{"id":144017,"date":"2024-12-05T19:00:10","date_gmt":"2024-12-05T17:00:10","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=144017"},"modified":"2024-12-05T14:44:45","modified_gmt":"2024-12-05T12:44:45","slug":"bitcoin-mining-company-launches-250-million-stock-buyback","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/bitcoin-mining-company-launches-250-million-stock-buyback\/","title":{"rendered":"Bitcoin Mining Company Launches $250 Million Stock Buyback"},"content":{"rendered":"<p>The company has <strong><a href=\"https:\/\/www.globenewswire.com\/news-release\/2024\/12\/04\/2991528\/0\/en\/Hut-8-Announces-New-ATM-and-Stock-Repurchase-Programs.html\">initiated<\/a> <\/strong>a $250 million stock repurchase program while also launching a stock sale initiative, with funds allocated toward several growth objectives, including acquiring <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/bitcoin\/\">Bitcoin<\/a> <\/strong>as part of a strategic reserve.<\/p>\n<p>The new offering program, known as the at-the-market (ATM) program, permits Hut 8 to sell up to $500 million in common stock. The proceeds will be directed towards enhancing its power and digital infrastructure, building its Bitcoin reserve, and covering various corporate needs such as capital expenditures and debt management.<\/p>\n<p>In a statement on December 4, Hut 8 CEO Asher Genoot emphasized that the introduction of these two programs provides the company with robust tools to help navigate the challenges of the volatile market. &#8220;These initiatives reinforce our proactive approach to treasury management and capital strategy,&#8221; he said.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/after-11-years-bitcoin-wallet-moves-257m-in-a-single-transaction\/\" title=\"After 11 Years, Bitcoin Wallet Moves $257M in a Single Transaction\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/whales-3-240x170.jpeg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">After 11 Years, Bitcoin Wallet Moves $257M in a Single Transaction<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>Under the stock repurchase plan, Hut 8 intends to buy back up to 4.68 million shares, which accounts for about 5% of its total outstanding stock, over the course of the next year.<\/p>\n<p>Despite facing some challenges earlier in the year, including a stock dip following a short-seller report, Hut 8 has experienced a remarkable 326% rebound, with shares rising from $6.33 in January to $27.03 by December 4. The company has also taken legal action this week, filing to dismiss a class-action lawsuit from shareholders based on the controversial report.<\/p>\n<p>Hut 8 joins a growing list of companies incorporating Bitcoin reserves into their strategies, with other firms like Genius Group, Hoth Therapeutics, Rumble, and Jiva Technologies announcing similar initiatives recently.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hut 8, a prominent Bitcoin mining company based in North America, has unveiled a bold strategy to boost its financial position.<\/p>\n","protected":false},"author":9,"featured_media":38402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[27],"tags":[],"class_list":["post-144017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin"],"acf":[],"yoast_head":"<!-- This site is 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