Here’s why Citi says crypto prices have been weak recently
Hut 8 Corp. (NASDAQ:HUT), currently valued at $2.47 billion and trading at $23.36, announced Friday it has filed a prospectus supplement with the Securities and Exchange Commission for an at-the-market equity offering program. According to InvestingPro data, the company maintains a strong financial health score and has delivered an impressive 104% return over the past year. According to a press release statement, the company may offer and sell shares of its common stock with an aggregate offering price of up to $1 billion through agents including Cantor Fitzgerald & Co., Keefe, Bruyette & Woods, The Benchmark Company, BTIG, Canaccord Genuity, Craig-Hallum Capital Group, Maxim Group, Needham & Company, Roth Capital Partners (WA:CPAP), and several Canadian agents.
The offering is made under an automatic shelf registration statement on Form S-3ASR, originally filed on December 4, 2024. The new program replaces a prior offering under which Hut 8 had registered up to $500 million in common stock and sold approximately $299.4 million as of Friday. The prior offering is terminated as of Friday, and no additional shares will be sold under that previous prospectus supplement.
Sales under the new program may be conducted by methods defined as "at the market" offerings under SEC rules, or by other methods permitted by law. The company may also make sales in Canada through Canadian agents, subject to meeting local securities law requirements. Agents involved in the offering will receive up to 3.0% of the gross proceeds from any shares sold.
The company stated that the sales agreement may be terminated by either Hut 8 or the agents according to its terms. A legal opinion from Skadden, Arps, Slate, Meagher & Flom LLP regarding the shares is filed as an exhibit to the current report.
This information is based on a press release statement filed with the SEC.
In other recent news, Hut 8 Mining Corp. reported a significant financial improvement in its second-quarter earnings call for 2025. The company achieved a 17% year-over-year revenue increase, bringing in $41.3 million. Additionally, Hut 8 transitioned from a net loss to a net income of $137.3 million, fueled by gains in digital assets. Canaccord Genuity raised its price target for Hut 8 to $36, highlighting the company’s substantial bitcoin holdings, which total 10,667 bitcoins valued at nearly $1.2 billion. Conversely, Rosenblatt adjusted its price target to $23, citing mixed second-quarter results but acknowledging significant gross margin expansion. Despite the mixed performance, Rosenblatt maintained a Buy rating, noting the company’s ongoing transition towards a power and infrastructure focus. These developments underscore the strategic shifts and financial progress Hut 8 is making in the cryptocurrency mining sector.
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