Hut 8 Acquires 990 Bitcoin, Pushing Reserves Over 10,000 BTC

Hut 8 has joined its public Bitcoin mining peers by acquiring 990 BTC for $100 million, increasing its Bitcoin reserves to over the 10,000 BTC mark.

The company announced on Thursday that it purchased the 990 BTC at an average price of $101,710. With this latest acquisition, Hut 8 now holds a total of 10,096 BTC on its balance sheet.

As one of the longest-running public Bitcoin mining firms, Hut 8 has primarily built up its Bitcoin reserves through its proprietary mining operations.

However, Hut 8 has been actively liquidating its mined Bitcoin throughout the year while Bitcoin gradually climbed towards the $100,000 mark. From January to November, the firm mined 1,413 BTC and liquidated 1,486 BTC, according to its monthly disclosures.

Hut 8 is now among the latest public mining companies with over 10,000 BTC in holdings through market acquisitions in addition to regular mining.

For example, MARA has acquired over 22,000 BTC since late November, funded by nearly $2 billion raised through the issuance of convertible notes. Riot Platforms, after raising $600 million through convertible bonds, purchased 5,784 BTC, bringing its total Bitcoin reserves to 17,429 BTC.