June 24, 2024
Hut 8, a Vertically Integrated Operator Of Large-Scale Energy Infrastructure, announced that agreement has been reached with a fund overseen by Coatue Management, L.L.C. (“Coatue”). According to this agreement, Coatue has committed to invest $150 million into the Company via a convertible note (“the Note”).
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Hut 8 | $150M | June 24, 2024 | Strategic Investment | Coatue | Bitcoin |
Philippe Laffont, the Founder and Portfolio Manager of Coatue, expressed their dedication to backing innovators who are pushing the boundaries of AI. They hold the view that compute capacity is a key factor in driving substantial growth throughout the ecosystem. They also believe that Hut 8 has a strong position to speed up new compute capacity and seize the opportunities this will create.
About Hut 8
Hut 8 Corp., based in Miami, Florida, operates as an energy infrastructure provider and Bitcoin miner, offering services such as self-mining, hosting, managed services, and conventional data center operations throughout North America. Its portfolio includes nineteen locations: ten sites in Alberta, New York, and Texas dedicated to Bitcoin mining, hosting, and Managed Services; five high-performance computing data centers in British Columbia and Ontario; and four power generation facilities in Ontario.
Website: https://hut8.com/
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About Investor
Investor: Coatue
Coatue is a lifecycle investment platform that focuses on transforming big ideas into globally influential technology companies. The company has built upon its heritage of public markets investing and expanded its investment platform across venture, growth, thematic, and structured capital strategies over the past decade.
Coatue’s portfolio includes over 200 tech companies. The company prides itself on combining decades of experience with unconventional agility and a passion for innovation. They have a unique approach that includes being founder-led, obsessed with innovation, leveraging data science and insights, possessing operational expertise, creating connections, and focusing on sustainability
Location: New York City, New York
Website: https://www.coatue.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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