Hut 8 Corp. (Nasdaq | TSX: HUT), ("
Hut 8” or the
“
Company”) one of North America’s largest, most
innovative digital asset mining pioneers and high performance
computing infrastructure providers, today announced that it has
signed a four-year agreement with Ionic Digital to provide
end-to-end managed services across all of its Bitcoin mining
operations. The agreement includes Ionic’s four existing sites in
Midland, Texas and the development and operation of its Cedarvale
site located in Ward County, Texas, which is designed to reach
approximately 240 MW. Hut 8 will also continue to host
approximately 8,500 Ionic Digital miners at Hut 8’s Alpha site in
Niagara Falls, New York.
“Our managed services offering is distinct within the industry
and ultimately differentiated Hut 8 as the best partner to manage
Celsius’ mining operations through Ionic Digital,” said Jaime
Leverton, CEO of Hut 8. “We have been designing Ionic’s Cedarvale
site since signing the interim management agreement in December and
are thrilled to have construction underway and be actively managing
the company’s mining operations.”
Hut 8 is providing end-to-end managed services for Ionic
Digital’s operations, including the design and development,
engineering, financial modeling, budgeting, accounting,
construction management, procurement, logistics, and RFP
coordination at its Cedarvale site. It is expected that when
construction is complete, Hut 8 will oversee approximately 127,000
miners with nameplate hashrate of approximately 12 EH/s and more
than 300 MW of energy infrastructure in year one of the managed
services agreement.
Under the agreement, Hut 8 is expected to earn an aggregate of
$81,504,800 in cash payments in addition to reimbursement for
direct passthrough operating expenses. The four year agreement
includes a milestone to extend to a five year agreement if key
targets are met. If the term extension is triggered, Hut 8 is
expected to earn $101,881,000 in addition to reimbursement for
direct passthrough operating expenses. In addition to the fees
payable pursuant to the mining services agreement, Hut 8 expects to
receive the following equity interests as compensation under the
agreement: (i) up to 1.59405% in restricted Ionic Digital common
stock, with 0.31881% of Ionic Digital stock vesting annually;
provided that the last tranche of 0.31881% of stock will not vest
if the agreement is not extended for the fifth year; and (ii)
warrants to purchase up to 1.59405% of Ionic Digital common stock,
with each tranche of 0.31881% Ionic Digital stock granted at the
end of each year of the agreement; provided that the last tranche
of 0.31881% of Ionic Digital stock will not be granted if the
agreement is not extended for the fifth year.
Hut 8 has also entered into a contribution agreement with Ionic
Digital pursuant to which Hut 8 has acquired 374,261 shares of
Ionic Digital common stock in exchange for a cash payment of
$6,378,000. Pursuant to the contribution agreement, Hut 8 will be
required to acquire a further 374,261 shares of Ionic Digital
common stock for a cash payment of $6,378,000 on the earlier of:
(i) May 31, 2024, and (ii) the date on which Ionic Digital’s
Registration Statement of Form 10 is declared effective by the U.S.
Securities and Exchange Commission.
Hut 8 has also been provided with certain customary investor
rights, including, for so long as the agreement is in effect, the
right to appoint two directors to the board of Ionic Digital, one
of which will be assumed by Asher Genoot, President of Hut 8.
Ionic Digital will be a well-capitalized industrial mining
company. Under the Celsius chapter 11 plan, Ionic Digital was
valued at approximately $740 million on a net asset basis and will
be vested with substantially all of the Celsius mining assets.
Additionally, under the Celsius plan, Ionic will receive $225
million in cash (subject to certain adjustments) and have no
debt.
About Hut 8Through innovation, imagination, and
passion, Hut 8 Corp.’s seasoned executive team is bullish on
creating value at the intersection of infrastructure and energy
through Bitcoin mining and hosting, groundbreaking managed
services, energy arbitrage, operating traditional data centers, and
capitalizing on emerging technologies like AI and machine learning.
Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure
portfolio includes eleven sites: five high performance computing
data centers across British Columbia and Ontario that offer cloud,
co-location, AI, machine learning, and VFX rendering computing
solutions, and six Bitcoin mining, hosting, and managed services
sites located in Alberta, New York, Nebraska, and Texas.
Long-distinguished for its unique treasury strategy, Hut 8 Corp.
has one of the highest inventories of self-mined Bitcoin of any
publicly-traded company globally. For more information, visit
www.hut8.com and follow us on X (formerly known as Twitter) at
@Hut8Corp.
Cautionary Note Regarding Forward–Looking
InformationThis press release includes "forward-looking
information" and "forward-looking statements" within the meaning of
Canadian securities laws and United States securities laws,
respectively (collectively, "forward-looking information"). All
information, other than statements of historical facts, included in
this press release that address activities, events or developments
that Hut 8 expects or anticipates will or may occur in the future,
including such things as future business strategy, competitive
strengths, goals, expansion and growth of the business, operations,
plans and other such matters is forward-looking information.
Forward-looking information is often identified by the words "may",
"would", "could", "should", "will", "intend", "plan", "anticipate",
"allow", "believe", "estimate", "expect", "predict", "can",
"might", "potential", "predict", "is designed to", "likely" or
similar expressions. Specifically, such forward-looking information
included in this press release includes, but is not limited to,
statements relating to the Cedarvale site, the mining management
agreement with Ionic and the contribution agreement with Ionic,
including expected revenue generation and equity interest.
Statements containing forward-looking information are not
historical facts, but instead represent management's expectations,
estimates and projections regarding future events based on certain
material factors and assumptions at the time the statement was
made. While considered reasonable by Hut 8 as of the date of this
press release, such statements are subject to known and unknown
risks, uncertainties, assumptions and other factors that may cause
the actual results, level of activity, performance or achievements
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to, security
and cybersecurity threats and hacks, malicious actors or botnet
obtaining control of processing power on the Bitcoin network,
further development and acceptance of the Bitcoin network, changes
to Bitcoin mining difficulty, loss or destruction of private keys,
increases in fees for recording transactions in the Blockchain,
erroneous transactions, reliance on a limited number of key
employees, reliance on third party mining pool service providers,
regulatory changes, classification and tax changes, momentum
pricing risk, fraud and failure related to digital asset exchanges,
difficulty in obtaining banking services and financing, difficulty
in obtaining insurance, permits and licenses, internet and power
disruptions, geopolitical events, uncertainty in the development of
cryptographic and algorithmic protocols, uncertainty about the
acceptance or widespread use of digital assets, failure to
anticipate technology innovations, the COVID19 pandemic, climate
change, currency risk, lending risk and recovery of potential
losses, litigation risk, business integration risk, changes in
market demand, changes in network and infrastructure, system
interruption, changes in leasing arrangements, failure to achieve
intended benefits of power purchase agreements, potential for
interrupted delivery, or suspension of the delivery, of energy to
the Company's mining sites, and other risks related to the digital
asset and data centre business. For a complete list of the factors
that could affect the Company, please see the "Risk Factors"
section of the Company's Registration Statement on Form S-4 dated
November 7, 2023, available under the Company's EDGAR profile at
www.sec.gov, in addition to Hut 8's other continuous disclosure
documents which are available under the Company's SEDAR+ profile at
www.sedarplus.ca and under the Company's EDGAR profile at
www.sec.gov.
Hut 8 Corp. Investor RelationsSue
Ennissue@hut8.io
Hut 8 Corp. Media RelationsErin
Dermererin.dermer@hut8.io
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/9d4415b9-bf86-45ef-8e2a-b5f3013f7ad8
https://www.globenewswire.com/NewsRoom/AttachmentNg/9204ff91-fd1b-40e7-b0d3-2bf5952e054e
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