Benzinga - Hut 8 Corp (NASDAQ: HUT) shares are trading flat. The company on Monday received court approval for its previously announced stalking horse bid transaction.
What To Know: Bitcoin (CRYPTO: BTC) miner Hut 8 received an approval and vesting order from the Ontario Superior Court of Justice approving the company's stalking horse bid transaction to acquire four natural gas power plants including the North Bay Bitcoin mine.
Hut 8 subsidiary BidCo is now free and clear to move forward with the acquisition, which includes a 40 MW Bitcoin mining facility.
Completion of the transaction will now also include a new secured funding arrangement in the form of an operating lease facility. Macquarie will own approximately 20% of BidCo following the transaction and the Hut 8 subsidiary will own the remaining 80%.
Several crypto-related stocks also appear to be getting a lift Monday as analysts become increasingly optimistic about spot Bitcoin ETF approval.
Grayscale filed an amended ETF application, set a proposed ETF fee at 1.5% and named the liquidity providers and authorized participants for its ETF.
Hut 8 is a digital asset miner that hosts managed services, operates traditional data centers and focuses on capitalizing on emerging technologies like AI and machine learning.
See Also: Bitcoin Spot ETF Likely To Pass? Bloomberg Analysts Boost Approval Odds To 95%
HUT Price Action: Hut 8 shares were up 0.08% at $11.91 at the time of publication, according to Benzinga Pro.
Photo: Pete Linforth from Pixabay.
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