TORONTO, April 30, 2021 /CNW/ - Hut 8 Mining Corp.
(TSX: HUT), one of North America's
oldest, largest, innovation-focused bitcoin mining
pioneers, announced today it has partnered with Galaxy Digital
(TSX: GLXY) on a tailored lending deal that will enable Hut 8 to
earn a 4% yield on 1,000 bitcoin, and provides access to a
$20 million USD revolving credit
facility.
Galaxy Digital is a leading diversified financial services and
investment management firm in the digital asset and blockchain
technology sectors "Galaxy Digital is keenly focused on providing
bespoke, institutional solutions to our clients and counterparties.
We are happy to extend our long-term relationship with Hut 8" said
Luka Jankovic, Head of Lending at
Galaxy Digital. Amanda Fabiano, Head
of Mining at Galaxy Digital, added: "Drawing upon the firm's
expertise in trading, lending, risk management, and investing,
Galaxy Digital will continue to leverage the breadth of its
offering to deliver products that fit the unique needs of miners
and the mining sector broadly."
"At Hut 8, our strategy is focused on growing shareholder value
in every business decision we make," says Jaime Leverton, CEO, "We opened a Bitcoin Yield
Account and put 1,000 Bitcoin with Genesis mining earlier this
year, and are excited to be adding Galaxy Digital to our roster of
strategic and valuable partnerships. This partnership with Galaxy
allows us to earn revenue from the significant Bitcoin on our
balance sheet, minimize Hut 8's Fiat expenses, and further our
mission to hold and build our Bitcoin reserves, rather than
sell."
About Hut 8:
Hut 8 is one of North America's
oldest, largest and innovation-focused bitcoin mining pioneers .
Hut 8 has one of the highest installed capacity rates in the
industry and is #1 globally in held, self-mined Bitcoin of any
crypto miner or publicly traded company. Recently ranked 11th (of
10,000) on the 2021 OTCQX® Best 50, and the first publicly traded
miner on the TSX, the Hut 8 leadership team is continually looking
for ways to accelerate innovation in high performance computing,
and the blockchain ecosystem. We are stewards of powerful,
industry-leading solutions, and drivers of innovation in digital
asset mining and high-performance computing. Hut 8 applies a growth
mindset to our revenue diversification, ESG and carbon footprint
reduction strategy. We are a company committed to growing
shareholder value regardless of #BTC market direction.
#HodltheHut.
SOURCE Hut 8 Mining Corp