Hut 8 stock surged almost 8% following the announcement of the stock repurchase program.
North American Bitcoin mining company Hut 8 has announced a $500 million stock repurchase program, with the proceeds going toward growth initiatives, including buying Bitcoin as a strategic reserve.
Hut 8’s at-the-market (ATM) offering program will enable the company to sell up to $500 million in common stock, with proceeds going toward acquiring or developing power and digital infrastructure, a Bitcoin (BTC) strategic reserve, and other corporate purposes like capital expenditures and debt repayment.
“The launch of the ATM Program and Stock Repurchase Program has equipped the business with two powerful tools that we believe bolster our ability to navigate the volatile markets in which we operate,” said CEO of Hut 8 Asher Genoot in the Dec. 4 statement.
