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Hut 8 Corp (NASDAQ:HUT) shares are rising Monday while other Bitcoin (CRYPTO: BTC) mining stocks fall alongside the price of bitcoin. Hut 8 on Monday announced a $150 million strategic investment to build a next generation AI infrastructure platform.
What To Know: Hut 8 has entered into a definitive agreement with a fund managed by Coatue Management, in which Coatue has agreed to invest $150 million through a convertible note.
The note will have a principal amount of $150 million and bear interest at a rate of 8% per year. It will have an initial term of five years and an option for up to three one-year extension periods. Coatue will have the option to convert the note into Hut 8 common stock with an initial conversion price of $16.395 per share.
“We are thrilled to be partnering with Coatue, given the firm’s deep expertise and long track record of investments in the AI ecosystem,” said Asher Genoot, CEO of Hut 8.
“We believe this partnership will allow us to unlock significant opportunities and connectivity to the broader space as we enter this next phase of growth.”
The note will be a senior unsecured obligation of the company and guaranteed by Hut 8 Mining Corp, a direct wholly-owned subsidiary of Hut 8. The closing of the issuance of the note is expected to be completed on or prior to July 11.
Needham analyst John Todaro maintained Hut 8 with a Buy rating on Monday and raised the price target from $13 to $15.
See Also: What’s Going On With Bitcoin Mining Stocks Marathon Digital, Riot Platforms And CleanSpark?
HUT Price Action: Hut 8 shares were up 2.19% at $12.62 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
