Mining Giant That Increased Bitcoin Amount to 1 Billion Dollars Staged a Show - Coin Bulletin

Hut 8 aims to strengthen its financial position with strategic Bitcoin purchases as it increases its reserves to $1 billion by purchasing 990 Bitcoin. Please provide the text to be translated. Another company engaged in Bitcoin mining, Hut 8 (HUT), decided to follow in the footsteps of companies such as MicroStrategy (MSTR) and MARA Holdings (MARA) and make purchases of Bitcoin from the open market.

Florida-based company, announced that it has purchased approximately 990 Bitcoins at an average price of $101,710 each. With this new purchase, the amount of Bitcoin in Hut 8's reserves will reach 10,096, and its market value will increase to approximately $1 billion.

This will allow Hut 8 to be among the top 10 institutional companies holding the most Bitcoin, the company announced on Thursday.

The company indicated that it plans to use this Bitcoin reserve through options strategies, collaterals, sales, or other strategies. Hut 8 CEO Asher Genoot told CoinDesk in an interview that the company will adopt an opportunistic approach to acquire more Bitcoin in the market.

Today, the market recognizes and appreciates our strategic reserve. This effectively lowers our capital cost and strengthens our financial position. As long as this market dynamics continue, we will continue to be opportunistic in expanding our Bitcoin reserves.

This step comes after Hut 8's stock issuance program over $500 million in market started earlier this month. The company stated that a portion of the revenue from this fund will be used to buy Bitcoin from the open market.

Genoot noted that holding a Bitcoin reserve in Hut 8 provides the company with a flexible option and could help the company's growth, according to comments to CoinDesk.

We see our strategic reserve as a dynamic financial asset that can be actively managed to achieve returns beyond simple price increases. Along with significant investments to expand our core operating activities, we have a clear goal of reaching our own mining capacity of 24 EH/s by the second quarter of 2025.