Wu said that Bitcoin mining company Hut 8 announced that it had converted all of its approximately $38 million outstanding loans from its subsidiary to Anchorage Lending CA into the company's common stock at a price of $16.395 per share, a 51% premium over the weighted average price of the 20 days before September 26. Hut 8 CEO Asher Genoot said that after the loan conversion, Hut 8's balance sheet has been strengthened and debt has been reduced, and the company will be better able to advance discussions with potential partners and execute development plans for next-generation mining and AI data centers.