Hut 8 Mining also became the first cryptocurrency company to begin trading on the TSX on Tuesday (October 8).
Hut 8 Mining (TSX:HUT), the first cryptocurrency company to be listed on the Toronto Stock Exchange (TSX) announced that it mined 1,965 bitcoin during the third quarter of 2019. The company has begun trading on the exchange on Tuesday (October 8). The company additionally paid down C$3.6 million in debt over the quarter.
As quoted in the press release:
During Q3 2019, Hut 8 reduced its debt by $3.6 million (US$2.75 million) and accounts payable by more than $6 million. Hut 8 also paid US$3.5 million towards the expansion of nine upgraded BlockBox ACTM data centers expected to be completed by mid-November 2019. Hut 8 management took advantage of higher bitcoin prices during the quarter to improve the balance sheet by reducing debt and accounts payable and expand operations. Despite investments in PH/s growth and decreasing balance sheet leverage, Hut 8’s Retained Bitcoin still grew by 7.6% to 3,496 bitcoin.
“Hut 8 strategically sold some of its bitcoin inventory in Q3 2019 at peak prices to finance growth without issuing equity and to significantly improve the balance sheet. We did this while still increasing our overall bitcoin inventory by 7.6% over Q3 2019. In addition, Hut 8 achieved the significant milestone of receiving approval to trade on the Toronto Stock Exchange,” said Andrew Kiguel, Chief Executive Officer of Hut 8. “The overall impact of Q3 2019 is a larger, stronger company that still retains substantial exposure to bitcoin through our mining operation and bitcoin held.”