Bitcoin miner Hut 8 hires former Citigroup exec as new CFO

Quick Take
- Sean Glennan will become Hut 8’s new CFO on Aug. 21.
- Hut 8 also released its monthly mining update for July.


Hut 8, a Bitcoin miner and energy infrastructure company, announced Tuesday it will bring on a new chief financial officer later this month.
Sean Glennan will become Hut 8's new CFO, effective Aug. 21. Shenif Visram will step down from his role as CFO for family-related reasons but will remain with the company until Glennan assumes his role to oversee an orderly transition.
“We are thrilled to welcome Sean to the organization as we continue executing on our power-first thesis,” said Hut 8 CEO Asher Genoot. “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."
Glennan most recently served as Managing Director in Citigroup Global Markets's Investment Banking division's Global Power, Utilities & Renewables group. During his 13 years at Citigroup, he advised on over $80 billion of combined M&A and capital markets activity in the power sector, the company said.
Genoot highlighted Glennan's experience advising on those M&A deals, which "will be instrumental as we scale our platform with a focus on creative structuring and prudent capital allocation."
The rise of artificial intelligence has led to strong demand for data centers at a time when April's Bitcoin halving event cut miners’ revenue in half, leading many to explore alternatives.
Additionally, on Tuesday, Hut 8 released its monthly mining update for July. The company produced 105 bitcoin, bringing its total lot to 9,102 BTC. As of July 31, its hash rate under management was 13.4 EH/s, a slight uptick from the previous month.
“We are continuing to see the impact of our ongoing optimization efforts in our self-mining business,” Genoot said. “Our average energy cost has declined materially since bringing Salt Creek online and completing the planned deployment of our curtailment software.”
Hut 8 now owns or manages energy infrastructure representing access to 1.3 gigawatts of power capacity, according to the release.
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