Hut 8 sold Bitcoin to buy back its own stock—only to find the stock dropped even harder than Bitcoin. In October, it sold approximately 2,148 BTC at an average price of $81,657, raising $175 million, which it fully used to repurchase shares—buying back about 2.38 million shares at an average price of $73.49. Now consider this: BTC is currently around $74,800—about 8% lower than its selling price. HUT closed yesterday at $57.02—about 22% below its repurchase average. This morning at 8:22, Hut 8’s wallet transferred another 1,616.77 BTC to a new address, where it remains untouched. Just this month, the board increased its share repurchase authorization from $250 million to $1 billion. It’s not unusual for mining companies to sell Bitcoin—but it’s rare for the sold Bitcoin to hold up better than the stock bought in its place.
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