Latest news with #AsherGenoot
Yahoo
12-05-2025
- Business
- Yahoo
American Bitcoin Spin-Off, AI Ambitions To Boost Hut 8 Stock: Analyst
Canaccord Genuity analyst Joseph Vafi maintained a Buy rating on Hut 8 Corp. (NASDAQ:HUT) and reiterated the $32 price forecast. The analyst writes that he sees consistent progress at Hut 8 under the leadership of CEO Asher Genoot and his team, who have been in place for approximately five quarters. While the past year has primarily involved operational streamlining and realignment within Hut 8, Vafi believes the future holds more significant the analyst expects Hut 8 to navigate the complex challenge of maximizing the value of its Bitcoin (CRYPTO: BTC/USD) miner power portfolio and existing assets while simultaneously pursuing emerging opportunities in AI hosting without hindering either endeavor. The analyst notes that the U.S. Bitcoin miners have grown via capital markets, but public markets often undervalue them despite strong returns and potential cost advantage over direct BTC buys. The analyst adds that the company's American Bitcoin vision might prioritize BTC accumulation over max mining output, potentially mirroring MicroStrategy's treasury success. Overall, the involvement of Eric and Donald Trump Jr. in American Bitcoin suggests that the new company's activities will likely extend beyond solely mining Bitcoin, writes the analyst. Today, Gryphon Digital Mining, Inc. (NASDAQ:GRYP) disclosed a definitive stock-for-stock merger deal with American Bitcoin, a majority-owned subsidiary of Hut 8, for an undisclosed amount. Upon closing, the combined entity will operate under the American Bitcoin brand and is expected to trade on the Nasdaq under the ticker 'ABTC.' On Thursday, Hut 8 reported a loss per share of $1.30, below the estimated 24 cents, and sales of $21.82 million fell short of the estimated $33.28 million. Price Action: HUT shares are up 11.1% at $15.43 at the last check on Monday. Image via Shutterstock Date Firm Action From To Nov 2021 Canaccord Genuity Maintains Buy Nov 2021 HC Wainwright & Co. Maintains Buy Nov 2021 HC Wainwright & Co. Maintains Buy View More Analyst Ratings for HUT View the Latest Analyst Ratings UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article American Bitcoin Spin-Off, AI Ambitions To Boost Hut 8 Stock: Analyst originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Business Mayor
12-05-2025
- Business
- Business Mayor
Hut 8 Posts $134M Q1 Loss Amid Strategic Shift Toward Energy Infrastructure and Bitcoin Mining
Hut 8 Corp. (Nasdaq | TSX: HUT) reported a Q1 2025 net loss of $134.3 million, marking a turbulent start to the year as the company executes a bold strategy to become a fully integrated energy infrastructure platform. Quarterly revenue came in at $21.8 million, down from $51.7 million year-over-year, while Adjusted EBITDA was reported at ($117.7) million. Today we announced our results for Q1 2025, a period of deliberate investment designed to unlock the potential of our development flywheel. Highlights – Deployed our upgraded ASIC fleet to end the quarter with 9.3 EH/s at approximately 20 J/TH – Launched @AmericanBTC to… — Hut 8 (@Hut8Corp) May 8, 2025 Still, Hut 8 emphasized strategic growth moves that it believes will pay off in the near future. CEO Asher Genoot called the quarter 'a deliberate and necessary phase of investment,' adding, 'We believe the returns on this work will become increasingly visible in the quarters ahead.' A key development was the launch of American Bitcoin, a majority-owned subsidiary focused solely on industrial-scale Bitcoin mining. The move followed a sweeping ASIC fleet upgrade, which boosted the company's hashrate by 79% to 9.3 EH/s and improved fleet efficiency by 37% to approximately 20 J/TH. 'Following a period of disciplined investment and execution… the streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses,' Genoot explained. As of March 31, 2025, Hut 8 held 10,264 Bitcoin in reserve—valued at approximately $847.2 million—while managing 1,020 megawatts (MW) of energy capacity across 15 sites. The company also reported a ~10,800 MW development pipeline, with ~2,600 MW under exclusivity. Hut 8's energy and digital infrastructure segments generated modest revenues of $4.4 million and $1.3 million respectively. However, its compute segment—including Bitcoin mining—led the quarter with $16.1 million in revenue. Progress was also made on infrastructure expansion, with the 205 MW Vega site on track for Q2 energization and initial groundwork begun at the River Bend campus in Louisiana. The company also energized a test rack at Salt Creek and introduced new software tools like Reactor and Operator to optimize ASIC-level operations and energy consumption. Despite the financial loss, Hut 8 remains confident. 'We continue to execute against our 2025 roadmap,' Genoot said, pointing to future catalysts like utility-scale power development and expanding U.S. operations.
Associated Press
08-05-2025
- Business
- Associated Press
Hut 8 Reports First Quarter 2025 Results
ASIC fleet upgrade drives 79% increase in hashrate and 37% improvement in fleet efficiency quarter-over-quarter Launch of American Bitcoin accelerates Hut 8's evolution as an integrated energy infrastructure platform Earnings Release Highlights MIAMI, May 08, 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 its financial results for the first quarter of 2025. 'The first quarter of 2025 marked significant advances in Hut 8's evolution as an integrated energy infrastructure platform,' said Asher Genoot, CEO of Hut 8. 'As reflected in our results, the first quarter was a deliberate and necessary phase of investment. We believe the returns on this work will become increasingly visible in the quarters ahead.' 'Following a period of disciplined investment and execution, including a major upgrade of our ASIC fleet, we launched American Bitcoin, a majority-owned subsidiary of Hut 8 focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin accumulation. The streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing. With approximately 10,800 megawatts of development capacity in our pipeline and 10,264 Bitcoin retained in reserve as of March 31, 2025, we believe we are well-positioned and capitalized for disciplined growth. And through our ownership in American Bitcoin, we have preserved exposure to Bitcoin while establishing a new vehicle purpose-built for shareholder value creation.' 'Building on this foundation, we continue to execute against our 2025 roadmap by advancing potential catalysts for topline growth, including the energization of Vega, the initial sitework at River Bend, and the development of our utility-scale power portfolio. We believe these initiatives will further accelerate our ability to generate resilient near-term cash flows while building toward enduring leadership across next-generation digital infrastructure markets.' First Quarter 2025 Highlights Power Digital Infrastructure Compute Capital Strategy and Balance Sheet Key Performance Indicators Select First Quarter 2025 Financial Results Revenue for the three months ended March 31, 2025 was $21.8 million compared to $51.7 million in the prior year period, and consisted of $4.4 million in Power revenue, $1.3 million in Digital Infrastructure revenue, and $16.1 million in Compute revenue, and nil in Other revenue. Net (loss) income for the three months ended March 31, 2025 was ($134.3) million compared to $250.7 million for the prior year period. This included losses on digital assets of $112.4 million and gains on digital assets of $274.6 million for the three months ended March 31, 2025 and 2024, respectively. Adjusted EBITDA for the three months ended March 31, 2025 was ($117.7) million compared to $297.0 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release. All financial results are reported in U.S. dollars. Conference Call The Hut 8 Corp. First Quarter 2025 Conference Call will commence today, Thursday, May 8, 2025, at 8:30 a.m. ET. Investors can join the live webcast here. Supplemental Materials and Upcoming Communications The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company's website, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information. Analyst Coverage A full list of Hut 8 Corp. analyst coverage can be found at 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-potential 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 ASIC Colocation 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 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 including statements relating to the Company's evolution as an integrated energy infrastructure platform, the impact of the Company's investments in 2024 and Q1 2025, the impact of American Bitcoin, the Company's ability to execute on its 2025 roadmap and initiatives, the timing for energizing the Vega site, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, 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 and SEDAR+ profile at Adjusted EBITDA In addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net (loss) income, adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on sale of property and equipment, the removal of non-recurring transactions, asset contribution costs, gain on derivatives, gain on other financial liability, loss from discontinued operations, net loss attributable to non-controlling interests before taxes, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company's board of directors and management team consider them appropriate for supplemental analysis. The Company's board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company's presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company's definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility. Adjusted EBITDA Reconciliation Contacts Hut 8 Investor Relations Sue Ennis [email protected] Hut 8 Corp. Public Relations Gautier Lemyze-Young [email protected]
Bloomberg
01-04-2025
- Business
- Bloomberg
Trump-Backed American Bitcoin Mining Venture Wants to Go Public
American Bitcoin Corp., the crypto mining venture announced this week between Hut 8 Corp. and an investor group that includes two sons of US President Donald Trump, plans to eventually go public as well as to seek additional private capital. 'So you can see this in the long term as two sister publicly traded companies,' Asher Genoot, chief executive officer of Miami-based Bitcoin miner Hut 8, said during a Bloomberg TV interview on Tuesday. 'One that is energy, infrastructure data centers and the other one that's Bitcoin, AISCs and reserves and together they form a vertically integrated company that has some of the best economics out there.'
