Hut 8, a vertically integrated energy infrastructure operator, Bitcoin miner, and data center operator, has announced a $250 million stock buyback plan and a $500 million “at-the-market” (ATM) stock offering.

Sales of common stock under the ATM program are transacted at market price. The prospectus can be downloaded from EDGAR at www.sec.gov. Under the stock repurchase program, Hut 8 may repurchase up to 4,683,936 shares of common stock over the next year, representing 5.0% of outstanding shares.

The programs provide Hut 8 with increased flexibility to deploy cash and assets when and where they will deliver the most attractive returns. “These tools support a robust, integrated capital strategy, reinforcing our proactive approach to treasury management,” said Asher Genoot, CEO of Hut 8.

Hut 8 intends to use the proceeds for the acquisition or development of power and digital infrastructure, as well as the purchase of Bitcoin as a strategic reserve asset. In addition, the proceeds may be used to service debt, increase working capital, and other general corporate purposes.

With 9,122 Bitcoins on its balance sheet, Hut 8’s stock price has tripled in the past three months as the price of Bitcoin surged 175% in the same period.  

To read the press release in its entirety, click here.