Hut 8, one of North America’s largest Bitcoin miners, has increased its Bitcoin reserves with a $100 million acquisition. The company purchased 990 BTC at an average price of $101,710 per coin according to GlobeNewswire. The firm now holds 10,096 BTC valued at over $1 billion.
This move aligns with Hut 8’s strategy of blending self-mined Bitcoin with strategic market acquisitions to enhance returns and establish BTC as a reserve asset. The acquisition supports plans to upgrade its mining fleet, boosting production capacity and leveraging its growing BTC reserve for financial stability.
Hut 8’s expansion reflects a broader trend of institutional interest in Bitcoin as a strategic portfolio asset. CEO Asher Genoot highlighted the company’s goal of scaling operations and increasing holdings organically at a discount to market prices. The miner also aims to raise up to $500 million for BTC purchases as part of its treasury strategy.
See Related: Hut 8 Plans $500M Fundraising To Build Bitcoin Reserve
Strategic Bitcoin Reserve: Companies And States
Several U.S. states, including Pennsylvania, Texas, and Ohio, are exploring the concept of a Strategic Bitcoin Reserve (SBR), mirroring a trend initiated by companies like MicroStrategy. By adopting SBRs, states and companies aim to hedge against inflation, diversify their portfolios, and strengthen financial resilience.
This growing adoption has created a domino effect, encouraging other institutions and jurisdictions to follow suit. Recently, former U.S. President Donald Trump made headlines by endorsing the idea of an SBR, emphasizing its potential role in securing economic stability.
