Bitcoin Miner Hut 8 Lands $150 Million Investment to Expand AI Push

North American The deal comes as demand for AI compute capacity surges, outpacing the capabilities of many traditional data center operators. Hut 8 plans to leverage its experience in developing and operating energy infrastructure to address this unmet demand.”We believe this partnership will allow us to unlock significant opportunities and connectivity to the broader space as we enter this next phase of growth,” said Hut 8 CEO Asher Genoot, in a release.The convertible note bears an 8% annual interest rate and has an initial five-year term, with options for extension. The initial conversion price is set at $16.395 per share, representing a 45% premium over recent trading prices. The transaction is expected to close by July 11, subject to customary closing conditions.“The broader market is beginning to appreciate the scarcity of high-quality power assets, and Hut 8 has built a deep pipeline of highly attractive expansion assets,” said Coatue partner Robert Yin, in a release. “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.”Hut 8’s stock price is up nearly 4% on the day to $12.79, as of this writing.Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by