Mining company Hut8 receives US$150 million investment from Coatue! Will accelerate the construction of AI infrastructure platform

This site (120btc.coM): Hut8, a digital asset mining company headquartered in Toronto, Canada, announced that it has received a strategic investment of US$150 million from Coatue and will cooperate to build the next generation artificial intelligenceinfrastructure platform. Hut8 will accelerate the development of artificial intelligenceinfrastructure. Hut8 has two digital asset mining facilities and five high-performance computing data centers. It provides support for the traditional data center industry through cloud, hosting and hosting services, while also providing emerging downstream services. Generation Technology provides services including artificial intelligence, machine learning, VFX rendering and Bitcoin mining. Coatue is an American investment management company focusing on technology. It was established in 1999. Its investment targets include OpenSea, DapperLabs, ByteDance, Ant Financial, etc. Philippe Laffont, founder of Coatue, said: We are committed to supporting innovators to advance the development of artificial intelligence, and believe that computing power is crucial to achieving significant growth in the entire ecosystem. We believe Hut8 is well-positioned to accelerate new computing capabilities and capitalize on the opportunities it will bring. Many traditional data center operators are unable to meet the surge in demand for AIcomputing capacity due to power shortages, long lead times for new capacity to come online, and the extensive upgrades required to support the latest generation of high-density computing in existing data centers. Hut8 believes it can leverage its proven capabilities in developing and operating complex energy infrastructure to address unmet needs and become a leader in the AIinfrastructure market. Coatue invested US$150 million in convertible notes in Hut8. Coatue cooperated with Hut8 in the form of strategic investment and agreed to purchase US$150 million in principal of convertible notes with an annual interest rate of 8%. The notes have an initial term of five years, with Hut8 having the option to extend the term by one year, with a total of three extension opportunities. Interest on the note will be payable in cash or in kind. The notes will become the company's senior unsecured debt and are guaranteed by Hut8 Mining Corp., the company's direct wholly-owned subsidiary. Coatue will then have the option to convert the notes into common stock of the company at an initial conversion price of $16.395 per common share (a premium of approximately 45%).

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