Benzinga – Bitcoin miner Hut 8 Corp. (NASDAQ:HUT) shares are trading higher Tuesday. The company on Monday announced a $150 million strategic investment to build a next generation AI infrastructure platform.
The Details:
Hut 8 announced Monday it had 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.
Hut 8 shares have gained more than 50% in the past month as other crypto-related stocks struggled alongside Bitcoin (CRYPTO: BTC).
Several analysts have updated…
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