By Robb M. Stewart


Hut8's shares jumped after the bitcoin miner launched an equity raising alongside plans for a stock buyback program.

The stock was up 4.9% at $26.28 in Wednesday morning trading, while on the Toronto Stock Exchange the shares were up 8.2% at C$38.11.

The Miami-based company said it entered a controlled equity offering agreement to sell up to $500 million of its shares from time to time. It also launched a $250 million share buyback program.

Chief Executive Asher Genoot said the two programs show that key investors continue to believe in the company and will provide Hut8 with the ability to pursue its growth ambitions.

Proceeds from the sale of shares will be used for the acquisition or development of power and digital infrastructure assets such as data centers, as well as to buy Bitcoin as a strategic reserve asset, the company said. Under the buyback plan, the company may repurchase up to 4.7 million of its shares, or 5% of the issued and outstanding stock, in the next 12 months.

Hut8 said Coatue Tactical Solutions Lending Holdings AIV 3 LP has agreed to the buyback program and elected not to require the registration of shares underlying its convertible note under a convertible note purchase agreement.


Write to Robb M. Stewart at robb.stewart@wsj.com


(END) Dow Jones Newswires

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