Bitcoin

Million

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Hut 8, a Bitcoin miner, has secured a $150 million investment from Coatue Management.</li>
 <li>The investment will be used to develop Hut 8’s potential in the artificial intelligence infrastructure market.</li>
</ul>
<p>Hut 8, a known <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> miner, has revealed that it has entered into a definitive agreement with a fund run by Coatue Management. Through a convertible note, Coatue will invest a total of $150 million into the company.</p>
<h2 id="advancing-ai-infrastructure">Advancing AI Infrastructure</h2>
<p>Hut 8 aims to use its expertise in developing and operating complex energy infrastructure to meet the unmet demand in the artificial intelligence infrastructure market. The company’s goal is to emerge as a leader in this field.</p>
<p>Philippe Laffont, Founder and Portfolio Manager of Coatue, stated that they are dedicated to supporting innovators in AI. He believes that compute capacity is a crucial element for unlocking significant growth in the ecosystem. Laffont also expressed confidence in Hut 8’s potential to accelerate new compute capacity.</p>
<h2 id="intersection-of-ai-and-crypto">Intersection of AI and Crypto</h2>
<p>Juan Leon, a Senior Crypto Research Analyst, sees the convergence of AI and crypto as a mega-trend. This trend could potentially add up to $20 trillion to the global economy.</p>
<p>Hut 8 CEO Asher Genoot expressed excitement about partnering with Coatue. He believes that Coatue’s deep expertise and long history of investments in the AI ecosystem will help Hut 8 unlock significant opportunities. Coatue will have the option to convert the note into shares of common stock at an initial conversion price of $16.395 per share.</p>
<p>Hut 8 has a portfolio of 19 sites and ranks second among listed miners in terms of Bitcoin holdings. As of March 31, the company held 9,102 bitcoins in reserve, worth approximately $557 million. The company’s stock was trading up 5% at the time of the announcement, while the rest of the mining sector was selling off due to a drop in the price of Bitcoin.</p>

Coatue’s $150 Million Infusion Boosts Hut 8’s AI Infrastructure Journey in Bitcoin Mining

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