PANews reported on October 2 that according to Cointelegraph, Bitcoin mining company Hut 8 has repaid Anchorage Digital's approximately $38 million loan balance through stock conversion. Anchorage Digital converted debt into common stock at a price of $16.395 per share. The converted share price is 51% higher than the 20-day volume-weighted average price as of September 26. On October 1, Hut 8 stock opened at $12.30.
Hut 8 used 21,000 mining machines as collateral when it restructured its Anchorage Digital loan in February 2023. The company still has about $290 million in debt. Hut 8's remaining debt includes a $150 million convertible note agreed with Coatue Management in June, earmarked for the mining company's expansion into the artificial intelligence computing power market.
