Crypto Mining News Daily

Saturday, July 13, 2024
HomeNewsHut 8 Receives Inquiries from Financial Giants for Direct Bitcoin Purchases Amid...

Hut 8 Receives Inquiries from Financial Giants for Direct Bitcoin Purchases Amid Supply Shortages


In a recent interview with DL News, Asher Genoot, CEO of Hut 8, a bitcoin mining company listed on the Toronto Stock Exchange, revealed that prominent financial institutions have approached the firm to purchase bitcoin directly. This development comes amid supply shortages on centralized cryptocurrency exchanges. Genoot stated, “We’ve had banks reach out to us to try to buy our bitcoin because of the supply shortages on these different exchanges.”

The Hut 8 executive also discussed the forthcoming Bitcoin reward halving event, which is expected to occur between April 18 and April 20. The event will reduce the daily supply of bitcoin from 900 to 450, further exacerbating the existing supply shortages. Genoot noted, “The supply coming down by 50%, from 900 Bitcoin to 450 Bitcoin per day, also makes a big impact, because now you have increasing demand but less supply.”

The revelation of financial institutions’ interest in Hut 8’s bitcoin reserves coincides with the accumulation of over 500,000 BTC by ten major U.S. exchange-traded funds (ETFs) since January 11, 2024. As a result of the heightened demand and decreased supply, Hut 8’s shares have surged by 24% over the past month, with a 3.5% increase in the last five days. The company currently holds 9,110 BTC on its balance sheet, valued at approximately $615 million based on the current BTC exchange rate.

The impending Bitcoin reward halving event and the increasing demand from financial institutions highlight the growing interest in bitcoin and the potential for further growth in the cryptocurrency market. As the halving event approaches, market observers are closely watching the developments, anticipating the possible effects on the cryptocurrency’s price and the broader market.



Most Popular

Learn How to Mine Crypto

Join our mailing list and receive a free copy of Crypto Mining 101, our detailed guide on how crypto mining works, must have tools to get started, and how to be successful.

Note: We’ll never sell, trade, or abuse your information, and it’s simple to opt out! Read our Privacy Policy here.