A publicly traded Bitcoin mining company has just landed a large new investment. But, the focus isn’t on digital assets. Instead it's on artificial intelligence cloud computing.
What's happening:
- Asset management giant Coatue has announced they will invest $150M USD into Hut8 (NASDAQ: HUT) to build out new infrastructure for artificial intelligence cloud computing and GPU hosting
Why it matters:
- Artificial intelligence cloud computing has been an unstoppable force throughout both Wall Street and Silicon Valley, with record breaking funding rounds and a flurry of new investments into data centre infrastructure specifically focused on expanding GPU accessibility
By the numbers:
- Coatue will put $150M USD into Hut8 by way of convertible notes
- Hut8 currently operates 19 different locations for both Bitcoin mining and artificial intelligence computing across North America
Going deeper:
- Coatue has been deepening their bets on artificial intelligence cloud computing of late, recently announcing a large investment into specialzied GPU provider CoreWeave
The intrigue:
- Coatue has a long established history of betting on startups focused on artificial intelligence and has been actively investing in early stage companies for more than a decade who are building leading edge artificial intelligence technology
