcoin at an average price of $101,135 on Dec. 16.
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