Crypto miner Hut 8 receives $150 million investment from Coatue Management to build AI-related infrastructure
On June 25th, according to CoinDesk, crypto miner Hut 8 received a $150 million investment from Coatue Management to build artificial intelligence (AI) related infrastructure. The funding was provided through convertible bonds with an annual interest rate of 8%. The investment news boosted Hut 8's stock price by nearly 4%, as well as the stock prices of other bitcoin mining related data centers such as Soluna Holdings and Applied Digital. Coatue Management also invested in cloud computing company CoreWeave, which is trying to acquire Hut 8's competitor Core Scientific.
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