{"id":665302,"date":"2024-12-20T04:00:28","date_gmt":"2024-12-20T04:00:28","guid":{"rendered":"https:\/\/uniquehot.com\/?p=665302"},"modified":"2024-12-19T15:40:12","modified_gmt":"2024-12-19T15:40:12","slug":"hut-8-bitcoin-holdings-now-over-1-billion-with-latest-buy","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/hut-8-bitcoin-holdings-now-over-1-billion-with-latest-buy\/","title":{"rendered":"Hut 8 Bitcoin Holdings Now Over $1 Billion With Latest Buy"},"content":{"rendered":"

Major North American Bitcoin (BTC) mining company Hut 8 has further expanded its BTC holdings with a $100 million acquisition. This latest purchase has pushed the company\u2019s total reserves to over 10,096 BTC, valued at more than $1 billion at current market prices.<\/span><\/p>\n

Hut 8 Bitcoin Reserves Top $1 Billion<\/span><\/h2>\n

The Miami-headquartered cryptocurrency mining firm continues to increase its Bitcoin reserves, undeterred by BTC\u2019s recent price surges. In its latest announcement, Hut 8 <\/span>revealed<\/span><\/a> the purchase of approximately 990 BTC for $100 million, at an average price of $101,710 per Bitcoin.<\/span><\/p>\n

Related Reading: Metaplanet To Expand Bitcoin Holdings With $11.3 Million Bond Sale<\/a><\/div>\n

This acquisition has propelled Hut 8\u2019s total BTC holdings to over $1 billion, with the coins acquired at an average cost of $24,485 per Bitcoin. The move reflects the company\u2019s strategy of combining low-cost BTC production with what it views as strategic market buys to maximize returns and strengthen its reserve assets.<\/span><\/p>\n

Notably, Hut 8\u2019s recent purchase positions it among the top 10 largest corporate holders of Bitcoin globally. MicroStrategy remains the leader on this list, holding more than 250,000 BTC on its balance sheet. Commenting, Asher Genoot, CEO, Hut 8, said:<\/span><\/p>\n

We believe deeply in our operating business and that building a strategic Bitcoin reserve will fortify our financial position as we pursue large-scale growth initiatives across power and digital infrastructure. Additionally, as we scale operations and extend our cost advantage in Bitcoin production, we anticipate that the flywheel effect will enable us to grow our holdings organically at a significant discount to market prices, strengthening the yield of our reserve strategy.<\/span><\/p><\/blockquote>\n

Echoing these sentiments, Hut 8 CFO, Sean Glennan explained that making BTC a reserve asset was a key component of the company\u2019s strategy to deliver \u201csuperior returns\u201d to shareholders through strategic treasury management. He added that the company is open to deploying its BTC reserve to support business objectives, such as upgrading its mining fleet.<\/span><\/p>\n

Earlier this month, Hut 8 <\/span>unveiled<\/span><\/a> a massive $750 million initiative aimed at general corporate objectives, debt repayment, and bolstering its Bitcoin reserve. On a year-to-date basis, Hut 8\u2019s stock has surged by over 102%, trading at $27.11 at the time of writing.<\/span><\/p>\n

\"Hut
Source: Yahoo! Finance<\/a><\/figcaption><\/figure>\n

4 Mining Firms Among Top 10 Corporate BTC Holders<\/span><\/h2>\n

While companies like <\/span>MicroStrategy<\/span><\/a>, Tesla, Block, and Coinbase are well-known among the top corporate Bitcoin holders, four Bitcoin mining firms also feature on this prestigious list, namely, Marathon Digital Holdings, Hut 8, Riot Blockchain, and CleanSpark.<\/span><\/p>\n

Related Reading: Bitcoin Adoption Grows As Rumble Unveils $20 Million BTC Treasury Strategy<\/a><\/div>\n

Last year, Riot Blockchain <\/span>reported<\/span><\/a> a significant increase in its BTC holdings. At the time of writing, the Bitcoin mining firm holds a total of 8,490 BTC.\u00a0<\/span><\/p>\n

Similarly, earlier this month, Marathon Digital Holdings <\/span>purchased<\/span><\/a> another 703 BTC to increase its total reserves to 34,794 BTC. This move aligns with Marathon CEO\u2019s previous <\/span>statement<\/span><\/a> that institutions are \u201cwaiting to buy up\u201d Bitcoin.<\/span><\/p>\n

In October, CleanSpark CEO Zach Bradford <\/span>predicted<\/span><\/a> that BTC may peak around $200,000 in the next 18 months. At press time, BTC trades at $100,543, down 3.1% in the past 24 hours.<\/span><\/p>\n

\"bitcoin\"
BTC trades at $100,543 on the daily chart | Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Unsplash, Charts from Yahoo! Finance and Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Major North American Bitcoin (BTC) mining company Hut 8 has further expanded its BTC holdings with a $100 million acquisition. This latest purchase has pushed the company\u2019s total reserves to over 10,096 BTC, valued at more than $1 billion at current market prices. Hut 8 Bitcoin Reserves Top $1 Billion The Miami-headquartered cryptocurrency mining firm continues to increase its Bitcoin reserves, undeterred by BTC\u2019s recent price surges. In its latest announcement, Hut 8 revealed the purchase of approximately 990 BTC for $100 million, at an average price of $101,710 per Bitcoin. Related Reading: Metaplanet To Expand Bitcoin Holdings With $11.3 Million Bond Sale This acquisition has propelled Hut 8\u2019s total BTC holdings to over $1 billion, with the coins acquired at an average cost of $24,485 per Bitcoin. The move reflects the company\u2019s strategy of combining low-cost BTC production with what it views as strategic market buys to maximize returns and strengthen its reserve assets. Notably, Hut 8\u2019s recent purchase positions it among the top 10 largest corporate holders of Bitcoin globally. MicroStrategy remains the leader on this list, holding more than 250,000 BTC on its balance sheet. Commenting, Asher Genoot, CEO, Hut 8, said: We believe deeply in our operating business and that building a strategic Bitcoin reserve will fortify our financial position as we pursue large-scale growth initiatives across power and digital infrastructure. Additionally, as we scale operations and extend our cost advantage in Bitcoin production, we anticipate that the flywheel effect will enable us to grow our holdings organically at a significant discount to market prices, strengthening the yield of our reserve strategy. Echoing these sentiments, Hut 8 CFO, Sean Glennan explained that making BTC a reserve asset was a key component of the company\u2019s strategy to deliver \u201csuperior returns\u201d to shareholders through strategic treasury management. He added that the company is open to deploying its BTC reserve to support business objectives, such as upgrading its mining fleet. Earlier this month, Hut 8 unveiled a massive $750 million initiative aimed at general corporate objectives, debt repayment, and bolstering its Bitcoin reserve. On a year-to-date basis, Hut 8\u2019s stock has surged by over 102%, trading at $27.11 at the time of writing. 4 Mining Firms Among Top 10 Corporate BTC Holders While companies like MicroStrategy, Tesla, Block, and Coinbase are well-known among the top corporate Bitcoin holders, four Bitcoin mining firms also feature on this prestigious list, namely, Marathon Digital Holdings, Hut 8, Riot Blockchain, and CleanSpark. Related Reading: Bitcoin Adoption Grows As Rumble Unveils $20 Million BTC Treasury Strategy Last year, Riot Blockchain reported a significant increase in its BTC holdings. At the time of writing, the Bitcoin mining firm holds a total of 8,490 BTC.\u00a0 Similarly, earlier this month, Marathon Digital Holdings purchased another 703 BTC to increase its total reserves to 34,794 BTC. This move aligns with Marathon CEO\u2019s previous statement that institutions are \u201cwaiting to buy up\u201d Bitcoin. In October, CleanSpark CEO Zach Bradford predicted that BTC may peak around $200,000 in the next 18 months. At press time, BTC trades at $100,543, down 3.1% in the past 24 hours. Featured image from Unsplash, Charts from Yahoo! Finance and Tradingview.com<\/p>\n","protected":false},"author":619,"featured_media":665313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,640,1119,78790,1393,1558,15385,12786,81299,4096],"class_list":["post-665302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-mining","tag-btc","tag-btcusdt","tag-coinbase","tag-cryptocurrency","tag-digital-asset","tag-hut-8","tag-microstrategy","tag-tesla"],"acf":[],"yoast_head":"\nHut 8 Bitcoin Holdings Now Over $1 Billion With Latest Buy<\/title>\n<meta name=\"description\" content=\"Major North American Bitcoin mining company Hut 8 has further expanded its BTC holdings with a $100 million acquisition.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand. Ash\u2019s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance. In the NFT space, Ash\u2019s interest is driven by the technology\u2019s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash\u2019s research in this area often touches on the intersection of culture, technology, and community-driven projects. A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash\u2019s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution. When it comes to communicating these complex topics, Ash\u2019s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights. Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain\u2019s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries. Ash\u2019s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash\u2019s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.","url":"https:\/\/uniquehot.com\/author\/aisshwaryatiwari\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Hut 8 Bitcoin Holdings Now Over $1 Billion With Latest Buy","url":"http:\/\/uniquehot.com\/bitcoin-news\/hut-8-bitcoin-holdings-now-over-1-billion-with-latest-buy\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/bitcoin-news\/hut-8-bitcoin-holdings-now-over-1-billion-with-latest-buy\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/12\/bitcoin_617544.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/12\/bitcoin_617544.jpg?fit=1920%2C1280"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Ash Tiwari"}],"creator":["Ash Tiwari"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin mining","btc","btcusdt","coinbase","cryptocurrency","digital asset","hut 8","microstrategy","tesla"],"dateCreated":"2024-12-20T04:00:28Z","datePublished":"2024-12-20T04:00:28Z","dateModified":"2024-12-20T04:00:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Hut 8 Bitcoin Holdings Now Over $1 Billion With Latest Buy\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/bitcoin-news\\\/hut-8-bitcoin-holdings-now-over-1-billion-with-latest-buy\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/bitcoin-news\\\/hut-8-bitcoin-holdings-now-over-1-billion-with-latest-buy\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/12\\\/bitcoin_617544.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/12\\\/bitcoin_617544.jpg?fit=1920%2C1280\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Ash Tiwari\"}],\"creator\":[\"Ash Tiwari\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin mining\",\"btc\",\"btcusdt\",\"coinbase\",\"cryptocurrency\",\"digital asset\",\"hut 8\",\"microstrategy\",\"tesla\"],\"dateCreated\":\"2024-12-20T04:00:28Z\",\"datePublished\":\"2024-12-20T04:00:28Z\",\"dateModified\":\"2024-12-20T04:00:28Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/12\/bitcoin_617544.jpg?fit=1920%2C1280","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/665302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/619"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=665302"}],"version-history":[{"count":3,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/665302\/revisions"}],"predecessor-version":[{"id":665316,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/665302\/revisions\/665316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/665313"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=665302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=665302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=665302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}