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.
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| 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?
Research analysts who have asked questions during Hut 8 earnings calls.
George Sutton
Craig-Hallum
5 questions for HUT
John Todaro
Needham & Company
5 questions for HUT
Joseph Vafi
Canaccord Genuity - Global Capital Markets
5 questions for HUT
Michael Colonnese
H.C. Wainwright & Co.
4 questions for HUT
Mike Colonnese
H.C. Wainwright & Co., LLC
3 questions for HUT
Bill Papanastasiou
Keefe, Bruyette & Woods (KBW)
2 questions for HUT
Brian Dobson
Chardan Capital Markets
2 questions for HUT
Brian Vieten
Needham & Company
2 questions for HUT
Chris Brendler
Rosenblatt Securities
2 questions for HUT
Darren Aftahi
Roth Capital Partners
2 questions for HUT
Gregory Lewis
BTIG, LLC
2 questions for HUT
Nick Giles
B. Riley Securities
2 questions for HUT
Patrick Moley
Piper Sandler & Co.
2 questions for HUT
Paul Golding
Macquarie Capital
2 questions for HUT
Stephen Glagola
JonesTrading
2 questions for HUT
Joshua Siegler
Cantor Fitzgerald
1 question for HUT
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.
- American Bitcoin (ABTC), co-founded by Eric Trump and Donald Trump Jr., has commenced trading on the Nasdaq after merging with Gryphon Digital Mining.
- Hut 8 contributed an 80% stake of its Bitcoin mining assets to American Bitcoin and will now concentrate its operations on building out its data center business, including hosting computer chips for AI.
- American Bitcoin raised $220 million in cash and Bitcoin from investors and currently holds nearly 2,443 BTC, ranking it as the 25th largest public Bitcoin holder.
- The company aims to become the largest Bitcoin treasury company, aspiring to surpass prominent holders by adopting a treasury model similar to Michael Saylor's strategy.
- Hut 8 Corp.'s wholly-owned subsidiaries, Hut 8 MB One LLC and Hut 8 Mining Holding Corp., entered into a Credit Agreement with Two Prime Lending Limited on August 25, 2025.
- The agreement establishes a revolving credit facility of up to $200 million with an interest rate of 7.99% per annum, maturing 364 days after the first borrowing.
- Funds from the facility are designated for general corporate purposes and are secured by certain Bitcoin collateral held by BitGo Trust Company, Inc..
- A margin call event is triggered if the ratio of the fair value of the Bitcoin collateral to the outstanding principal is 135% or less, requiring additional collateral to restore the ratio to 160%.
- American Bitcoin, a cryptocurrency mining company backed by Eric Trump and Donald Trump Jr., is preparing to begin trading on the Nasdaq exchange under the ticker ABTC in early September.
- This follows an all-stock merger with Gryphon Digital Mining, with Hut 8 Corp. holding 80% of American Bitcoin, and collectively with the Trump brothers, controlling 98% of the merged entity.
- The company opted for a merger over a direct IPO to secure stronger financing access and benefit from Hut 8's capital market connections.
- American Bitcoin plans to expand its global footprint by exploring acquisitions in Asia, particularly in Hong Kong and Japan, to provide broader access to publicly listed bitcoin assets.
- Hut 8 Corp announced a major U.S. expansion, taking on four new projects and adding 1.5 gigawatts of capacity, which led to its shares popping 9% yesterday and continuing to climb this morning.
- Bitcoin rebounded to the $112,000 level by noon Eastern, while Ether rose more than 3% to $4,658 and XRP climbed more than 3% to reclaim the $3 mark.
- Moca Network by Animoca Brands partnered with Spree Finance to launch Airshop next month, a loyalty program that will allow users to earn rewards from over 2 million brands using stablecoin technology.
- Hut 8 reported strong financial results for Q2 2025, with revenue increasing 17% year-over-year to $41.3 million, net income attributable to Hut 8 of $137.3 million, and adjusted EBITDA of $221.2 million. These figures reflect a $217.6 million gain on digital assets.
- The company made significant strategic progress, including a shift to contracted assets, resulting in nearly 90% of its energy capacity under management being commercialized under agreements of one year or longer. A key development was the commencement of Bitcoin mining operations by American Bitcoin, a consolidated subsidiary, on April 1, 2025, which is on track for a NASDAQ listing, with Hut 8 expecting to retain a 64% controlling interest.
- Hut 8's development pipeline spans approximately 10,800 megawatts under diligence and 3,100 megawatts under exclusivity. The company also secured five-year capacity agreements for 310 megawatts of power generation and energized its Vegas site, which is expected to provide up to 205 megawatts of ASIC colocation capacity.
- On the financing front, the company doubled its credit facility with Coinbase to up to $130 million at a fixed interest rate of 9%, with $65 million drawn at quarter end. Additionally, Hut 8 generated over $20 million in net proceeds from covered call options on Bitcoin in fiscal 2024.
- Gryphon Digital Mining stockholders have commenced voting on a proposed stock-for-stock merger transaction with American Bitcoin, a majority-owned subsidiary of Hut 8 Corp..
- The Special Meeting for Gryphon stockholders to approve the transaction is scheduled for August 27, 2025.
- Gryphon's Board of Directors unanimously recommends that stockholders vote "FOR" all proposals.
- Upon closing, the combined company will operate under the American Bitcoin brand, led by American Bitcoin's management, and is expected to trade on Nasdaq under the ticker symbol "ABTC".
- The transaction is currently targeted to close in early September 2025, subject to Gryphon stockholder approval and other customary closing conditions.
- Hut 8 Corp.'s subsidiary, Hut 8 Investment Ltd, has obtained a Commercial License in the Dubai International Financial Centre (DIFC).
- This license is expected to enhance Hut 8's capital strategy by enabling the deployment of Bitcoin reserves into structured derivatives, broadening access to institutional counterparties, and reducing trading costs.
- The company anticipates this will support the expansion of its active treasury management program, following $20 million in net proceeds from Bitcoin options premiums in fiscal year 2024.
- Hut 8 Corp. announced a corporate rebrand on July 15, 2025, to align its external positioning with its strategic focus on energy and digital infrastructure, following over a year of strategic execution under new leadership.
- Since its merger in November 2023, the company has expanded its energy infrastructure to 1,020 megawatts under management across 15 sites as of March 31, 2025, and built a power origination pipeline of ~10,800 megawatts as of the same date.
- Hut 8 has also advanced AI data center development opportunities totaling 430 megawatts of capacity and restructured its Bitcoin mining business into a standalone entity, American Bitcoin Corp..
- The company executed innovative financings, including an upsized Coinbase credit facility of $130 million at a 9.0% fixed interest rate, and saw institutional ownership increase from approximately 12% at the end of Q1 2024 to approximately 55% at year-end 2024.
- American Bitcoin, majority-owned by Hut 8 Corp., raised $220 million to expand its Bitcoin mining operations and treasury.
- Approximately $10 million of the newly issued shares were sold for Bitcoin, with the average cost per Bitcoin around $104,000.
- American Bitcoin is pursuing a Nasdaq listing through a merger with Gryphon Digital Mining, with the new entity operating under the American Bitcoin brand and the Trump family retaining 98% ownership post-merger.
- The company plans to absorb most of Hut 8's existing mining hardware to consolidate resources and optimize mining operations.
- Separately, Hut 8 is expanding its crypto operations by opening an office in Dubai to enhance its capital strategy, which is unrelated to American Bitcoin.
- Hut 8 Corp.'s majority-owned subsidiary, American Bitcoin Corp., completed the first closing of a private placement of its Class A common stock on June 27, 2025.
- The private placement generated $220,059,080 in aggregate gross proceeds, resulting in approximately $215 million in net proceeds.
- $10 million of the shares were sold for consideration of Bitcoin, with an exchange rate of $104,000 per Bitcoin.
- The net proceeds are intended to fund strategic and Bitcoin accumulation goals, which may include the purchase of Bitcoin and/or miners.