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Fidelity International bets big on cryptocurrency mining, raises stake in Bitcoin miner Hut 8

Fidelity is bullish on cryptocurrency mining as it doubles its shares on a Bitcoin mining firm.

Image by Aaron Olson from Pixabay

Wed, 15 Jul 2020, 01:01 am UTC

Fidelity International appears to be bullish on the cryptocurrency mining niche. The Pembroke, Bermuda-based investment management services firm recently doubled its sake on Bitcoin mining company Hut 8 during the latter’s latest round of funding.

In a recent funding round on June 23, Hut 8 Mining Corp. was able to raise $8.3 million as investors snapped up shares of the mining firm. Apparently, most of the shares were bought by Fidelity revealing its bullish stance on the crypto mining niche.

Fidelity International, in a filing with the Ontario Securities Commission (OSC), announced that it had acquired an additional 4.1 million “units” in the Bitcoin mining firm Hut 8, according to Coindesk. The fund manager is also the largest investor during June 23’s funding round after grabbing around 71 percent of the shares offered by Hut 8.

“Turns out Fidelity was the largest investor in Hut 8's US$6.1M public offering from last month,” CoinDesk's Matt Yamamoto tweeted. “According to a recent filing, Fidelity purchased 71% of the "units" (combo of shares and warrants) sold in the offering. Fidelity now owns 10.6% of Hut 8's outstanding shares.”

Fidelity International already owned 4 million shares of Hut 8 prior to its recent acquisition. With the purchase of another 4.1 million shares, the mutual fund manager doubled it share in the Bitcoin mining firm to more than 8.3 million shares. It is OSC filing, Fidelity disclosed that it now owns 10.8 percent of Hut 8, according to Bitcoin.com.

“Fidelity holds 8,396,138 Common Shares and 2,054,956 common share purchase warrants, as a result of which Fidelity is deemed to hold 10,451,094 Common Shares representing approximately 10.58% of the outstanding shares of that class,” Hut 8 disclosed in its alternative monthly reporting (AMR) to the OSC.

“The Common Shares and warrants of Hut 8 Mining Corp. were acquired in the ordinary course of business, for investment purposes only and not with the purpose of exercising control or direction over Hut 8 Mining Corp,” the company clarified.

Fidelity International was established in 1969 as the international investment subsidiary of Fidelity Investments. However, the firm was spun out in 1980 and is now an entirely independent business owned by its employees.

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