Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a
leading, vertically integrated operator of large-scale energy
infrastructure and one of North America’s largest Bitcoin miners,
today announced the conversion of the entire ~$38 million
outstanding balance of its subsidiary’s outstanding loan with
Anchorage Lending CA, LLC, a subsidiary of Anchor Labs, Inc. d/b/a
Anchorage Digital (“Anchorage Digital”), into common stock of the
Company (the “Conversion”).
"Hut 8 stands out for its conviction to innovation — it's a key
reason that we originally backed them with a loan, and it's the
same reason we've now converted that debt to equity," said Nathan
McCauley, Co-Founder and CEO of Anchorage Digital. "In an evolving
market, Hut 8 has proven that they can adapt to meet the moment and
come out stronger — for the benefit of the company and the digital
asset ecosystem at large. We value that kind of resilience on our
balance sheet, and our new ownership stake makes that clear."
“Our relationship with Anchorage Digital has been instrumental
to our growth,” said Asher Genoot, CEO of Hut 8. “We are grateful
for their continued support as we scale and diversify our business
while maintaining an unwavering focus on disciplined and creative
capital deployment.
“With a strengthened balance sheet and decreased leverage, we
believe we are even better positioned to advance discussions with
prospective counterparties and execute on the development of
next-generation mining and AI data centers.”
Key Transaction Terms
Anchorage Digital has converted the ~$38 million outstanding
balance of the loan at a price of $16.395 per share of common stock
of Hut 8 pursuant to a Debt Repayment Agreement (the “Debt
Repayment Agreement”). The share price represents a 51% premium to
the 20-Day VWAP through September 26, 2024, the day prior to the
signing of the Debt Repayment Agreement.
Upon completion of the Conversion, the outstanding loan and all
other related obligations of the Company and its subsidiaries have
been satisfied.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be
any sale of any securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any
such state or other jurisdiction.
Additional information, including the Debt Repayment Agreement,
is available in the Form 8-K that the Company will file with the
Securities and Exchange Commission.
Upcoming Conferences & Events
- October 7–9, 2024: Yotta 2024
- October 15, 2024: USC Marshall Energy
Business Summit 2024
- November 13–14, 2024: Cantor Fitzgerald
Crypto, Digital Assets & AI Infrastructure Conference 2024
- November 19, 2024: Craig-Hallum 15th
Annual Alpha Select Conference
- November 19, 2024: Benzinga Future of
Digital Assets Conference 2024
About Hut 8
Hut 8 Corp. is an energy infrastructure operator and Bitcoin
miner with self-mining, hosting, managed services, and traditional
data center operations across North America. Headquartered in
Miami, Florida, Hut 8 Corp. has a portfolio comprising twenty
sites: ten Bitcoin mining, hosting, and Managed Services sites in
Alberta, New York, and Texas, five high performance computing data
centers in British Columbia and Ontario, four power generation
assets in Ontario, and one newly announced site in the Texas
Panhandle. For more information, visit www.hut8.com and follow us
on X (formerly known as Twitter) at @Hut8Corp.
Cautionary Note Regarding Forward–Looking
Information
This press release includes “forward-looking information” and
“forward-looking statements” within the meaning of Canadian
securities laws and United States securities laws, respectively
(collectively, “forward-looking information”). All information,
other than statements of historical facts, included in this press
release that address activities, events or developments that Hut 8
expects or anticipates will or may occur in the future, including
such things as future business strategy, competitive strengths,
goals, expansion and growth of the business, operations, plans and
other such matters is forward-looking information. Forward-looking
information is often identified by the words “may”, “would”,
“could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”,
“believe”, “estimate”, “expect”, “predict”, “can”, “might”,
“potential”, “predict”, “is designed to”, “likely” or similar
expressions. Specifically, such forward-looking information
included in this press release includes statements relating to the
Company’s advancement of its AI and mining infrastructure pipeline
and the Company’s ability to continue scaling and diversifying its
business while maintaining an unwavering focus on disciplined and
creative capital deployment.
Statements containing forward-looking information are not
historical facts, but instead represent management's expectations,
estimates and projections regarding future events based on certain
material factors and assumptions at the time the statement was
made. While considered reasonable by Hut 8 as of the date of this
press release, such statements are subject to known and unknown
risks, uncertainties, assumptions and other factors that may cause
the actual results, level of activity, performance or achievements
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to, security
and cybersecurity threats and hacks; malicious actors or botnet
obtaining control of processing power on the Bitcoin network;
further development and acceptance of the Bitcoin network; changes
to Bitcoin mining difficulty; loss or destruction of private keys;
increases in fees for recording transactions in the Blockchain;
erroneous transactions; reliance on a limited number of key
employees; reliance on third party mining pool service providers;
regulatory changes; classification and tax changes; momentum
pricing risk; fraud and failure related to digital asset exchanges;
difficulty in obtaining banking services and financing; difficulty
in obtaining insurance, permits and licenses; internet and power
disruptions; geopolitical events; uncertainty in the development of
cryptographic and algorithmic protocols; uncertainty about the
acceptance or widespread use of digital assets; failure to
anticipate technology innovations; the COVID19 pandemic, climate
change; currency risk; lending risk and recovery of potential
losses; litigation risk; business integration risk; changes in
market demand; changes in network and infrastructure; system
interruption; changes in leasing arrangements; failure to achieve
intended benefits of power purchase agreements; potential for
interrupted delivery, or suspension of the delivery, of energy to
mining sites and other risks related to the digital asset mining
and data center business. For a complete list of the factors that
could affect Hut 8, please see the “Risk Factors” section of Hut
8’s Transition Report on Form 10-K, available under the Company’s
EDGAR profile at www.sec.gov, and Hut 8’s other continuous
disclosure documents which are available under the Company’s SEDAR+
profile at www.sedarplus.ca and EDGAR profile
at www.sec.gov.
Hut 8 Corp. Investor RelationsSue
Ennisir@hut8.com
Hut 8 Corp. Media Relationsmedia@hut8.com
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