2024

Partner

Hut 8 Corp., a top Bitcoin miner and provider of large-scale energy infrastructure, announced that it has reached a definitive agreement with a fund managed by Coatue Management, L.L.C. (“Coatue”). 
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 We are incredibly excited to announce a $150 million strategic investment from <a href="https://twitter.com/coatuemgmt?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@coatuemgmt</a> 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… <a href="https://t.co/BYvpHx50PS" target="_blank">pic.twitter.com/BYvpHx50PS</a>— Hut 8 (@Hut8Corp) <a href="https://twitter.com/Hut8Corp/status/1805209331597517047?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 24, 2024</a>
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As per the <a href="https://www.globenewswire.com/news-release/2024/06/24/2902828/0/en/Hut-8-Announces-150-Million-Strategic-Investment-from-Coatue-to-Partner-in-Building-Next-Generation-AI-Infrastructure-Platform.html" target="_blank" rel="noreferrer noopener nofollow">announcement</a>, Coatue Management, L.L.C. agreed to invest $150 million in Hut 8 via a convertible note, aiming for the company’s growth in the AI infrastructure market. 
Philippe Laffont emphasized that supporting innovators in AI is crucial, and that compute capacity is key to significant growth in the ecosystem. He believes Hut 8 is well-positioned to expand computing capacity and seize new opportunities. 
Robert Yin, Partner at Coatue, highlighted, “We believe their differentiated energy strategy and track record of fast, cost-efficient development will continue to drive competitive advantage as they execute on these opportunities.” 
The investment comes as traditional data centers struggle with power shortages and long lead times, unable to meet the rising demand for AI computing capacity. Hut 8 plans to leverage its expertise in energy infrastructure to address these challenges and establish itself as a leader in AI infrastructure. 
Hut 8 Corp. and Coatue Management have agreed on a $150 million investment via a convertible note. The note bears an 8% annual interest rate, has an initial five-year term, and can be extended up to three more years.&nbsp;&nbsp; 
It is a senior unsecured obligation guaranteed by Hut 8 Mining Corp. Coatue can convert these notes into common stock at $16.395 per share, a 45% premium to the recent 10-day average. The transaction is expected to close by July 11, 2024, pending customary conditions. 
Asher Genoot, CEO of Hut 8, expressed optimism about the cooperation with Coatue, citing its potential to unleash substantial prospects in the AI ecosystem. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/22/hut-8-receives-buy-rating-from-benchmark-with-12-price-target/" target="_blank" rel="noreferrer noopener">Hut 8 Receives ‘Buy’ Rating from Benchmark with $12 Price Target</a> 
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Hut 8 Secures $150M Investment from Coatue for AI Expansion

The Crypto Times

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