Bitcoin Miner Hut 8 Is Trending Tuesday: What's Going On?

Hut 8 Corp HUT shares are trading higher. The company on Tuesday announced that its stalking horse bid for four natural gas power plants, including a Bitcoin BTC/USD mine in North Bay, has been accepted.

What Happened: Hut 8 said its stalking horse bid, which was submitted in partnership with Macquarie Equipment Finance, has been declared the successful bid. 

If the bid receives final court approval, a new Ontario subsidiary of Hut 8 named "BidCo" will become the owner of the assets of certain Validus entities. The subsidiary would acquire four natural gas plants in Ontario, including a 40 MW Bitcoin mining facility. 

A subsidiary of Hut 8 will be the majority owner with about 80% equity in Bidco and Macquarie will receive a minority equity interest of approximately 20%.

Hut 8 is a digital asset miner that hosts managed services, operates traditional data centers and focuses on capitalizing on emerging technologies like AI and machine learning.

See Also: What's Going On With Nvidia Stock Tuesday?

HUT Price Action: Hut 8 shares were up 3.34% at $9.14 at the time of writing, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.