Another bitcoin miner, Hut 8 (HUT), has decided to pull the trigger on buying bitcoin in the open market, following the likes of MicroStrategy (MSTR) and MARA Holdings (MARA).

The Miami, Florida-based company said it bought about 990 bitcoin for an average price of $101,710 each. The latest purchase will bring the amount of bitcoin held in Hut 8’s reserve to 10,096, or about $1 billion in market value, and make it among the top 10 largest corporate owners of bitcoin, the company said in a statement on Thursday.

The miner is planning to use the reserve through options strategies, pledges, sales or other strategies, according to the statement. Hut 8’s CEO, Asher Genoot, told CoinDesk that his firm will be opportunistic in buying more bitcoin in the open market.

“Today, the market recognizes and values our strategic reserve, which effectively lowers our cost of capital and strengthens our financial position. As long as this market dynamic persists, we will remain opportunistic in expanding our Bitcoin reserve,” Genoot said.

The move follows Hut 8’s announcement earlier this month that it started a new $500 million at-the-market share issuance program. At the time, the firm said some of the proceeds from the fund would be used to buy bitcoin in the open market, among other things.

MicroStrategy, the largest corporate holder of bitcoin on its balance sheet, started the trend of buying bitcoin in the open market. It wasn’t until MARA Holdings’ purchase of bitcoin in the open market this year that this became prominent among the miners. Most recently, peer Riot Platforms (RIOT) bought 667 bitcoin at an average price of $101,135 on Dec. 16.

Buying large amounts of bitcoin in the open market has paid off for miners opening up new avenues of raising funds at a time when the industry is grappling with a profit squeeze after the recent Bitcoin halving event. Last month, MARA was able to raise $1 billion in convertible debts—a financial instrument where investors can convert debt into equity—with zero interest. This means investors are willing to let go of the interest income from the debt for the equities that provide them with exposure to bitcoin.

Hut 8 said holding bitcoin reserve serves as a flexible option for the firm that can help the company grow. “We view our strategic reserve as a dynamic financial asset that can be actively managed to drive returns well beyond simple price appreciation,” Genoot told CoinDesk.

“Together with the significant investments we are making to expand our core operating business—with a clear path to 24 EH/s of self-mining capacity by Q2 2025—strategic Bitcoin purchases in the open market can strengthen our balance sheet and ability to invest thoughtfully in growth,” he said.

Shares of Hut 8 have risen 74% this year, while CoinShares Valkyrie Bitcoin Miners ETF (WGMI) climbed 28%.

One of the biggest roadblocks in converting Latin American investors to concept of crypto, is education about the sector. Cryptocurrencies, which don’t have a physical existence like gold or cash, can be a difficult concept for investors to grasp. “Latin American investors are still very traditional,” she added. “They tell me they only invest in things that they can stand on, or things they can touch. We’re trying to change that mentality… we need to prove to them that these technologies actually work.”

“We are evaluating ways to make the Legal & General Investment Management Liquidity funds available in tokenized format,” said Ed Wicks, global head of trading at Legal & General Investment Management (LGIM), when asked about the firm’s plans via email.