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Coatue Management invests $150M in miner Hut 8

Jun 26, 2024
Business
Hut 8 Mining Corp announced on Monday that it received a $150M investment from Coatue Management to develop its artificial intelligence (AI) infrastructure. Following this news, the shares of the Bitcoin miner rose by 4%.
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Coatue Management, which also funds CoreWeave, made the investment. This highlights the growing interest in leveraging the existing infrastructure of Bitcoin miners to provide AI services.

Companies involved in artificial intelligence and high-performance computing are increasingly turning to the Bitcoin mining industry for computational power.

JPMorgan has stated that the demand for electricity from large data centers and companies could usher in a new era of mergers and acquisitions for Bitcoin miners with attractive electricity contracts.

Recently, cloud computing provider CoreWeave signed a 200-megawatt (MW) contract with miner Core Scientific (CORZ) for AI-related services. An offer was also made to acquire the company for $1B , but Core rejected the takeover.

Meanwhile, shares of Soluna Holdings (SLNH) rose by 17%, and Applied Digital (APLD) increased by 10%.

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