HUT - Chief Commercial Officer Matt Prusak leaving Hut 8 as part of planned transition to Celsius Bitcoin mining company | Benzinga
MIAMI, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. ((Nasdaq, TSX:HUT), ("Hut 8" or the "Company") one of North America's largest, most innovative digital asset mining pioneers and high performance computing infrastructure providers, today announced that Matt Prusak, Chief Commercial Officer of the Company, will depart Hut 8 on January 31, 2024. As previously disclosed in filings from the Celsius Network LLC bankruptcy proceedings, Prusak will assume a new role as Chief Executive Officer of the new bitcoin mining company being formed upon emergence.
Prusak joined Hut 8 on November 30, 2023 after serving as Chief Commercial Officer of USBTC since early 2021, where he spearheaded commercial and innovation strategies, was instrumental in building institutional partnerships, oversaw research and development, scaled the business and team, and led the company's strategic capital formation, investor relations, government relations, and growth initiatives.
"Matt has a natural ability to navigate complex environments, build powerful partnerships, and drive business growth," said Jaime Leverton, CEO of Hut 8. "We look forward to working closely with Matt to build a deep, synergistic partnership between our organizations. As the new company's operating partner, we are excited to leverage our scale and expertise to support their growth and drive value for creditors of Celsius."
As part of the Celsius Network LLC bankruptcy proceedings, Hut 8 was approved to provide end-to-end managed services for the new company's operations at five sites in Texas, including the design and development, engineering, financial modeling, budgeting, accounting, construction management, procurement, logistics, and RFP coordination at the fifth and largest site named Cedarvale. It is expected that when construction is complete at Cedarvale, Hut 8 managed services will oversee approximately 12 EH/s of computing capacity and more than 300 MW of energy infrastructure. Under the 4-year Mining Management Agreement, Hut 8 will receive a cash management fee of more than US$20M per year above certain passthrough operating expenses in addition to restricted stock and incentive equity in the new company. Hut ...