Coatue Management, a tech-focused investment manager, is set to invest $150 million in Bitcoin miner Hut 8 Corp, seizing opportunities in the AI boom. The investment, facilitated through a convertible note, will yield 8% annually for five years, extendable for up to three years. Philippe Laffont's Coatue Management views Hut 8 as primed to enhance compute capacity and leverage arising prospects. The deal, expected by July 11, underscores Hut 8's stature as a major player in public mining, boasting a $1.1 billion market cap. With a focus on high-performance computing, Hut 8 aligns with the trend driving AI advancements. Other miners like Core Scientific and TeraWulf are also tapping into AI partnerships, signaling a shift towards valuable power assets. Post-Bitcoin halving, firms like Hut 8 are diversifying revenue streams to stay competitive amidst industry challenges. Read more AI-generated news on: https://app.chaingpt.org/news