Bitcoin mining hardware manufacturer Bitfury has filed to sell its remaining 38% stake in Toronto Stock Exchange-listed mining company Hut 8.

The Amsterdam-based manufacturer filed a notice of intention to distribute securities on Dec. 3 for the sale of 37,226,958 shares of Hut 8. At current prices, the stake is worth $56.6 million. 

Until September, Bitfury held over 40 million shares when it parted with an initial 4 million HUT shares priced at $0.94 each as payment for “a strategic commercial agreement with a third party,” per a press release. 

Hut 8 currently has 96.73 million total outstanding shares. Trading at $1.52 at last check, shares have dropped 12% in December. 

Bitfury’s filing doesn’t specify whether it plans to sell the shares privately or via an exchange. The company did not respond to CoinDesk’s request for comment. 

Hut 8 and Bitfury first partnered in December 2017 to launch bitcoin mining data centers in North America. At the time, then-CEO of Hut 8 Sean Clark referred to his company as “a proxy for Bitfury in North America.” 

But a proxy, it is no longer.

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