Coatue Management invested $150 million in the Bitcoin miner Hut 8 Corp. due to its capability to power generative AI applications with its high-performance computing.
The tech-focused investment manager Coatue Management will make a $150 million investment into the Bitcoin miner Hut 8 Corp. as investors continue to capitalize on the artificial intelligence (AI) boom.
On June 24, Hut 8 Corp. revealed the multimillion-dollar investment from Coatue Management, owned by billionaire Philippe Laffont, which will take place through a convertible note.
According to the Bitcoin miner, the note will pay out 8% each year with a starting term of five years. Hut 8 has the option to extend the note for up to three one-year extension periods. The investment will be a senior unsecured obligation of Coatue Management.
