Fidelity International Doubles Stake in Bitcoin Mining Firm Hut 8

Billion-dollar fund manager Fidelity International is betting big on rebounding fortunes for the listed bitcoin miner Hut 8.

AccessTimeIconJul 13, 2020 at 1:54 p.m. UTC
Updated Sep 14, 2021 at 9:30 a.m. UTC

Billion-dollar fund manager Fidelity International has doubled its equity investment in bitcoin mining company Hut 8, bringing its total stake to over 10%.

  • In a filing with the Ontario Securities Commission (OSC) last week, the fund manager disclosed it had acquired 4.1 million "units" in Hut 8 on June 23 in an overnight offering.
  • Each unit represents a combined offering of one common share and the option to purchase another in the next 18 months.
  • Fidelity International, a spin-off of Fidelity Investments, already held approximately 4 million common shares in Hut 8.
  • Last month's purchase, including the options, means it now controls over 10.5% of the Toronto-listed crypto mining company.
  • Hut 8 closed a C$8.3 million funding round (US$6.1 million) on June 23, with the total raise being over C$800,000 above its target.
  • Fidelity's investment may have comprised nearly three-quarters of the raise, based on the total of around 5.7 million units changing hands.
  • CoinDesk has approached Hut 8 for more information.
  • In an overnight offering, a company sells equity once the market has closed at the end-of-day price to prevent short-sellers from depressing it any further.
  • Hut 8's share price spiraled since listing on the Toronto Stock Exchange, falling from $3.35 in April 2018 to a low of $0.50 in March 2020.
  • Fidelity may be bullish about Hut 8, though, as the option for a common share is at a purchase price of $1.80 – more than double its current trading value of over $0.80 at press time.
  • The news was tweeted by CoinDesk's Matt Yamamoto earlier on Monday.

Read more about


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC