Bitcoin Mining Company Hut 8 Receives $150 Million AI-Led Investment
Hut 8, a Bitcoin mining and data-centre based in Florida has reached an agreement that will see it receive a $150 million strategic investment from New York City-based investment management firm Coatue.
The Bitcoin mining powerhouse believes that the cash injection from Coatue will aid it in opening doors to new opportunities as it enters this next phase.
Commenting on the collaboration, Hut 8 CEO Asher Genoot said, “We are thrilled to be partnering with Coatue, given the firm’s deep expertise and long track record of investments in the artificial intelligence (AI) ecosystem.”
Hut 8 & Coatue Speak On $150 Million Investment
We are incredibly excited to announce a $150 million strategic investment from @coatuemgmt to partner in building a next generation AI infrastructure platform. This investment will accelerate growth in our data center portfolio and provides access to Coatue's extensive network of… pic.twitter.com/BYvpHx50PS
— Hut 8 (@Hut8Corp) June 24, 2024
According to Hut 8, the strategic funding will power the growth of its data-centre portfolio. Using the investment, it will attempt to become a leading provider of computing power for AI applications.
“We believe this partnership will allow us to unlock significant opportunities and connectivity to the broader space as we enter this next phase of growth,” Genoot said.
Expressing enthusiasm for the partnership, Coatue’s founder Philippe Laffont, said, “We are committed to supporting innovators advancing AI and believe that compute capacity is crucial to unlocking significant growth across the ecosystem.”
“We believe that Hut 8 is well-positioned to accelerate new compute capacity and can capitalize on the opportunity it will bring,” Laffont added.
$HUT New deal is a game-changer. Not only do they have the funding they need to expand their AI ops, they also have top tier AI customers at their doorstep. https://t.co/gGkHs4IaP6 pic.twitter.com/g0ztjKy1sr
— Vespazian (@meowmeowdj) June 24, 2024
History Of Hut 8’s Big Deals
Headquartered in Toronto Canada, Hut 8 was founded in 2017 as a cryptocurrency mining and blockchain infrastructure company. It made history in October 2019 by becoming the first cryptocurrency company to be listed on the Toronto Stock Exchange.
February 2023 saw Hut 8 announce a huge merger, with Miami-based company US Bitcoin Corp. Prior to the merge, US Bitcoin built and ran four large Bitcoin mining centres across the United States. The deal was officially completed in November 2023. It was an all-stock merger of equals which saw Hut 8 become a Miami-based company.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.
Free Bitcoin Crash Course
Learn everything you need to know about Bitcoin in just 7 days. Daily videos sent straight to your inbox.
