12:19 PM EST, 12/04/2024 (MT Newswires) -- Hut 8 ( HUT ) shares were last seen up about 1% on Wednesday after the bitcoin miner entered into new at-the-market (ATM) and stock repurchase programs.

The company said it will raise up to $500 million by selling shares into the market at times of its choosing through the "at-the-market" program.

Additionally, the company said it will spend up to $250 million buying back its shares.

"The launch of the ATM Program and Stock Repurchase Program have equipped the business with two powerful tools that we believe bolster our ability to navigate the volatile markets in which we operate," said Hut 8 ( HUT ) chief executive Asher Genoot.

Hut 8 ( HUT ) said it intends to use the proceeds from any sales of shares under the ATM program for growth initiatives and adds that it may also be allocated to other capital expenditures and investments, and other general corporate purposes.

The company's shares were last seen up $0.38 to $35.60 on the Toronto Stock Exchange.

Price: 35.43, Change: +0.21, Percent Change: +0.60