Hut 8, a prominent player in North America's Bitcoin mining sector, has boosted its Bitcoin reserves amid the current crypto bull market. A $100 million Bitcoin purchase has pushed the company's reserve to 10,096 coins, valued at over $1 billion as of today (Thursday).

According to the official statement by the company, Hut 8 acquired approximately 990 Bitcoin at an average price of $101,710 each, complementing its previous holdings.

A Billion-Dollar Bitcoin Reserve

The company's reserve was built through a mix of low-cost production and timely market purchases, achieving an average acquisition cost of $24,484 per Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term. This substantial reserve allows Hut 8 to leverage its holdings in multiple ways, including financing large-scale projects and optimizing its balance sheet.

He emphasized that as Bitcoin production scales, Hut 8 expects to expand its holdings at a lower-than-market cost, further strengthening its reserve strategy.

Commenting about the acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term, Asher Genoot, the CEO of Hut 8, said: "A key component of our treasury strategy, the strategic Bitcoin reserve supports a flywheel effect that aligns our capital and operating strategies to accelerate value creation across the business."

"We believe deeply in our operating business and that building a strategic Bitcoin reserve will fortify our financial position as we pursue large-scale growth initiatives across power and digital infrastructure."