Bitcoin mining hardware manufacturer Bitfury has filed to sell its remaining 38% stake in Toronto Stock Exchange-listed mining company Hut 8.
The Amsterdam-based manufacturer filed a notice of intention to distribute securities on Dec. 3 for the sale of 37,226,958 shares of Hut 8. At current prices, the stake is worth $56.6 million.
Until September, Bitfury held over 40 million shares when it parted with an initial 4 million HUT shares priced at $0.94 each as payment for “a strategic commercial agreement with a third party,” per a press release.
Hut 8 currently has 96.73 million total outstanding shares. Trading at $1.52 at last check, shares have dropped 12% in December.
Bitfury’s filing doesn’t specify whether it plans to sell the shares privately or via an exchange. Hut 8 declined to comment on the filing, and Bitfury did not respond to CoinDesk’s request for comment.
Hut 8 and Bitfury first partnered in December 2017 to launch mining data centers in North America. At the time, the then-CEO of Hut 8, Sean Clark, referred to his company as “a proxy for Bitfury in North America.”
But a proxy, it is no longer.
Update (Dec. 9, 16:24 UTC): Updated fifth paragraph when Hut 8 declined to comment.