Hut 8 Rebrands to Align External Positioning with Power-First, Platform-Driven Business Model

Globe and Mail

15-07-2025

MIAMI, July 15, 2025 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) ('Hut 8' or the 'Company'), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced a corporate rebrand that aligns the Company's external positioning with its strategic focus on energy and digital infrastructure through an integrated platform model focused on disciplined capital allocation, operational rigor, and relentless performance optimization.
'Our new brand enables us to more clearly express what has always set Hut 8 apart: a power-first, innovation-driven approach to developing, commercializing, and operating next-generation digital infrastructure,' said Asher Genoot, CEO of Hut 8. 'Since our merger of equals, we have scaled with discipline across each layer of our platform, institutionalized the broader business, and executed with the rigor we believe is required to deliver outsized long-term value for our investors. Our new brand embeds our platform-driven strategy into our external positioning and sharpens how we articulate our business model, structural advantages, and approach to long-term value creation to the market.'
The Company's rebrand follows over a year of disciplined strategic, operational, and capital markets execution under new leadership, which has solidified Hut 8's position as a power-first, innovation-driven developer of energy and digital infrastructure. Since the merger of Hut 8 Mining Corp. with U.S. Data Mining Group, Inc. ('US Bitcoin Corp') in November 2023, the Company has:
Expanded its energy infrastructure platform to 1,020 megawatts ('MW') under management across 15 sites as of March 31, 2025, which includes scaled behind-the-meter operations at King Mountain (280 MW) and Vega (205 MW)
Built a high-velocity, utility-scale power origination pipeline spanning ~10,800 MW of capacity as of March 31, 2025, a more than threefold increase from 3,000+ MW as of the end of Q2 2024, including ~2,600 MW under exclusivity, anchored by a power-native team led by former executives and team members from some of North America's largest generation owners, utilities, energy investment firms, infrastructure developers, and trading desks
Advanced AI data center development opportunities comprising 430 MW of total capacity, including River Bend, a 592-acre campus in Louisiana where sitework is underway
Designed and commercialized a next-generation Tier I data center form factor for ASIC compute at Vega, which features a proprietary, rack-based, direct-to-chip liquid cooling system designed by Hut 8 to support ASIC deployments at densities of up to 180 kilowatts ('kW') per rack, with initial customer discussions supporting the viability of this architecture for future iterations of liquid-cooled infrastructure to meet emerging HPC workloads and next-generation AI data center design
Restructured its Bitcoin mining business into a standalone entity through the launch of American Bitcoin Corp. ('American Bitcoin'), creating a dedicated Bitcoin accumulation vehicle that can scale independently without diverting capital from the Company's core Power and Digital Infrastructure businesses
Scaled lower volatility, contracted businesses, executing an ASIC Colocation agreement with BITMAIN at Vega, ASIC Colocation and Managed Services agreements with American Bitcoin, and five-year capacity contracts with the Ontario Independent Electricity System Operator ('IESO') for 310 MW of Power Generation assets
Executed innovative, dilution-sensitive financings, including: (i) an upsized Coinbase credit facility, increased from $65 million to $130 million, with a fixed interest rate of 9.0%, compared to a stated interest rate ranging from 10.5% to 11.5% between the quarter ended December 31, 2023 and the quarter ended March 31, 2025; (ii) a Bitcoin-backed call option structure used to fund the Company's purchase of machines from BITMAIN; (iii) a covered call program that generated more than $20 million in net proceeds from premiums on Bitcoin held in reserve in fiscal year 2024; and (iv) an at-the-market ('ATM') equity offering program through which $275.5 million in net proceeds has been raised at a weighted average price of $28.23 per share as of March 31, 2025
Deepened institutional alignment, supporting growth in institutional ownership from approximately 12% at the end of Q1 2024 to approximately 55% at year-end 2024, marked by milestones like a strategic investment from Coatue, the conversion of the Company's Anchorage loan to equity, the onboarding of a Big 4 audit firm, and the hiring of seasoned veterans from the power and digital infrastructure sectors
Realigned its reporting structure to provide a clearer, more comprehensive view of how each layer of the Company's platform—Power, Digital Infrastructure, and Compute—contributes to growth, profitability, and value creation in the context of the overall business
The Hut 8 name remains unchanged, reflecting the Company's continued alignment with the legacy of technical innovation that defines its namesake. Named for the building at Bletchley Park where Alan Turing led foundational work in computer science and artificial intelligence during World War II, the Company carries forward that legacy today at the intersection of energy and technology.
The rebrand does not impact Hut 8's existing relationships, agreements, and operations. The Company's updated website is now live at hut8.com.
About Hut 8
Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.
Cautionary Note Regarding Forward–Looking Information
This press release includes 'forward-looking information' and 'forward-looking statements' within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, 'forward-looking information'). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company's strategic focus on energy and digital infrastructure through an integrated platform model focused on disciplined capital allocation, operational rigor, and relentless performance optimization, the viability of the Company's proprietary system to support future iterations of liquid-cooled infrastructure to meet emerging HPC workloads and next-generation AI data center design, the ability of American Bitcoin to scale without diverting capital from the Company's core Power and Digital Infrastructure businesses, and other such matters is forward-looking information. Forward-looking information is often identified by the words 'may', 'would', 'could', 'should', 'will', 'intend', 'plan', 'anticipate', 'allow', 'believe', 'estimate', 'expect', 'predict', 'can', 'might', 'potential', 'predict', 'is designed to', 'likely,' or similar expressions.
Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.