Public Bitcoin Miner Closes $ 172 Million Public Offering of Common Shares

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On Friday, Hut 8 Mining announced the closing of its public offering of common shares in the United States and Canada.

Hut 8 sold 20,182,500 common shares, including a full exercise of the underwriters’ option to purchase an additional 2,632,500 shares.

The common shares were offered to the public at a price of US $ 8.55 per share, which brought gross proceeds to Hut 8 of $ 172,560,375.

The giant mining company plans to use the proceeds of the shares to support the growth of its facilities, including financing the purchase of mining equipment to increase the hashrate of Hut 8 and for strategic partnerships, acquisitions and joint ventures.

Hut 8 now holds over 4,000 Bitcoin, worth $ 190 million in cold storage. The company started the third quarter by producing an average of 9.7 BTC per day. Canadian facilities have a combined mining capacity of over 100 megawatts.

Notably, the company previously said that during this bull run, it held one hundred percent of the Bitcoin it mined in a cold warehouse, rather than selling the Bitcoin to fund its operations.

Hut 8 was the first miner listed on the Toronto Stock Exchange and the first Canadian miner to be listed on the Nasdaq Global Select Market.

The recent monthly Hut 8 filings provide a window into how North American operations have benefited from the reduced competition in the market since the exodus from China and the subsequent global hashrate redistribution, as well as from growing public demand for investments adjacent to Bitcoin.

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