Hut 8 Pays Off Anchorage Digital Loan with Stock Conversion

According to Cointelegraph, Bitcoin mining company Hut 8 has repaid the remaining $38 million loan balance owed to Anchorage Digital through a stock conversion. Anchorage Digital converted the debt into common stock at a price of $16.395 per share. This conversion price represents a 51% premium over the 20-day volume-weighted average price as of September 26th. On October 1st, Hut 8 stock opened at $12.30.

Hut 8 used 21,000 mining rigs as collateral when restructuring the Anchorage Digital loan in February 2023. The company still carries approximately $290 million in debt. Hut 8's remaining debt includes a $150 million convertible note with Coatue Management secured in June, specifically for the mining company's expansion into the artificial intelligence computing power market.