Andrew Kiguel worked for more than 18 years at GMP Securities in Toronto. He sat in its blockchain investment banking group and had raised over C$3 billion in his last five years there.
In October 2017 he, Sean Clark, Harris Fricker and Marc van der Chijs conceived Hut 8 to give investors bitcoin exposure without owning coins. The company was incorporated on 15 November 2017 and listed in 2018.
Clark was interim CEO until 31 March 2018. Kiguel became President and CEO on 2 April 2018 and led the company until 2020.
Bitcoin's 2022 bear market led Hut 8 to merge with US Bitcoin Corp. The all-stock deal was agreed on 6 February 2023 and closed on 30 November 2023. Asher Genoot became CEO in February 2024, and the company now covers bitcoin mining, energy infrastructure and AI compute.