Hut 8 Repays $38 Million Loan Through Stock Conversion, Plans AI Data Center Expansion

Bitcoin miner Hut 8 repaid Anchorage Digital's loan of approximately $38 million through a stock swap, according to Cointelegraph. The conversion price was $16.395 per share, 51 percent higher than the 20-day volume-weighted average price on September 26th.

Hut 8 used 21,000 miners as collateral when it restructured the loan in February 2023, according to The Miner Mag. The company still has about $290 million in debt, including a $150 million convertible note with Coatue Management.

Hut 8 CEO Asher Genoot said that with a strengthened balance sheet and reduced leverage, the company is in a better position to engage in discussions with potential partners and develop next-generation mining and AI data centers.

Hut 8 launched a GPU-as-a-service program with AI developer AdvizeX on Sept. 26, offering Hewlett Packard Enterprise supercomputers powered by 1,000 Nvidia H100 GPUs.