Bitcoin miner Hut 8 Mining completes $172 million public offering of common stock

On September 17, Hut8 Mining announced the closing of its underwritten public offering of common shares in the United States and Canada. Hut8 sold 20,182,500 common shares, including the full exercise of the underwriters’ option to purchase an additional 2,632,500 shares.

Common stock was offered to the public at $8.55 per share, resulting in gross proceeds to Hut8 of $172,560,375.

The major mining company plans to use the stock proceeds to support the development of its facilities, including funding the purchase of mining equipment to increase Hut8's computing power and establishing strategic partnerships, acquisitions and joint ventures. Hut8 now has more than 4,000 bitcoins worth $190 million in cold storage. The company began producing an average of 9.7 BTC per day in the third quarter. The Canadian facilities have a combined mining capacity of more than 100 megawatts.

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