Hut 8 Corp.
- Open
- 98.13
- Day high
- 101.67
- Day low
- 90.02
- Prev close
- 103.03
- Volume
- 4.4M
- Mkt cap
- $10.3B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 7.5
- P/S
- -252.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$12.2M over the last 3 months (0 open-market buys, 11 sales)
- 🏛Institutions accumulating (13F)
Hut 8 Corp. (HUT) is a Financial Services company listed on NASDAQ. The stock is up 316% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 11 sales (SEC Form 4). Drillr has 1 published research article covering HUT.
Hut 8 Corp. (HUT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 9 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HUT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.28 | $-0.12 | +57.1% | $71M | -9.6% |
| Feb 25, 2026 | $-0.15 | $-2.66 | -1673.4% | $88M | -4.8% |
| Nov 4, 2025 | $-0.16 | $-0.07 | +56.3% | $84M | -10.2% |
| Aug 7, 2025 | $-0.15 | $-0.14 | +6.7% | $41M | -36.2% |
| May 8, 2025 | $-0.12 | $-0.18 | -50.0% | $22M | -55.6% |
| Mar 3, 2025 | $-0.18 | $1.45 | +905.6% | $340M | +909.0% |
| Aug 13, 2024 | $-0.09 | $0.02 | +122.2% | $-37M | -176.1% |
| May 15, 2024 | $-0.06 | $-0.17 | -183.3% | $52M | -2.3% |
| Nov 14, 2023 | $-0.45 | $-0.45 | +0.0% | $22M | -6.9% |
| Aug 14, 2023 | $-0.25 | $-0.30 | -20.0% | $21M | -37.9% |
| May 11, 2023 | $-0.50 | $-0.45 | +10.0% | $16M | -60.3% |
| Mar 9, 2023 | $-0.55 | $-0.60 | -9.1% | $13M | -20.4% |
HUT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 18, 2026 | Semah Victorofficer: Chief Legal Officer | Sell | 10,000 | $125.00 |
| Jun 15, 2026 | Glennan Sean Josephofficer: Chief Financial Officer | Grant | 27,229 | — |
| Jun 15, 2026 | Semah Victorofficer: Chief Legal Officer | Grant | 27,229 | — |
| Jun 15, 2026 | Wilkinson Amy Mariedirector | Grant | 4,550 | — |
| Jun 15, 2026 | Wilkinson Amy Mariedirector | Option | 15,713 | — |
| Jun 15, 2026 | TAI WILLIAMdirector | Grant | 4,327 | — |
| Jun 15, 2026 | TAI WILLIAMdirector | Option | 15,713 | — |
| Jun 15, 2026 | SHATTUCK MAYO A IIIdirector | Grant | 4,773 | — |
| Jun 15, 2026 | SHATTUCK MAYO A IIIdirector | Option | 16,416 | — |
| Jun 15, 2026 | Rickertsen Rickdirector | Grant | 4,372 | — |
| Jun 15, 2026 | Rickertsen Rickdirector | Option | 14,775 | — |
| Jun 15, 2026 | ONEAL E STANLEYdirector | Grant | 4,863 | — |
| Jun 15, 2026 | ONEAL E STANLEYdirector | Option | 15,478 | — |
| Jun 15, 2026 | Flinn Josephdirector | Sell | 7,500 | $117.04 |
| Jun 15, 2026 | Flinn Josephdirector | Sell | 23,000 | $115.94 |
Source: HUT SEC Form 4 filings, latest Jun 18, 2026. For informational purposes only — not investment advice.
See the full HUT insider & 13F page →Hut 8 Corp. company profile
Overview
Hut 8 Corp. (NASDAQ:HUT) is a Canadian-founded digital infrastructure company that has evolved from a pure Bitcoin mining operation into a vertically integrated energy infrastructure and data center operator. Originally established as one of North America's largest Bitcoin miners, the company went public in 2018 and has since undergone significant strategic transformation. Following its 2023 merger with US Bitcoin Corp, Hut 8 has repositioned itself as a comprehensive digital infrastructure platform, operating across three key business layers: power generation and management, digital infrastructure development, and compute-intensive workloads including Bitcoin mining, high-performance computing, and artificial intelligence applications.
Business
Hut 8 operates as a vertically integrated digital infrastructure company that manages energy-intensive computing operations across three strategic business segments. The company's core business revolves around acquiring, designing, building, and operating large-scale data centers that power compute-intensive workloads. The Power Segment represents the foundation of Hut 8's business model, generating approximately 35% of total revenue. This segment involves developing and managing utility-scale power infrastructure, including natural gas power plants and renewable energy projects. The company has built a development pipeline exceeding 12,000 megawatts of potential capacity and currently manages over 1,300 megawatts of power infrastructure. This power-first approach allows Hut 8 to secure low-cost energy for its own operations while also selling excess capacity to third parties. The Digital Infrastructure Segment contributes roughly 11% of revenue and focuses on developing and operating data centers for various high-density computing applications. This includes traditional colocation services, managed hosting for other Bitcoin miners, and increasingly, infrastructure designed for artificial intelligence and high-performance computing workloads. The segment has grown significantly through strategic partnerships and the development of specialized facilities with advanced cooling technologies. The Compute Segment generates approximately 74% of revenue and encompasses the company's Bitcoin mining operations and emerging GPU-as-a-Service business. In Bitcoin mining, Hut 8 operates its own fleet of specialized ASIC miners to validate Bitcoin transactions and earn newly minted bitcoins plus transaction fees. The company maintains one of the largest Bitcoin treasuries among public miners, holding over 10,000 bitcoins. The segment also includes Hut 8's new artificial intelligence computing services, where the company deploys high-end graphics processing units (GPUs) to provide computing power for AI model training and inference. Bitcoin mining involves using specialized computer hardware to solve complex mathematical problems that validate transactions on the Bitcoin network. Miners compete to solve these problems first, with the winner receiving newly created bitcoins as a reward. This process, called "proof of work," requires enormous amounts of electricity and computing power, making access to low-cost energy and efficient hardware critical for profitability.
Revenue model
Hut 8 generates revenue through multiple complementary business models that leverage its integrated energy and digital infrastructure platform. The company's primary revenue streams include direct Bitcoin mining rewards, infrastructure hosting services, power sales, and emerging GPU-as-a-Service offerings. In Bitcoin mining, Hut 8 earns revenue by successfully mining Bitcoin blocks and receiving both the block reward (currently 3.125 bitcoins per block after the 2024 halving) and transaction fees. The company's mining profitability depends heavily on Bitcoin's market price, network difficulty, and operational efficiency. Hut 8 maintains a "HODL" strategy, accumulating bitcoins on its balance sheet rather than immediately selling them, creating exposure to Bitcoin price appreciation. The managed services business generates revenue by hosting third-party Bitcoin mining equipment in Hut 8's data centers. Customers pay hosting fees based on power consumption and facility management services. This model provides more predictable revenue streams compared to direct mining, as hosting fees are typically contracted regardless of Bitcoin price fluctuations. Power sales represent a growing revenue source where Hut 8 monetizes excess energy capacity by selling electricity to the grid or directly to industrial customers. The company's natural gas power plants and renewable energy projects can generate revenue even when not supporting internal mining operations. The emerging GPU-as-a-Service business targets the rapidly growing artificial intelligence market by renting high-performance computing capacity to companies training AI models or running inference workloads. This represents a potentially lucrative diversification away from Bitcoin-dependent revenues. Margin-influencing factors include Bitcoin price volatility, which directly impacts mining profitability and the value of the company's Bitcoin treasury. Energy costs represent the largest operational expense, making power procurement and efficiency critical margin drivers. Network difficulty adjustments in Bitcoin mining affect the computational requirements and profitability of mining operations. Hardware efficiency and depreciation rates influence long-term profitability, while regulatory changes around cryptocurrency mining or energy usage could impact operational costs. Market demand for AI computing services will increasingly influence margins as this segment grows, and competition from other miners and cloud computing providers affects pricing power across all business segments.
Competitive moat
Hut 8's competitive moat is moderate but improving through its integrated energy infrastructure approach and strategic asset positioning. The company's primary competitive advantages stem from its power-first strategy, which provides access to low-cost energy that is essential for profitable Bitcoin mining and attractive for AI computing customers seeking cost-effective infrastructure. The company's most significant moat elements include its substantial Bitcoin treasury, which provides financial flexibility and exposure to Bitcoin appreciation, and its growing portfolio of strategically located power assets and data centers. Hut 8's experience in managing energy-intensive computing operations and its established relationships with equipment manufacturers and energy providers create operational advantages. The company's vertical integration across power generation, infrastructure development, and compute operations allows for better cost control and operational optimization compared to companies operating in single segments. However, Hut 8's moat faces several competitive pressures and limitations. The Bitcoin mining industry has low barriers to entry for competitors with sufficient capital, and the company competes against both large-scale industrial miners and smaller operations. The emergence of major technology companies and cloud service providers entering the AI computing space presents formidable competition with deeper resources and established customer relationships. Energy costs, while currently advantageous, could be eroded by competitors securing similar arrangements or by regulatory changes affecting energy markets. The company's moat strength is evolving as it transitions from a pure Bitcoin mining operation to a diversified digital infrastructure platform. Success in artificial intelligence and high-performance computing markets will largely determine whether Hut 8 can build sustainable competitive advantages beyond its current energy cost benefits. The company's ability to secure long-term customer contracts and develop proprietary technologies will be crucial for strengthening its competitive position in increasingly crowded markets.
Risks & safety
Hut 8's margin of safety presents mixed signals with moderate financial risk but potential upside from Bitcoin treasury and business diversification. **Cash and Debt Position:** • Cash and short-term investments: $108.4 million (Q1 2025) • Total debt-to-equity ratio: 0.37 (manageable leverage) • Current ratio: 1.26 (adequate short-term liquidity) • Negative free cash flow: -$98.1 million (concerning operational cash generation) • Quarterly cash burn rate averaging $30-40 million **Valuation Metrics:** • Price-to-book ratio: 1.24 (reasonable relative to assets) • Enterprise value appears reasonable given Bitcoin treasury value • Bitcoin holdings valued at ~$847 million (substantial asset backing) • Negative EBITDA makes traditional valuation metrics challenging **Other Considerations:** • High operational leverage to Bitcoin price movements creates volatility • Significant capital expenditure requirements for fleet upgrades and expansion • Revenue concentration in cyclical Bitcoin mining creates earnings unpredictability • Asset-heavy business model with substantial property and equipment investments
Recent development
Over the past two years, Hut 8 has executed a comprehensive strategic transformation from a traditional Bitcoin miner into an integrated digital infrastructure platform. The most significant development was the 2023 merger with US Bitcoin Corp, which expanded the company's operational footprint and capabilities across North America. The company has pursued an aggressive power-first development strategy, expanding its power development pipeline from under 1,000 megawatts to over 12,000 megawatts of potential capacity. Key acquisitions include the 592-acre River Bend Data Center campus in Louisiana with 300 megawatts of capacity and multiple sites in Texas. This power infrastructure serves as the foundation for both internal mining operations and third-party hosting services. In artificial intelligence and high-performance computing, Hut 8 launched its GPU-as-a-Service business (branded as Highrise AI) with an initial deployment of 1,000 NVIDIA H100 GPUs. The company has been developing specialized liquid-cooling infrastructure at its Vega site to support high-density AI workloads and is targeting 430 megawatts of AI data center capacity by end of 2025. A major recent development is the launch of American Bitcoin, a dedicated Bitcoin mining and accumulation vehicle that Hut 8 plans to potentially spin off through a public offering. This structure would allow Hut 8 to separate its pure Bitcoin mining operations from its diversified infrastructure business while maintaining exposure to both strategies. The company has also focused on operational optimization, implementing proprietary energy management software, upgrading its mining fleet to more efficient hardware, and reducing energy costs by approximately 30% through strategic site management and power procurement improvements. These efforts have improved operational efficiency despite challenging market conditions in the Bitcoin mining sector.
HUT company profile · for informational purposes only — not investment advice.
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