Hut 8 settles a securities class action for $2.35 million, Galaxy strategically invests in the digital asset lending platform Digital Prime Technologies

According to BBX data, yesterday two leading publicly listed companies in the cryptocurrency sector completed key historical matters and strategic upgrades. The core updates are as follows:

• Hut 8 Corp. (Nasdaq: $HUT) officially disclosed on June 23 that the company agreed to pay investors $2.35 million in cash to settle a securities class action lawsuit arising from the merger with U.S. Bitcoin Corp (USBTC) in 2023. The case is being handled by the U.S. District Court for the Southern District of New York, with the plaintiffs being investors who held Hut 8 securities from February 13, 2023, to January 18, 2024. The core allegation is that the company significantly omitted disclosures regarding infrastructure issues at its King Mountain Texas Bitcoin mine (including energy limitations and network connectivity failures) during the merger process, constituting substantial misrepresentation to investors. The trigger for this case was a report released by short-selling firm J Capital Research on January 18, 2024, which questioned the company, leading to a single-day drop of over 23% in Hut 8's stock price. The $2.35 million settlement amount represents approximately 19.6% of the plaintiffs' estimated maximum recoverable damages of $12.08 million, exceeding the historical median settlement ratio for similar cases involving only Securities Act claims; the settlement is still subject to final court approval, and Hut 8 denies any wrongdoing or legal liability. This settlement eliminates the last significant historical legal uncertainty in the company's AI/HPC data center transformation narrative, allowing the valuation logic for the timely delivery of its River Bend ($7 billion contract) and Beacon Point ($9.8 billion contract) dual campuses within the year to unfold against a cleaner balance sheet backdrop.

• Galaxy Digital Inc. (Nasdaq: $GLXY) announced on June 23 a strategic investment in Digital Prime Technologies (a securities lending technology platform), with specific financial terms not disclosed. This investment builds on Galaxy's existing role as a participant in the Tokenet platform—Tokenet is developed in collaboration between Digital Prime Technologies and institutional securities lending infrastructure provider EquiLend, set to officially launch in May 2026, aiming to bring mature workflows, risk control mechanisms, and full lifecycle management systems from the institutional securities lending sector into the digital asset lending market. By upgrading from a platform participant to an equity investor, Galaxy directly ties the operation of the Tokenet platform to its own institutional lending and trading business, forming a triple synergy of "product + balance sheet + equity." This move is highly consistent with Galaxy's overall business strategy: based on the stable cash flow foundation provided by the CoreWeave 15-year AI data center lease (Phase 1 133MW delivered in April), it aims to deepen its institutional digital asset lending infrastructure layout, further reducing reliance on the single Beta of Bitcoin prices—on the same day, Galaxy was also listed in institutional research reports as one of the few cryptocurrency concept stocks capable of maintaining business resilience during Bitcoin price downturns, with its diversified layout seen as a core reason for being relatively decoupled from pure BTC price exposure.