Bitcoin Miner Hut 8 Launches $750M ATM and Stock Repurchase Program to Finance Corporate Strategic BTC Reserve

Hut 8's ATM initiative aims to raise $500 million for its Bitcoin (BTC) treasury and $250 million to fund stock buybacks

Bitcoin miner Hut 8 announced an at-the-market and stock repurchase program on Dec. 4 to finance its corporate strategic BTC reserve.

The ATM initiative aims to raise $500 million for Hut 8’s Bitcoin (BTC) treasury and $250 million to fund stock buybacks, according to a press statement. The firm’s CEO, Asher Genoot, stated that Hut 8’s decision will allow the miner to weather volatile markets and bolster its balance sheet with the world’s leading digital asset.

"We are pleased to announce a $500 million ATM Program and a $250 million Stock Repurchase Program,” said Genoot in the statement. "The proceeds from the ATM Program will be used to fund a portion of our growth initiatives, including expanding our mining infrastructure and data centers, as well as for general corporate purposes and working capital."

Genoot added that net proceeds from the ATM program have also been designated for expanding Hut 8’s mining infrastructure and data centers.

“We believe the capital market updates announced today send a clear message to shareholders: our key investors continue to believe in us, and the flexibility provided by the ATM Program and Stock Repurchase Program strengthens our ability to pursue ambitious growth objectives with confidence while maintaining a relentless focus on driving sustainable shareholder returns,” concluded Genoot.

Hut 8 today announced a $500 million ATM program and a $250 million stock repurchase program.

Read the full release here: https://t.co/AbpSre2Hql

Following MicroStrategy’s introduction of the concept, stock sales and issuing securities are fast-growing trends among crypto-savvy institutions. MicroStrategy executive chairman Michael Saylor secured loans and raised capital to buy Bitcoin, spurring other firms to leverage the idea.

Institutions and firms across the U.S. and Asia, like Hut 8 and Metaplanet, have hopped on the bandwagon, growing respective reserves domiciled in the trillion-dollar crypto asset.

More Bitcoin miners have also announced strategic BTC reserves, adding to existing holdings generated through massive computing facilities. Marathon Digital Holdings held $3.3 billion in BTC following its latest top-up disclosed on Nov. 27. The BTC miner offered a $1 billion convertible note sale, spending over $67 million on crypto buys while holding $160 million in reserve for additional purchases.

Related: Bitcoin price rallies to 2-month highs as US inflation cools to 7.1% in November

Policymakers and BTC supporters also encouraged the U.S. federal and state governments to create strategic crypto stockpiles. Some 10 U.S. states could soon pass laws to establish reserves, even before President Donald Trump makes good on his promise, according to Satoshi Act Fund founder Dennis Porter.