By Robb M. Stewart

Hut 8's shares rallied Monday after the Bitcoin miner struck a deal for a $150 million investment from a fund managed by Coatue Management.

In morning trading, the shares were 5.7% higher at $13.05, narrowing the drop so far this year to 2.4%. On the Toronto Stock Exchange, the stock was ahead 5.6% at C$17.81, for a gain of 0.7% year-to-date.

Miami-based Hut 8 said Coatue has agreed to make the investment through the purchase of a convertible note that will have an initial term of five years and will bear interest at a rate of 8% a year. Coatue will have the option to convert the note into shares, with the initial conversion price set at $16.395 a share.

Write to Robb M. Stewart at

(END) Dow Jones Newswires

06-24-24 1042ET