Reported 8 months ago
Billionaire Philippe Laffont’s Coatue Management invests $150 million in Hut 8 Corp., a Bitcoin miner, noting the industry's shift towards AI. Hut 8 has several sites in Canada and the US and is adapting to meet the demands of AI firms by utilizing power infrastructure for Bitcoin mining. The investment is seen amidst other miners like Core Scientific and Terawulf also expanding into high-performance computing. Coatue, known for investing in AI firms, looks to capitalize on data center challenges faced by these companies, with Hut 8's investment expected to be completed by July 11.
Source: YAHOO