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Here are 1-3 brief analogies to describe Hut 8:

• 1. Barrick Gold for Bitcoin.
• 2. An Equinix that also mines Bitcoin.

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• Bitcoin Mining: Operates large-scale data centers to mine Bitcoin, earning rewards for validating transactions on the blockchain.
• High Performance Computing (HPC) Services: Provides specialized computing infrastructure and solutions for complex workloads, including AI, machine learning, and data analytics.
• Managed Services (Colocation & Hosting): Offers secure data center facilities, power, and connectivity for clients to host their own digital asset mining equipment or other IT infrastructure.

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Customer Categories:

1. Individual Retail Investors: These are individuals who purchase Bitcoin through various exchanges and platforms for personal investment, long-term savings, or speculative purposes. They represent a significant portion of the overall demand in the digital asset market into which Hut 8 sells its mined Bitcoin.
2. Institutional Investors and Corporate Treasuries: This category includes investment funds, asset managers, hedge funds, and public or private companies that acquire Bitcoin for their investment portfolios, diversification strategies, or as part of their corporate treasury reserves. While these are entities, they function as buyers of the commodity (Bitcoin) on the open market, rather than direct B2B clients contracting services from Hut 8.
3. Digital Asset Traders and Speculators: This group comprises both individual and professional trading desks that actively buy and sell Bitcoin on exchanges, seeking to profit from short-term price movements or to provide liquidity to the market.

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• Bitmain
• MicroBT

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Asher Genoot, Chief Executive Officer

Asher Genoot was appointed CEO of Hut 8 in February 2024. He co-founded US Bitcoin Corp (USBTC), which merged with Hut 8, and previously served as its President and Chief Operating Officer. Early in his career, he founded and managed multiple ventures in Shanghai, including an education company which he later sold. Genoot also served as a Managing Director at a brand incubator. He is a member of Young Presidents Organization and was recognized in the 2024 Forbes 30 Under 30 – Energy. He holds a Bachelor's in Business Administration from the University of Southern California, graduating summa cum laude.

Sean Glennan, Chief Financial Officer

Sean Glennan became Hut 8's Chief Financial Officer on August 21, 2024. He brings nearly 20 years of experience in financial services, having most recently served as a Managing Director in the Global Power, Utilities & Renewables group at Citigroup Global Markets' Investment Banking division. During his 13 years at Citigroup, Glennan advised on over $80 billion in M&A and capital markets activity within the power sector. His professional background aligns with Hut 8's strategic focus on energy infrastructure.

Mike Ho, Chief Strategy Officer

Mike Ho serves as the Chief Strategy Officer of Hut 8. He is also a member of the company's Board of Directors.

Victor Semah, Chief Legal Officer

Victor Semah holds the position of Chief Legal Officer at Hut 8.

Sue Ennis, Vice President, Corporate Development

Sue Ennis is the Vice President of Corporate Development at Hut 8. A Chartered Investment Manager and advocate for emerging technology and innovation, she has been instrumental in guiding digital asset companies to multi-billion market capitalization opportunities since 2016. Before joining Hut 8, Ennis worked with various blockchain and cryptocurrency startups and scale-ups, including helping to launch the commercial operations for the wealth division at Coinsquare. She also served as a fintech innovation leader and board member for the FICANEX group of companies during its acquisition by Prodigy labs in 2021. Prior to 2016, she accumulated a decade of experience in the financial services and fintech sectors.

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The public company Hut 8 (HUT) faces several significant risks, primarily stemming from the volatile nature of the cryptocurrency market and the capital-intensive demands of its operations.

1. Bitcoin Price Volatility: Hut 8's financial performance and the value of its substantial Bitcoin reserve are highly dependent on the unpredictable and volatile price of Bitcoin. Significant fluctuations in Bitcoin's market price directly impact the company's net income and the overall strength of its balance sheet.

2. Operational Risks and Energy Infrastructure Challenges: The company's business is subject to various operational risks, including equipment failures, power outages, and cybersecurity breaches, which can disrupt mining activities and lead to revenue loss. Furthermore, expanding and managing its energy infrastructure, a strategic pivot for the company, involves potential delays, cost overruns, and power sourcing issues.

3. Reliance on Digital Asset Appreciation and Shareholder Dilution: There are concerns that Hut 8's profitability has been significantly driven by the appreciation in the value of its digital assets rather than consistent operating profits from its core or diversified businesses. To fund its operations and growth, the company has at times resorted to issuing new shares, which leads to the dilution of existing shareholders' ownership and a reduction in their share of future earnings.

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The emergence and increasing maturity of Decentralized Physical Infrastructure Networks (DePINs) pose an emerging threat to Hut 8's High-Performance Computing (HPC) and data center services segment. DePINs utilize blockchain technology to incentivize and coordinate globally distributed, often underutilized, hardware resources (such as GPUs for AI/rendering or storage capacity) to create decentralized networks for computing, storage, and other infrastructure services. This model presents a disruptive alternative to traditional, centralized data centers like those operated by Hut 8. As these networks grow, they could offer more flexible, potentially lower-cost, and censorship-resistant solutions for specific workloads, siphoning market share or exerting pricing pressure on traditional providers. This parallels historical disruptions where new business models or platforms (e.g., Netflix vs. Blockbuster, Uber vs. Taxis) challenged established industries.

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Hut 8 (HUT) operates in several key markets:

• Digital Asset Mining (primarily Bitcoin mining): The global cryptocurrency mining revenue is projected to reach approximately $20.4 billion in 2025, with Bitcoin mining contributing an estimated $13.5 billion. The global Bitcoin miner market size was valued at USD 11.19 billion in 2024 and is projected to reach USD 14.17 billion in 2025, with a forecast to grow to USD 94.14 billion by 2033. North America is a significant region, with the U.S. leading with 44% of Bitcoin's global hash rate.
• High-Performance Computing (HPC) Colocation and Cloud: The global high-performance computing market size was estimated at USD 57.00 billion in 2024 and is projected to reach USD 87.31 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 7.2% from 2025 to 2030. North America dominated the global HPC market, accounting for a revenue share of 41.6% in 2024.
• Managed Services: The global managed services market size was estimated at USD 335.37 billion in 2024 and is projected to reach USD 731.08 billion by 2030, exhibiting a CAGR of 14.1% from 2025 to 2030. North America held the largest market share in the managed services industry, exceeding 33% in 2024.

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1. Expansion of Energy Infrastructure and New Site Development: Hut 8 plans to develop four new sites across the United States, which will add over 1.5 gigawatts (GW) of power capacity and position its total platform to exceed 2.5 GW across 19 sites upon commercialization. This significant expansion is designed to meet growing demand from energy-intensive applications.
2. Growth in High-Performance Computing (HPC) and GPU-as-a-Service: The company is strategically expanding into high-performance computing (HPC) and its GPU-as-a-Service offerings, targeting AI-focused businesses. This diversification is anticipated to generate substantial annualized revenue and provide a hedge against the volatility of Bitcoin.
3. Optimized and Expanded Bitcoin Mining Operations: Hut 8 is focused on enhancing its Bitcoin mining capabilities through strategic investments, including an ASIC fleet upgrade in Q1 2025. This upgrade is expected to increase the self-mining hash rate by 66% and improve overall fleet efficiency. The expansion of Bitcoin mining revenue through American Bitcoin was a primary driver for the Compute segment's growth in Q3 2025.
4. Growth in Managed Services: Revenue from Hut 8's managed services segment has experienced significant year-over-year growth. This segment, which involves managing energy and infrastructure for other clients, is expected to continue contributing positively to the company's revenue streams.

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Share Repurchases

• In December 2024, Hut 8 authorized a stock repurchase program of $250 million, allowing for the repurchase of up to 4,683,936 shares, representing 5% of its outstanding common stock, over a 12-month period.

Share Issuance

• Hut 8 launched a new At-The-Market (ATM) equity program in August 2025, with the ability to raise up to $1 billion through stock sales.
• A prior $500 million ATM program, launched in December 2024, was terminated in August 2025 after selling approximately $275.5 million worth of shares (9.8 million shares at an average price of $28.23).
• Shares were issued to holders of U.S. Data Mining Group, Inc. (USBTC) as part of the business combination agreement dated February 6, 2023, which resulted in the merger of Hut 8 Mining Corp. and USBTC into Hut 8 Corp.

Outbound Investments

• Hut 8 completed the go-public transaction for American Bitcoin, which became a majority-owned subsidiary, effectively transitioning Hut 8's Bitcoin mining operations to American Bitcoin starting April 1, 2025.
• The company holds a 50% membership interest in the King Mountain Joint Venture.
• Hut 8's merger with U.S. Data Mining Group, Inc. (USBTC) in February 2023 was a significant acquisition, with USBTC becoming a wholly-owned subsidiary of Hut 8 Corp.

Capital Expenditures

• Hut 8's annual capital expenditures were $164 million in 2024, $600K in 2023, and $72.7 million in 2022.
• Capital expenditures for the first quarter of 2025 totaled $63.3 million, primarily focused on fleet upgrades and infrastructure projects such as the Vega data center and initial site work at River Bend.
• The company is developing four new large-scale infrastructure sites across the U.S., advancing 1,530 megawatts of capacity, including a $2.5 billion artificial intelligence data center in Louisiana, with the first building expected to be finished by the end of 2025.