Hut 8 Corp., a leading North American digital asset miner and high-performance computing infrastructure provider, successfully completed its acquisition of four natural gas power plants in Ontario, Canada, in collaboration with Macquarie Equipment Finance Ltd., part of the global financial services group Macquarie Group Limited. This strategic move was carried out through a stalking horse bid transaction, forming a joint venture, Far North Power Corp., with Hut 8 and Macquarie as stakeholders. The venture now owns 310 MW of power infrastructure across various locations, including Kingston, Iroquois Falls, Kapuskasing, and North Bay, with the latter also housing a Bitcoin mine.

Hut 8's CEO, Asher Genoot, emphasized the deepening partnership with Macquarie, highlighting ongoing efforts to generate returns from these assets in the near term and explore strategic options. Chris Vickery, Hut 8’s Vice President of Energy, expressed enthusiasm for leveraging the team's energy sector expertise and relationships to maximize asset value.

The transaction further solidifies the partnership, granting Macquarie a 20% minority equity interest in Far North, while Hut 8 indirectly retains an 80% majority stake. Additionally, it led to the resolution of all litigation between Hut 8 and certain Validus Power Corp. entities, showcasing a commitment to overcoming challenges and capitalizing on opportunities within the energy and digital asset mining sectors.