---
title: "Hut 8’s Bitcoin reserve tops $1b after $100m purchase"
url: https://diffcoin.com/hut-8s-bitcoin-reserve-tops-1b-after-100m-purchase/
description: "Hut 8 just bought 990 Bitcoin for $100 million, raising its total Bitcoin reserve to 10,096 BTC, which is worth over $1 billion"
published: 2024-12-19
updated: 2024-12-19
author: "Mila"
site: "Diffcoin"
---

# Hut 8’s Bitcoin reserve tops $1b after $100m purchase

Hut 8, a Bitcoin mining company, has added 990 Bitcoin to its reserves, spending $100 million to increase its total holdings to 10,096 BTC.

The reserve, now valued at over $1 billion, places Hut 8 among the largest corporate Bitcoin (BTC) holders globally.

The company purchased the coins at an average price of $101,710, significantly higher than its cumulative acquisition cost of $24,484 per Bitcoin. Hut 8 credits its historically lower average cost to efficient mining operations and strategic acquisitions, as outlined in its press release.

This move follows examples set by crypto-focused businesses like Microstrategy and Travala, which have implemented Bitcoin reserves as part of their growth strategies.

## Bitcoin funds will support mining equipment

The newly acquired Bitcoin will support an innovative financing model for upgrading its mining fleet. Hut 8 plans to enhance its mining operations by upgrading 111 MW of self-mining capacity.

The upgrade is expected to boost its hashrate by 66% to 9.3 EH/s by early 2025 while improving efficiency by reducing energy consumption.

> Hut 8 today announced the purchase of approximately 990 Bitcoin for approximately $100 million, or an average of approximately $101,710 per Bitcoin. Combined with the Bitcoin held prior to this purchase, Hut 8’s strategic Bitcoin reserve now totals more than 10,000 Bitcoin with a… [pic.twitter.com/BhgCNMMEJu](https://t.co/BhgCNMMEJu)
> 
> — Hut 8 (@Hut8Corp) [December 19, 2024](https://twitter.com/Hut8Corp/status/1869737023424327837?ref_src=twsrc%5Etfw)

CEO Asher Genoot stated that the reserve fortifies Hut 8’s financial position as it expands into power and digital infrastructure.

“The strategic Bitcoin reserve supports a flywheel effect that aligns our capital and operating strategies to accelerate value creation across the business,” said Genoot.

Hut 8 launched an at-the-market offering and stock repurchase program earlier this month to fund its Bitcoin treasury and corporate strategy. The company aimed to raise $500 million for its BTC reserves and $250 million for stock buybacks to strengthen its position during market volatility.

[Source link](https://crypto.news/hut-8s-bitcoin-reserve-tops-1b-after-100m-purchase/)