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Hut 8 is a North American energy infrastructure operator and Bitcoin miner that integrates power, digital infrastructure, and compute at scale. The company supports energy-intensive use cases such as Bitcoin mining, high-performance computing (HPC), and artificial intelligence (AI). Hut 8 offers diversified services, including Bitcoin mining, energy infrastructure development, and cloud computing solutions.
- Digital Asset Mining - Mines Bitcoin through self-mining operations across six sites, utilizing mining pools to combine computing power and receive pro-rata Bitcoin rewards.
- High-Performance Computing (Compute) - Provides colocation and cloud services, leveraging high-performance computing infrastructure to support workloads like AI and next-generation computing.
- Managed Services - Develops energy infrastructure for institutional partners, offering site design, procurement, construction management, and operationalization services.
- Other - Includes hosting miners for institutional clients and other diversified operations.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Asher Genoot ExecutiveBoard | Chief Executive Officer (CEO) | Board member at Curio | Asher Genoot has served as the CEO of Hut 8 since February 2024 and previously held the role of President at Hut 8 from the consummation of the Business Combination. He also serves as a Director at Hut 8 and is a board member at Curio, reflecting his broad executive leadership. | View Report → |
Michael Ho ExecutiveBoard | Chief Strategy Officer | Michael Ho has served as Chief Strategy Officer and Director at Hut 8 since the consummation of the Business Combination in 2023. Previously, he served as CEO and Chairman of USBTC from December 2020 until 2023. | ||
Sean Glennan Executive | Chief Financial Officer (CFO) | Sean Glennan is the Chief Financial Officer and Principal Accounting Officer at Hut 8 Corp, responsible for certifying key filings such as the Annual Report on Form 10-K for FY 2024 (dated March 3, 2025) and the Quarterly Report on Form 10-Q for Q1 2025. Previously, he served as a Managing Director at Citigroup Global Markets, advising on over $80 billion in M&A transactions. | ||
Victor Semah Executive | Chief Legal Officer and Corporate Secretary | Victor Semah currently serves as the Chief Legal Officer and Corporate Secretary at Hut 8 Corp. since May 1, 2024. He previously held the Chief Legal Officer role at Cyxtera Technologies, Inc. from May 2017 to April 2024 and concurrently served as a Partner at Medina Capital, playing key roles in major transactions. | ||
Amy Wilkinson Board | Director | CEO of Ingenuity; Lecturer in Management at Stanford Graduate School of Business; Director of INNOVATE Corp. | Amy Wilkinson has served as a Director at HUT since August 2022, and she holds no additional roles within the company beyond this board appointment. She has also built a distinguished career as CEO of Ingenuity and as a Lecturer in Management at Stanford Graduate School of Business, among other leadership roles. | |
Carl J. (Rick) Rickertsen Board | Director | Managing Partner at Pine Creek Partners LLC; Director at MicroStrategy Incorporated; Director at Magnera Corporation | Carl J. (Rick) Rickertsen has served as a director at Hut 8 since December 2021. He brings extensive experience in private equity and corporate governance, exemplified by his active roles outside Hut 8 such as Managing Partner at Pine Creek Partners LLC and board memberships at MicroStrategy Incorporated and Magnera Corporation. | |
E. Stanley O’Neal Board | Director | Clearway Energy; Element Solutions Inc. | E. Stanley O’Neal serves as a Director at Hut 8 since the consummation of the Business Combination and is also a member of the Audit Committee. He previously served as a director of USBTC since March 2021 and held various executive roles at other companies. | |
Joseph Flinn Board | Director | CFO of Seaboard Transportation Group | Joseph Flinn is a Director at Hut 8 since August 2018 with extensive experience in finance, having previously served as CFO of Seaboard Transportation Group and held leadership roles at Sysco Canada and Clarke Freight Transportation Group. | |
Mayo A. Shattuck III Board | director | Mayo A. Shattuck III is a director at HUT since the consummation of the Business Combination; he previously served as a director of USBTC since December 2021. | ||
William Tai Board | Chair of the Board of Directors | Co-Founder and Chairman of IPInfusion ; Co-Founder and Chairman of Treasure Data Inc ; Director of seven publicly listed companies | William Tai is a seasoned venture capitalist and entrepreneur currently serving as Chair of Hut 8's Board of Directors since the consummation of the Business Combination. He previously served as Chair of Legacy Hut beginning in March 2018. |
- How will management mitigate the impact of Bitcoin’s volatility on earnings given the recent $71.8 million loss on digital assets, and what specific strategies are being implemented to hedge against future market swings?
- With the current fleet upgrade discussions and the announced shift from 17–18 to 12 joules per terahash, what is the detailed timeline and capital expenditure plan for a complete fleet upgrade, and how will this further improve Bitcoin mining margins?
- The GPU‑as‑a‑service vertical’s estimated $20 million annual run rate revenue does not assume 100% utilization; can you clarify the target utilization rate and outline the steps being taken to maintain that level amid fluctuating market demand?
- In light of the temporary downtime at Salt Creek during the relocation of miners and infrastructure upgrades, what additional operational risks or delays do you foresee, and how are you planning to mitigate these challenges going forward?
- Considering a total debt of $328.8 million and the recent convertible note agreement, how does management plan to balance debt financing with the aggressive growth in power capacity, and what measures are in place to prevent excessive shareholder dilution?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Far North JV | 2024 | Hut 8 acquired an 80% membership interest in the Far North JV through a stalking horse bid, partnering with Macquarie Equipment Finance Ltd. The deal included key assets such as mining equipment and four natural gas power plants (310 MW total) in Ontario, recorded as a business combination and completed on February 15, 2024. |
US Bitcoin Corp | 2023 | The acquisition was executed as an all‐stock merger of equals between Hut 8 Mining Corp and US Bitcoin Corp, resulting in the creation of Hut 8 Corp with a defined exchange ratio and plans to list on Nasdaq and TSX; it was completed on November 30, 2023. |
TeraGo Data Centers | 2022 | Hut 8 acquired five data centers adding 36,000 square feet of space with a combined 4.1 MW saleable capacity (plus 1.5 MW expansion in Kelowna), diversifying its business with recurring revenue and stable cash flow from 400+ cloud and colocation clients, and incorporating high-performance computing into its portfolio. |
Recent press releases and 8-K filings for HUT.
- Financial Highlights: Q1 2025 revenue was $21.8M, with a net loss of $134.3M and an Adjusted EBITDA loss of $117.7M.
- Operational Update: An ASIC fleet upgrade drove a 79% increase in hashrate and a 37% improvement in fleet efficiency, with total energy capacity under management at 1,020 MW and a development pipeline of 10,800 MW.
- Strategic Initiatives: The launch of American Bitcoin supports the company’s evolution as an integrated energy platform, supplemented by a strategic reserve of 10,264 BTC valued at $847.2M.
- On March 25, 2025, Hut 8 Corp dismissed its independent registered public accounting firm, Raymond Chabot Grant Thornton LLP, and engaged KPMG LLP as its new auditor for FY 2025.
- The previous auditor’s reports for FY 2023 and FY 2024 were unqualified, with no noted disagreements on accounting practices or audit scope, despite previously reported material weaknesses in internal controls.
- The 8-K filing includes a letter from RCGT to the SEC, dated March 31, 2025, confirming the firm’s position regarding these changes.
- Hut 8 Corp. announced the launch of American Bitcoin, a majority-owned subsidiary focused on industrial-scale Bitcoin mining and building a strategic Bitcoin reserve.
- The subsidiary consolidates bitcoin mining operations previously reported under Hut 8’s Compute segment, with exclusive agreements for ASIC colocation, management services, and back-office support.
- The transaction involved transferring most of Hut 8's ASIC miners in exchange for an 80% interest in the rebranded American Data Centers Inc., marking a strategic evolution toward lower-cost-of-capital operations and scalable exahash growth.
- Hut 8 Corp detailed its energy infrastructure platform, outlining segments in POWER, Digital Infrastructure, and Compute, with a focus on scalable energy asset management.
- The presentation highlighted a substantial development pipeline of ~12.3 GW capacity and an ASIC colocation contract with BITMAIN expected to drive $125 million in annualized revenue upon full ramp.
- A refreshed financial reporting structure was introduced, with key metrics such as Adjusted EBITDA demonstrating enhanced transparency in value creation.
- The management team, featuring seasoned executives with deep expertise in energy and digital infrastructure, was emphasized to support disciplined growth.
- Completed an all-stock merger with USBTC on November 30, 2023, with Q4 results incorporating one month of combined performance .
- Executed a comprehensive restructuring for portfolio optimization and organizational efficiency, reducing energy cost per MWh from $45.47 to $31.63 and increasing gross margin per BTC mined from 46% to 54% .
- Reported full year 2024 performance with revenue of $162.4M, net income of $331.4M, and Adjusted EBITDA of $555.7M .
- FY 2024 post-merger financials reflect revenue of $96M, Adjusted EBITDA of $86M, and net income of $22M .
- Q4 2024 highlights include a 30% decrease in energy cost (down to $31.63), a strong development pipeline of 12,300 MW (with 2,800 MW under exclusivity), and a strategic Bitcoin reserve of 10,171 Bitcoin valued at $949.5M .