Hut 8 announces a $500 million equity offering program and a $250 million share buyback plan, a portion of which will be used to purchase Bit.
On December 4, the Nasdaq-listed Bit mining company, Hut 8, announced the launch of an at-the-market (ATM) equity offering program worth $500 million and a $250 million share buyback plan.
The company plans to use the proceeds from the sale of common shares under the ATM program for growth initiatives, including: acquiring or developing digital and energy infrastructure assets such as data centers, as well as purchasing Bit as a strategic reserve asset.
Additionally, the raised Capital may be allocated to other investments and Capital expenditures, working Capital replenishment, securities repurchases, debt repayment, and other general corporate purposes.
This move comes shortly after MARA, another Bit mining company, also announced a $700 million bond offering to purchase Bit.
