08:09 AM EDT, 06/24/2024 (MT Newswires) -- Hut 8 Mining (HUT), a bitcoin miner, said Monday that it has secured $150 million investment from Coatue Management through a convertible note sale.

Hut 8 ( HUT ) said the note bears quarterly compounded interest of 8% per year, is payable in cash or in kind, and has a five-year initial term that can be extended for up to three one-year periods at Hut 8's ( HUT ) option.

Coatue has an option to convert the note into Hut 8 ( HUT ) shares for an initial conversion price of $16.395 per share.

The note issue is slated to be completed by July 11.

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