Per Hut 8’s short-form prospectus, the proposed offering would occur during the 25-month span in which the prospectus remains effective.
Despite nearly doubling its net income, the company saw its total revenue drop from $82 million in 2019 to $40.7 million in 2020 due to the drop on BTC halving and the COVID-19 pandemic.
When finalized, the filings will allow Hut 8 to make available securities and other instruments up to the value of CAD$500 million over a 25-month period.
The Canada-based block reward miner will use the funds to provide a US$2.9 million deposit to purchase 5,400 new Whatsminer M30S ASIC mining machines from MicroBT.
The earnings report shows the firm generated revenue of US$4.3 million in Q3, down significantly from C$26.7 million during the same period last year.
BTC's failure to "moon" as some had fervently predicted is causing a bit of heartburn over at Canada-based Hut 8 Mining Corp.
Fidelity disclosed it had purchased slightly over 4.1 million "units" of Hut 8 during the overnight market offering on June 23, 2020.
The company recently closed its previously declared underwritten public offering through a syndicate of underwriters.
Ed Drake takes a look at what will happen to the publicly traded digital transaction processing companies post BTC halving.
Digital currency processing firms are under financial pressure three months into 2020 amid the impact of the COVID-19 pandemic.
The surge in earning results are primarily because of two major operational expansions that increased petahash capacity by 19.6%.