Hut8 Announces Plans to Buy $500 Million in Bitcoin... Utilizing Strategic Reserve Assets

North American bitcoin miner Hut 8 has announced a stock sale program of up to $500 million to secure bitcoin as a strategic reserve asset.
On the 5th (local time), Hut8 said it plans to sell common stock worth up to $500 million (approximately 74.8 billion yen) through a stock sale program, and the funds raised will be used to
The funds will be used to secure power and digital infrastructure, purchase Bitcoin, and for other business operational purposes, including capital expenditures and debt repayment, the company said.
"This share sale program (ATM program) and share purchase program are the foundation of our strategy to provide a safe and secure exchange," Hut8 CEO Asher Genoot said in a statement on the 4th.
"These tools support a strong, integrated capital strategy," he said.
The share buyback program is part of Hut8's capital management plan, which will see the company increase its cash flow by 1.2% over the next 12 months.
The company is allowed to buy back 4.68 million shares, or about 5% of its outstanding common stock. Meanwhile, Hut 8's shares, HUT, fell to $6.33 after investors were spooked by a short-seller report in January.
The stock price initially fell, but then soared 326% to hit $27.03 on December 4th.