Crypto miner Hut 8 receives $150 million investment from Coatue Management to build AI-related infrastructure
According to CoinDesk, cryptocurrency miner Hut 8 has received a $150 million investment from Coatue Management to build artificial intelligence (AI)-related infrastructure. The funding is provided through convertible bonds with an annual interest rate of 8%. The investment news has driven Hut 8's stock price up nearly 4%, as well as other bitcoin mining-related data center stocks such as Soluna Holdings and Applied Digital. Coatue Management has also invested in cloud computing company CoreWeave, which is attempting to acquire Hut 8's competitor Core Scientific.
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