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Globe and Mail
6 days ago
- Business
- Globe and Mail
Hut 8 Reports Second Quarter 2025 Results
Earnings Release Highlights Revenue of $41.3 million, net income of $137.5 million, and Adjusted EBITDA of $221.2 million. Total energy capacity under management of 1,020 megawatts ('MW') as of June 30, 2025. ~10,800 MW development pipeline with ~3,100 MW of capacity under exclusivity 1 as of June 30, 2025. Strategic Bitcoin reserve of 10,667 Bitcoin with a market value of $1.1 billion as of June 30, 2025. MIAMI, Aug. 07, 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 second quarter of 2025. 'In the second quarter, we delivered strong revenue and margin performance while advancing a fundamental shift in our asset commercialization profile,' said Asher Genoot, CEO of Hut 8. 'Strategic wins across our Power and Digital Infrastructure segments increased the share of energy capacity under management commercialized under executed agreements with terms of one year or longer to nearly 90% at quarter-end, up from less than 30% a year ago, driving a meaningful shift from merchant exposure to long-term, contracted fees.' 'These milestones build on the restructuring of our mining business with the launch of American Bitcoin. In addition to completing an oversubscribed private placement and advancing toward a Nasdaq listing, American Bitcoin is now a dedicated anchor tenant for our Power and Digital Infrastructure segments. More broadly, this shift reflects the growing depth of our institutional partnerships, with marquee counterparties such as BITMAIN, Macquarie, Coinbase, and Anchorage each playing a central role in our execution this quarter.' 'As we work to commercialize AI data center opportunities, we continue to apply the power-first, innovation-driven approach that has long defined our strategy and enabled us to build such partnerships. Initially energized during the quarter, Vega is a clear expression of that strategy: designed in-house and increasingly viewed by prospective partners as a prototype for next-generation AI infrastructure. We believe this level of innovation and execution, grounded in first principles, speed, and capital discipline, not only differentiates us but positions us to be a category-defining leader as the sector continues to evolve.' Second Quarter 2025 Highlights Power Generated $5.5 million in second quarter revenue from Power Generation and Managed Services. As American Bitcoin Corp. ('American Bitcoin') is a consolidated subsidiary, all revenue generated through its Managed Services agreement with Hut 8 are eliminated in consolidation. ~10,800 MW development pipeline with ~3,100 MW of capacity under exclusivity 1 as of June 30, 2025. Secured five-year capacity contracts with the Ontario Independent Electricity System Operator ('IESO') for 310 MW of Power Generation assets owned and operated by Far North Power Corp. ('Far North'), an entity formed by Hut 8 and Macquarie Equipment Finance Ltd. ('Macquarie'), a subsidiary of Macquarie Group Limited, a global financial services group. The contracts will commence on May 1, 2026. Commenced Managed Services of 130+ MW of capacity under management for American Bitcoin. Advanced AI data center development opportunities comprising 430 MW of total capacity, including River Bend, a 592-acre campus in Louisiana where sitework continues. Digital Infrastructure Generated $1.5 million in second quarter revenue from ASIC Colocation and CPU Colocation services. As American Bitcoin is a consolidated subsidiary, all revenue generated through its ASIC Colocation agreement with Hut 8 are eliminated in consolidation. Completed the initial energization of Vega at quarter-end. The 205 MW facility features a new Tier I data center form factor that narrows the gap between legacy air-cooled ASIC infrastructure and liquid-cooled GPU infrastructure with a proprietary, rack-based, direct-to-chip liquid cooling system designed in-house by Hut 8. Commercialized Vega, where upon full ramp we expect to provide up to 205 megawatts of ASIC Colocation capacity to BITMAIN, and through the execution of our purchase option, American Bitcoin. Commenced ASIC Colocation services with American Bitcoin for 130+ MW of capacity. Compute Generated $34.3 million in second quarter revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations. Announced a go-public transaction for American Bitcoin pursuant to which Gryphon Digital Mining, Inc. (Nasdaq: GRYP) will acquire American Bitcoin in a stock-for-stock merger transaction. Upon closing, the combined company is expected to operate under the American Bitcoin brand and trade on Nasdaq under the ticker symbol 'ABTC.' Following quarter-end, American Bitcoin's registration statement on Form S-4 was declared effective. Completed an oversubscribed private placement for American Bitcoin, generating aggregate gross proceeds in cash and Bitcoin of approximately $220 million. Capital Strategy and Balance Sheet Expanded strategic Bitcoin reserve to 10,667 Bitcoin held in reserve with a market value of $1.1 billion as of June 30, 2025. Amended the Company's Bitcoin-backed credit facility with Coinbase, expanding the facility from $65 million to up to $130 million, extending the maturity date to June 16, 2026, and transitioning from a floating-rate structure to 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. Capacity under exclusivity represents sites where Hut 8 has secured a clear path to ownership through either: (i) an exclusivity agreement that prevents the sale of designated land and power capacity to another party or (ii) a tendered interconnection agreement, confirming a viable path to securing power and infrastructure for deployment. Key Performance Indicators Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Energy capacity under management (1) 1,020 MW 1,117 MW 1,020 MW 1,117 MW Energy cost per MWh $ 39.82 $ 31.71 $ 44.39 $ 35.40 Number of Bitcoin in strategic reserve (2) 10,667 9,102 10,667 9,102 Energy capacity under management includes all Power assets: Power Generation, Managed Services, ASIC Colocation, CPU Colocation, Bitcoin Mining, Data Center Cloud, and non-operational sites. Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase under an agreement with BITMAIN. Select Second Quarter 2025 Financial Results Revenue for the three months ended June 30, 2025 was $41.3 million compared to $35.2 million in the prior year period, and consisted of $5.5 million in Power revenue, $1.5 million in Digital Infrastructure revenue, and $34.3 million in Compute revenue, and nil in Other revenue. Net income (loss) for the three months ended June 30, 2025 was $137.5 million compared to a loss of ($72.2) million for the prior year period. This included gains on digital assets of $217.6 million and losses on digital assets of $71.8 million for the three months ended June 30, 2025 and 2024, respectively. Adjusted EBITDA for the three months ended June 30, 2025 was $221.2 million compared to ($57.5) 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. Second Quarter 2025 Conference Call will commence today, Thursday, August 7, 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 scaling the Company's platform, commercializing and advancing the Company's data center opportunities, commencing the Company's contracts with IESO, unlocking the Company's near-term growth potential, the commercialization of the Company's Vega site through its hosting arrangement with BITMAIN and (following the execution of the Company's miner purchase option) American Bitcoin, closing the merger of American Bitcoin and Gryphon and completing the combined company's Nasdaq listing, , 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 our results determined in accordance with GAAP, we rely on Adjusted EBITDA to evaluate our business, measure our performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss), 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, gain or loss on derivatives, gain or loss on other financial liability, the removal of non-recurring transactions, loss from discontinued operations, (income) loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons our Board 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. Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenue: Power $ 5,492 $ 10,530 $ 9,872 $ 20,468 Digital Infrastructure 1,512 5,264 2,829 11,108 Compute 34,295 15,795 50,413 47,933 Other — 3,626 — 7,447 Total revenue 41,299 35,215 63,114 86,956 Cost of revenue (exclusive of depreciation and amortization shown below): Cost of revenue – Power 5,000 5,449 8,628 9,082 Cost of revenue – Digital Infrastructure 2,120 4,331 3,679 8,960 Cost of revenue – Compute 14,656 8,670 28,128 26,356 Cost of revenue – Other — 2,186 — 4,385 Total cost of revenue 21,776 20,636 40,435 48,783 Operating expenses (income): Depreciation and amortization 19,458 11,531 34,357 23,003 General and administrative expenses 30,158 17,899 51,217 37,898 (Gains) losses on digital assets (217,640) 71,842 (105,246) (202,732) (Gain) loss on sale of property and equipment (312) — 2,142 (190) Total operating (income) expenses (168,336) 101,272 (17,530) (142,021) Operating income (loss) 187,859 (86,693) 40,209 180,194 Other income (expense): Foreign exchange gain (loss) 3,114 720 3,123 (1,679) Interest expense (8,396) (6,012) (15,865) (12,293) Asset contribution costs — — (22,780) — (Loss) gain on derivatives (18,403) 17,219 2,459 17,219 (Loss) gain on other financial liability (181) — 958 — Equity in earnings of unconsolidated joint venture 1,064 2,440 2,429 6,962 Total other (expense) income (22,802) 14,367 (29,676) 10,209 Income (loss) from continuing operations before taxes 165,057 (72,326) 10,533 190,403 Income tax (provision) benefit (27,574) 1,874 (7,369) (2,522) Net income (loss) from continuing operations $ 137,483 $ (70,452) $ 3,164 $ 187,881 Loss from discontinued operations (net of income tax benefit of nil, nil, nil and nil, respectively) — (1,738) — (9,364) Net income (loss) 137,483 (72,190) 3,164 178,517 Less: Net (income) loss attributable to non-controlling interests (171) 324 259 493 Net income (loss) attributable to Hut 8 Corp. $ 137,312 $ (71,866) $ 3,423 $ 179,010 Net (loss) income per share of common stock: Basic from continuing operations attributable to Hut 8 Corp. $ 1.32 $ (0.78) $ 0.04 $ 2.10 Diluted from continuing operations attributable to Hut 8 Corp. $ 1.18 $ (0.78) $ 0.03 $ 2.00 Weighted average number of shares of common stock outstanding: Basic 104,246,041 90,192,842 103,554,237 89,671,344 Diluted 119,018,761 90,192,842 109,070,208 94,152,139 Net income (loss) $ 137,483 $ (72,190) $ 3,164 $ 178,517 Other comprehensive income (loss): Foreign currency translation adjustments 39,892 (7,362) 41,079 (18,436) Total comprehensive income (loss) 177,375 (79,552) 44,243 160,081 Less: Comprehensive (income) loss attributable to non-controlling interest (227) 423 204 557 Comprehensive income (loss) attributable to Hut 8 Corp. $ 177,148 $ (79,129) $ 44,447 $ 160,638 See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements. Adjusted EBITDA Reconciliation Three Months Ended June 30 Increase (in USD thousands) 2025 2024 (Decrease) Net income (loss) $ 137,483 $ (72,190) $ 209,673 Interest expense 8,396 6,012 2,384 Income tax provision (benefit) 27,574 (1,874) 29,448 Depreciation and amortization 19,458 11,531 7,927 Share of unconsolidated joint venture depreciation and amortization (1) 5,543 7,837 (2,294) Foreign exchange gain (3,114) (720) (2,394) Gain on sale of property and equipment (312) — (312) Loss (gain) on derivatives 18,403 (17,219) 35,622 Loss on other financial liability 181 — 181 Non-recurring transactions (2) 3,739 21 3,718 Loss from discontinued operations (net of income tax benefit of nil and nil, respectively) — 1,738 (1,738) (Income) loss attributable to non-controlling interests (3,786) 324 (4,110) Stock-based compensation expense 7,640 7,010 630 Adjusted EBITDA $ 221,205 $ (57,530) $ 278,735 Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 9. Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail. Non-recurring transactions for the three months ended June 30, 2025 primarily represent approximately $3.5 million of American Bitcoin related transaction costs, and $0.2 million of restructuring costs. Non-recurring transactions for the three months ended June 30, 2024 represent approximately $1.5 million of miner relocation costs, $0.7 million of restructuring costs, offset by a $2.2 million tax refund. Contacts Hut 8 Investor Relations Sue Ennis ir@ Hut 8 Public Relations Gautier Lemyze-Young media@
Globe and Mail
15-07-2025
- Business
- Globe and Mail
Hut 8 Rebrands to Align External Positioning with Power-First, Platform-Driven Business Model
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 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 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 and SEDAR+ profile at
Yahoo
03-07-2025
- Business
- Yahoo
Hut 8 (HUT) Rallies 14% on Multiple Contracts
Hut 8 Corp. (NASDAQ:HUT) is one of the . Hut 8 saw its share prices increase by 14.07 percent on Wednesday to close at $21.08 apiece after securing multiple contracts with the Ontario Independent Electricity System Operator. In a statement, Hut 8 Corp. (NASDAQ:HUT) said that four of its natural gas-fired power plants in Ontario have been awarded a five-year capacity contract following successful bids submitted in the competitive IESO Medium-Term 2 capacity auction. The contracts, totaling 310 MW of nameplate capacity, will commence on May 1, 2026. A close-up of a cryptocurrency mining rig in a large warehouse facility. 'Securing these contracts is a testament to the commercial and regulatory fluency of our power-native team,' said Hut 8 Corp. (NASDAQ:HUT) CEO Asher Genoot. 'It reflects our proactive approach to portfolio management and our focus on identifying value-accretive opportunities to maximize returns on our Power assets.' The company expected to boost its cash flow through energy sales, on expectations of a 75-percent increase in electricity demand and up to 5.8 GW of capacity shortfall by 2030. While we acknowledge the potential of HUT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-07-2025
- Business
- Yahoo
Hut 8 secures five-year power contracts in Ontario, Canada
Hut 8 has secured five-year capacity contracts with the Ontario Independent Electricity System Operator (IESO) for 310MW of power generation assets. The awarded contracts follow successful bids by Far North Power, a joint venture between Hut 8 and Macquarie Equipment Finance (part of Macquarie Group), in the IESO Medium-Term 2 (MT2) capacity auction. The portfolio has a total nameplate capacity of 310MW across sites at Iroquois Falls, Kingston, Kapuskasing and North Bay. These agreements include a weighted average capacity payment of C$530 ($388) per MW-business day for the first year with provisions for inflation indexation. This financial structure provides an avenue for potential increases over time while securing stable cash flows for Hut 8's operations. Hut 8 states that as these fixed five-year contracts replace short-term seasonal ones, there is notable cash flow stabilisation which diminishes earnings volatility – an essential factor for investors and stakeholders within the sector looking towards sustainable profitability. Hut 8 CEO Asher Genoot stated: 'Securing these contracts is a testament to the commercial and regulatory fluency of our power-native team. 'It reflects our proactive approach to portfolio management and our focus on identifying value-accretive opportunities to maximise returns on our power assets.' Upside potential exists through additional energy sales into the growing Ontario market. Projections indicate that electricity demand could surge by up to 75% by 2050, with anticipated capacity shortages as high as 5.8 GW by 2030 according to IESO forecasts. These conditions are expected to drive increased dependence on the current dispatchable assets. Macquarie Group commodities and global markets business managing director Joshua Stevens stated: 'This milestone for Far North is affirmation of the business and our relationship with Hut 8. 'These contracts position the Far North power plants in Ontario for long-term relevance in a capacity-constrained power market, demonstrating the value we strive to bring as a capital provider.' "Hut 8 secures five-year power contracts in Ontario, Canada" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-07-2025
- Business
- Yahoo
Hut 8 Just Nabbed an Energy Supply Deal. Should You Buy the Bitcoin Mining Stock Now?
Hut 8 (HUT) shares closed nearly 15% up on Wednesday, July 2 after announcing a series of 'five-year capacity contracts' with the Ontario Independent Electricity System Operator (IESO). Asher Genoot, chief executive of the Bitcoin (BTCUSDT) mining firm, dubbed these contracts 'a testament to the commercial and regulatory fluency of our power-native team,' in a press release on Wednesday. Is UnitedHealth Stock a Buy, Sell, or Hold for July 2025? Michael Saylor Says 'You'll Wish You'd Bought More' Bitcoin as MicroStrategy Doubles Down Is Microsoft Stock About to Go Nuclear? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Including Wednesday's surge, Hut 8 stock is up nearly 110% versus its year-to-date low set in late April. IESO contracts are strategically positive for HUT shares as they offer long-term, stable cash flows tied to a government-backed agency, significantly reducing earnings volatility – a key concern in crypto stocks. Moreover, the plants will earn an average of 530 CAD per MW-business day. This means that Hut 8 is locking in predictable revenue across 310 MW of dispatchable capacity, strengthening its non-crypto business. Investors cheered Hut 8 shares on Wednesday because the IESO news positions the Nasdaq-listed firm to benefit from secular tailwinds in Ontario's power market as well, where electricity demand is projected to grow 75% by 2050. In short, this agreement not only validates Hut 8's 'power-native strategy' but also diversifies and derisks its business model, potentially enhancing its appeal to long-term institutional investors. Hut 8 stock has doubled from its year-to-date lows, but Darren Aftahi, a senior Roth MKM analyst, remains convinced that it's not done pleasing its shareholders just yet. Aftahi reiterated his 'Buy' rating on HUT shares this week, citing the company's transformation from a pure-play Bitcoin miner to a hybrid infrastructure firm that allocates power to BTC mining, high-performance computing (HPC) and AI cloud workloads. He expects Hut 8 to hit $25 per share in the second half of 2025 as it continues to optimize capital expenditures and accelerate speed-to-market on the back of this strategic pivot. Investors should note that other Wall Street analysts remain constructive on HUT stock as well. The consensus rating on Hut 8 shares currently sits at 'Strong Buy' with the mean target of about $26.50 indicating potential for another 25% upside from current levels. On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
