Mining company Hut 8 buys 100 million USD in Bitcoin, currently holding 10,096 BTC
Hut 8 Mining Corp. made a Bitcoin purchase worth $100 million, thereby bringing the total number of Bitcoins currently held to 10,096 BTC, equivalent to about $1 billion in market value. The deal took place on December 19, 2024, when the company purchased an additional 990 BTC at an average price of approximately $101,710 per Bitcoin, in line with its strategy of increasing Bitcoin reserves to maximize profits. profits from mining activities
Hut 8 CEO Asher Genoot has emphasized that the company's strategic Bitcoin reserves are a key part of their overall financial strategy. Expanding BTC holdings is seen as a key factor in gaining competitive advantage and ensuring low production costs. Hut 8 plans to continue increasing its Bitcoin holdings as many other companies are also moving to accumulate the asset as part of a long-term financial strategy.
