On October 2nd, according to Cointelegraph, Bitcoin mining company Hut 8 repaid the remaining balance of approximately $38 million on a loan it received from Anchorage Digital through a stock conversion. Anchorage Digital converted the debt into common stock at a price of $16.395 per share.

The converted stock price represents a 51% premium to the 20-day volume-weighted average price as of September 26th. Hut 8's stock opened at $12.30 on October 1st and closed at $11.15.

It is understood that Hut 8 used 21,000 mining machines 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 agreement reached with Coatue Management in June, specifically intended for the mining company's expansion into the artificial intelligence computing market.