Hut 8 Mining Corp., an energy infrastructure firm and miner of Bitcoins, has announced the appointment of Sean Glennan as its new Chief Financial Officer (CFO), effective August 21, 2024.
Shenif Visram, who will manage an orderly transition until Glennan takes over as CFO, will step down from his position due to family matters, although he will stay with the firm.
Sean Glennan joins Hut 8 from Citigroup Global Markets, where he served as Managing Director in the Investment Banking division’s Global Power, Utilities & Renewables group.
During his 13-year tenure at Citigroup, Glennan was involved in advising on over $80 billion in mergers and acquisitions (M&A) and capital markets activity within the power sector. His experience includes significant deals and deep relationships in the industry, which Hut 8 believes will be instrumental in driving its future growth and capital strategies.
Hut 8 CEO Asher Genoot expressed enthusiasm about Glennan’s appointment, stating, “We are thrilled to welcome Sean to the organization as we continue executing on our power-first thesis. Sean brings a wealth of strategic, financial, and capital markets knowledge that, together with his rolodex of relationships in the space, will be a significant asset in shaping and realizing our future plans.”
In its latest mining update, Hut 8 reported producing 105 BTC in July, increasing its total holdings to 9,102 BTC. The company’s hash rate under management is now 13.4 EH/s. The firm also noted significant reductions in its average energy cost due to recent optimization efforts and the deployment of curtailment software.
Hut 8 currently manages energy infrastructure with a capacity of 1.3 gigawatts.
Also Read: Hut 8 Lands 205 MW Power Deal for Expansion in Texas
