Hut 8 (HUT)
Market Price (11/10/2026): $57.15 | Market Cap: $6.9 BilSector: Financials | Industry: Diversified Capital Markets
Hut 8 (HUT)
Market Price (11/10/2026): $57.15Market Cap: $6.9 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 71% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -47% Megatrend and thematic driversMegatrends include Crypto & Blockchain, Artificial Intelligence, and Datacenter Power. Themes include Cryptocurrency Mining, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -273 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -89% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 107% Expensive valuation multiplesP/SPrice/Sales ratio is 23x Weak revenue growthRev Chg QQuarterly Revenue Change % is -15% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 68% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -460% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% High stock price volatilityVol 12M is 110% Key risksHUT key risks include [1] a reliance on digital asset appreciation for profitability over consistent operating profits, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 71% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -47% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, Artificial Intelligence, and Datacenter Power. Themes include Cryptocurrency Mining, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -273 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -89% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 107% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 23x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -15% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 68% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -460% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% |
| High stock price volatilityVol 12M is 110% |
| Key risksHUT key risks include [1] a reliance on digital asset appreciation for profitability over consistent operating profits, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Hut 8 (HUT) stock has lost about 45% since 7/31/2026 because of the following key factors:
1. Volatility and Decline in Bitcoin Price. While Bitcoin saw a rise in value during fiscal Q3 2026, increasing from approximately $59,847 to $83,415 over the quarter, it experienced a significant downturn in fiscal Q4 2026. Bitcoin fell from around $80,000 in late October to approximately $74,200 by November 9, 2026, marking a 7% loss in October. This decline in Bitcoin's price directly impacts Hut 8's digital asset holdings and its Bitcoin mining revenue, contributing to negative sentiment.
2. Elevated Operating Costs in Bitcoin Mining. Hut 8's fiscal Q3 2026 revenue declined to $71.1 million from $83.5 million in the prior year, partly due to lower average revenue per Bitcoin mined. Furthermore, the cost of mining each Bitcoin rose to approximately $42,100 in fiscal Q3 2026, up from $36,500 in fiscal Q2 2026, primarily driven by seasonal power costs. These increased operational expenses put pressure on the profitability of the company's core Bitcoin mining operations.
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Hut 8 (HUT) stock has lost about 45% since 7/31/2026 because of the following key factors:
1. Volatility and Decline in Bitcoin Price. While Bitcoin saw a rise in value during fiscal Q3 2026, increasing from approximately $59,847 to $83,415 over the quarter, it experienced a significant downturn in fiscal Q4 2026. Bitcoin fell from around $80,000 in late October to approximately $74,200 by November 9, 2026, marking a 7% loss in October. This decline in Bitcoin's price directly impacts Hut 8's digital asset holdings and its Bitcoin mining revenue, contributing to negative sentiment.
2. Elevated Operating Costs in Bitcoin Mining. Hut 8's fiscal Q3 2026 revenue declined to $71.1 million from $83.5 million in the prior year, partly due to lower average revenue per Bitcoin mined. Furthermore, the cost of mining each Bitcoin rose to approximately $42,100 in fiscal Q3 2026, up from $36,500 in fiscal Q2 2026, primarily driven by seasonal power costs. These increased operational expenses put pressure on the profitability of the company's core Bitcoin mining operations.
3. Substantial Increase in General and Administrative (G&A) Expenses. Hut 8 reported a significant increase in general and administrative expenses during fiscal Q3 2026, which surged to $99.6 million compared to $25.9 million in the prior-year period. This increase included approximately $64.7 million in stock-based compensation and higher salaries and benefits, indicating a substantial rise in overhead costs that impacted overall profitability.
4. Analyst Price Target Reductions. Several investment analysts lowered their price targets for Hut 8 in early November 2026, following the company's fiscal Q3 2026 earnings report. For instance, Cantor Fitzgerald reduced its price target from $151 to $127, and Wells Fargo & Company lowered its target from $175 to $148. While analysts generally maintained positive ratings, these reduced price targets signal revised near-term expectations or valuation concerns despite the company's strategic pivot toward AI data centers.
5. Broader Industry Shift Away from Bitcoin Mining. The cryptocurrency mining sector has seen a trend where some major players are de-emphasizing or exiting Bitcoin mining. For example, Core Scientific announced its plan to completely exit Bitcoin mining by fiscal Q4 2026 to focus exclusively on high-margin AI colocation services. This industry-wide sentiment reflects increasing challenges and potentially lower profitability within the pure-play Bitcoin mining business, which can negatively impact the perception and valuation of companies like Hut 8, even as they diversify.
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Stock Movement Drivers
Fundamental Drivers
The -47.0% change in HUT stock from 7/31/2026 to 11/9/2026 was primarily driven by a -45.4% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 107.63 | 57.02 | -47.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 284 | 306 | 7.5% |
| P/S Multiple | 42.0 | 22.9 | -45.4% |
| Shares Outstanding (Mil) | 111 | 123 | -9.7% |
| Cumulative Contribution | -47.0% |
Market Drivers
7/31/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| HUT | -47.0% | |
| Market (SPY) | 0.8% | 28.7% |
| Sector (XLF) | 1.8% | -22.3% |
Fundamental Drivers
The -24.8% change in HUT stock from 4/30/2026 to 11/9/2026 was primarily driven by a -34.5% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.78 | 57.02 | -24.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 235 | 306 | 29.9% |
| P/S Multiple | 35.0 | 22.9 | -34.5% |
| Shares Outstanding (Mil) | 109 | 123 | -11.7% |
| Cumulative Contribution | -24.8% |
Market Drivers
4/30/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| HUT | -24.8% | |
| Market (SPY) | 5.0% | 39.3% |
| Sector (XLF) | 11.6% | -14.0% |
Fundamental Drivers
The 12.6% change in HUT stock from 10/31/2025 to 11/9/2026 was primarily driven by a 120.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 50.66 | 57.02 | 12.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 139 | 306 | 120.5% |
| P/S Multiple | 38.1 | 22.9 | -39.8% |
| Shares Outstanding (Mil) | 104 | 123 | -15.2% |
| Cumulative Contribution | 12.6% |
Market Drivers
10/31/2025 to 11/9/2026| Return | Correlation | |
|---|---|---|
| HUT | 12.6% | |
| Market (SPY) | 11.3% | 49.5% |
| Sector (XLF) | 12.1% | 8.7% |
Fundamental Drivers
nullnull
Market Drivers
10/31/2023 to 11/9/2026| Return | Correlation | |
|---|---|---|
| HUT | ||
| Market (SPY) | 86.2% | 45.2% |
| Sector (XLF) | 87.1% | 26.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HUT Return | - | - | 27% | 54% | 124% | 24% | 443% |
| Peers Return | 31% | -85% | 505% | 48% | 42% | -17% | 105% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| HUT Win Rate | - | - | 100% | 58% | 75% | 36% | |
| Peers Win Rate | 44% | 33% | 67% | 47% | 62% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| HUT Max Drawdown | - | - | - | -57% | -60% | -65% | |
| Peers Max Drawdown | -71% | -89% | -57% | -62% | -60% | -66% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RIOT, MARA, CORZ, CLSK, CIFR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)
How Low Can It Go
| Event | HUT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -46.0% | -18.8% |
| % Gain to Breakeven | 85.3% | 23.1% |
| Time to Breakeven | 72 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -28.1% | -7.8% |
| % Gain to Breakeven | 39.1% | 8.5% |
| Time to Breakeven | 69 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.8% | -9.5% |
| % Gain to Breakeven | 24.7% | 10.5% |
| Time to Breakeven | 6 days | 24 days |
In The Past
Hut 8's stock fell -46.0% during the 2025 US Tariff Shock. Such a loss loss requires a 85.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | HUT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -46.0% | -18.8% |
| % Gain to Breakeven | 85.3% | 23.1% |
| Time to Breakeven | 72 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -28.1% | -7.8% |
| % Gain to Breakeven | 39.1% | 8.5% |
| Time to Breakeven | 69 days | 18 days |
In The Past
Hut 8's stock fell -46.0% during the 2025 US Tariff Shock. Such a loss loss requires a 85.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Hut 8 (HUT)
Hut 8 Corp. is a vertically integrated company operating in North America, primarily focused on Bitcoin mining. The company establishes and manages its own energy infrastructure to power its digital asset mining operations, with Bitcoin being its main product. This core activity positions Hut 8 as a key operator in the cryptocurrency mining industry, utilizing its infrastructure to generate new Bitcoin.
Beyond its self-mining activities, Hut 8 leverages its specialized expertise to offer a diverse range of services. It provides comprehensive managed services for energy infrastructure development, including site design, procurement, construction, and ongoing operational management. These services cater to a broad clientele, including other digital asset mining site owners, government entities, and data center developers. Additionally, Hut 8 offers High Performance Computing (HPC) services such as colocation, cloud solutions, and connectivity. The company further supports the digital asset ecosystem by offering hosting services for customer-owned mining equipment, alongside equipment sales and repair, thereby serving various players within the data center and cryptocurrency sectors.
AI Analysis | Feedback
Here are two analogies to describe Hut 8 Corp.:
- It's like Amazon Web Services (AWS) for high-performance computing, but they also use their infrastructure to 'mine' Bitcoin directly.
- They're essentially a digital landlord like Equinix, providing data center space and services for other high-performance computing and crypto clients, while also running their own major Bitcoin mining business.
AI Analysis | Feedback
- Bitcoin Mining: The company mines Bitcoin as a primary digital asset operation.
- Managed Services: Provides comprehensive management services for energy infrastructure development, digital asset mining sites, and data centers.
- High Performance Computing (HPC) Services: Offers colocation, cloud, connectivity, and hosting services, including maintenance for customer mining equipment.
- Equipment Sales & Repair: Sells digital asset mining equipment and provides repair services.
AI Analysis | Feedback
- Digital Asset Mining Site Owners: These customers utilize Hut 8's comprehensive managed services for energy infrastructure development, site operations, software automation, and general management of their digital asset mining sites.
- Governments: Hut 8 provides managed services related to energy infrastructure development and operational support to government entities.
- Data Center Developers: These customers engage Hut 8 for services such as site design, procurement, construction management, and other operational support for their data center projects.
AI Analysis | Feedback
- Bitmain Technologies Ltd.
- MicroBT Semiconductor Technology Co., Ltd.
AI Analysis | Feedback
Asher Genoot, Chief Executive Officer
Asher Genoot was appointed CEO of Hut 8 in February 2024. He previously co-founded and served as President of US Bitcoin Corp (USBTC), which merged with Hut 8 in November 2023. Before his time with USBTC, Genoot founded, scaled, and successfully exited two EdTech startups, Ivy Crest Institute of International Education and Curio, in Shanghai, China. He also held the role of Managing Director at Flagship Endeavors, a consumer brands incubator. Genoot was recognized on Forbes' 30 Under 30 – Energy list in 2024. He also serves as the Executive Chairman of American Bitcoin.
Sean Glennan, Chief Financial Officer
Sean Glennan is set to become Hut 8's new CFO, effective August 21, 2024. Prior to joining Hut 8, he spent 13 years in Citigroup Global Markets' Investment Banking division, where he most recently served as Managing Director in the Global Power, Utilities & Renewables group. During his tenure at Citigroup, Glennan advised on over $80 billion in combined merger and acquisition (M&A) and capital markets activities within the power sector.
Mike Ho, Chief Strategy Officer
Mike Ho serves as the Chief Strategy Officer for Hut 8. He is also a member of the company's Board of Directors. Ho has been involved in discussions regarding boosting Hut 8's presence in the artificial intelligence infrastructure and computing segments.
Victor Semah, Chief Legal Officer
Victor Semah holds the position of Chief Legal Officer and Corporate Secretary at Hut 8.
Sue Ennis, Head of Investor Relations and Corporate Development
Sue Ennis is the Head of Investor Relations and Corporate Development at Hut 8. She is a Chartered Investment Manager with over 12 years of experience in financial services, asset management, and blockchain technology. Ennis was among the first hires at Coinsquare and has been instrumental in guiding companies in the digital asset sector to achieve multi-billion-dollar market capitalizations since 2016. She has raised over a billion dollars for North American structured products and small-cap companies and previously served on the board of the FICANEX group of companies through its acquisition.
AI Analysis | Feedback
The key risks for Hut 8 Corp. (HUT) primarily revolve around the inherent volatility of the cryptocurrency market, the challenges of its strategic business transformation, and the competitive and infrastructural demands of its operational environment.
The most significant risk is the dependence on Bitcoin price volatility. Hut 8's financial performance and profitability are heavily influenced by the fluctuating price of Bitcoin, given its substantial Bitcoin reserves and mining operations. Changes in the fair value of Bitcoin directly impact the company's net income, making its balance sheet and overall valuation highly susceptible to crypto market swings.
Secondly, Hut 8 faces considerable execution risk related to its strategic pivot and achieving operating profitability. The company is actively transforming from a traditional Bitcoin miner into an energy optimization and infrastructure provider, with a growing focus on high-performance computing (HPC) and AI. This transition involves capital-intensive build-outs and requires flawless execution in securing energy permits, managing potential cost overruns and delays, and ensuring successful customer contract acquisition and uptake. The company has experienced continued operating cash burn, and its ability to achieve sustainable operating break-even and scale its Compute segment remains a critical factor.
Finally, intense competition and power/grid constraints pose a notable risk. The digital asset mining and infrastructure industry is highly competitive, with Hut 8 contending against other large-scale Bitcoin miners, cloud service providers, and digital infrastructure developers. Furthermore, the successful monetization of its energy infrastructure assets is contingent on sufficient grid availability, timely interconnections, and robust supporting infrastructure. Broader industry challenges, such as rising electricity demand, ongoing generator retirements, and slow transmission expansion, could lead to power supply shortfalls, directly impacting Hut 8's ability to develop and operationalize its projects.
AI Analysis | Feedback
The escalating demand for energy infrastructure and high-performance computing resources from the rapidly expanding artificial intelligence (AI) sector represents a clear emerging threat. Hut 8 operates significant energy infrastructure for Bitcoin mining and provides high-performance computing colocation and cloud services. The AI industry's insatiable need for vast amounts of low-cost energy, specialized data center facilities, and skilled operational personnel directly competes with Hut 8's core business segments. This competition could drive up energy costs, limit the availability of suitable sites for expansion, and divert capital and talent towards AI-focused ventures, thereby squeezing profitability and growth opportunities for Hut 8 in its digital asset mining and HPC divisions.
AI Analysis | Feedback
Hut 8 Corp. (symbol: HUT) operates in several key markets across North America. The addressable market sizes for its main products and services are outlined below:
Digital Assets Mining
The Bitcoin Miner Market in North America was valued at approximately USD 4.35 billion in 2026 and is projected to reach a significantly higher value by 2035, growing at a compound annual growth rate (CAGR) of 26.7% globally. North America held 47% of the global Bitcoin Miner Market in 2026.
Managed Services
The North America managed services market was estimated at approximately USD 142.7 billion in 2025, representing 43.20% of the global managed services market. This market is projected to grow to USD 265.747.1 billion by 2033, with a CAGR of 9.2% from 2026.
High Performance Computing – Colocation and Cloud
The North America Data Center Colocation market was valued at USD 27.16 billion in 2024 and is expected to reach USD 55.47 billion by 2030, exhibiting a CAGR of 12.47%. Concurrently, the North America cloud computing market was valued at USD 353.56 billion in 2024. This market is projected to grow to USD 1,092.70 billion by 2032, with a CAGR of 15.20% from 2025. The combined addressable market for these services in North America (colocation and cloud computing) was approximately USD 380.72 billion in 2024.
AI Analysis | Feedback
Hut 8 Corp. (HUT) is expected to drive future revenue growth over the next 2-3 years through a strategic focus on expanding its high-performance computing (HPC) and artificial intelligence (AI) infrastructure, alongside the continued growth and optimization of its energy and Bitcoin mining operations.
Here are the key drivers of future revenue growth:
- Expansion into Artificial Intelligence (AI) and High-Performance Computing (HPC) Infrastructure: Hut 8 is making a significant strategic pivot towards becoming a diversified energy infrastructure platform with a strong emphasis on AI and HPC data centers. This is exemplified by major agreements such as the 15-year, 245 MW IT lease with Fluidstack at the River Bend campus, valued at $7.0 billion in base-term contract value, which is dedicated to AI infrastructure. Additionally, the partnership with Anthropic and Fluidstack aims to accelerate the deployment of hyperscale AI infrastructure in the United States, with discussions for up to 2,295 MW of total capacity. The company's compute segment has already shown robust growth, with revenue soaring 150.7% year-over-year in Q4 2025.
- Strategic Growth of Energy Infrastructure Capacity: Fundamental to its "power-first" model, Hut 8 is expanding its total energy infrastructure capacity to support both its digital asset mining and rapidly growing AI/HPC initiatives. The company's development pipeline totaled 8,500 MW as of December 31, 2025, encompassing various stages of diligence, exclusivity, development, and construction. This includes plans to develop four new sites with over 1,500 MW of total capacity across the United States. This expanding infrastructure provides the scalability and flexibility to meet increasing demand from energy-intensive use cases.
- Increased Bitcoin Mining Capacity and Operational Efficiency: While diversifying into AI, Hut 8 continues to invest in and optimize its Bitcoin mining operations. The Vega project, a 205 MW Tier I data center, is on track for energization in Q2 2025 and is expected to contribute approximately 24 exahash per second (EH/s) of self-mining hash rate with an improved average fleet efficiency of 15.7 joules per terahash (J/TH). Furthermore, upgrades to existing infrastructure are planned to reduce the average fleet efficiency to an estimated 19.9 J/TH. The public listing of American Bitcoin Corp., a majority-owned Bitcoin accumulation subsidiary, also provides a vehicle for independent scaling of Bitcoin exposure.
- Managed Services Expansion: Hut 8 provides managed services for energy infrastructure development and hosting operations. This segment has historically shown growth, with managed services revenue totaling $12.6 million in the six months ended December 31, 2023, compared to $2.6 million in the prior period. As the company expands its energy infrastructure and capabilities, there is potential for continued growth in offering these services to other digital asset mining site owners, governments, and data center developers.
AI Analysis | Feedback
Share Repurchases
- In December 2024, Hut 8 launched a $250.0 million stock repurchase program.
- This program allows for the repurchase of up to 4,683,936 shares, representing 5.0% of the then issued and outstanding common stock, within the next twelve months.
Share Issuance
- As of December 31, 2025, Hut 8 launched a $1.0 billion at-the-market ("ATM") program.
- In December 2024, the company announced an "at-the-market" (ATM) program to sell up to $500.0 million in common stock.
- Hut 8's shares outstanding increased by 4.24% in 2025 to 0.105 billion from 0.101 billion in 2024.
Inbound Investments
- Hut 8 received a $150 million investment from Coatue Management in June 2024 via a convertible note, intended to advance its position in the AI infrastructure market.
- The company secured a new $200 million revolving credit facility with Two Prime and expanded an existing Coinbase facility to $200 million, totaling $400 million in credit capacity.
- Up to 85% loan-to-cost project-level financing for the River Bend campus is expected from J.P. Morgan and Goldman Sachs & Co. LLC.
Outbound Investments
- Hut 8 launched and publicly listed American Bitcoin Corp., a majority-owned Bitcoin accumulation subsidiary, to refine its portfolio structure.
- The company completed the sale of a 310 MW portfolio of four natural gas-fired power plants in Ontario in February 2026, with proceeds earmarked for general corporate purposes and data center development.
Capital Expenditures
- Hut 8 reported capital expenditures of approximately $120 million in 2024 and roughly $197 million in 2025.
- Primary focus areas for capital expenditures include acquiring or developing power and digital infrastructure assets, such as data centers, and purchasing Bitcoin for strategic reserves.
- The company is developing and will deliver at least 245 MW and up to 2,295 MW of AI data center infrastructure, including a 15-year, 245 MW IT lease with Fluidstack at its River Bend campus, valued at $7.0 billion in base-term contract value.
Peer Outperformance in Diversified Capital Markets
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 29.9% | 70.2% | 119.9% | SPNT 174% · RGA 166% · RNR 132% |
| Diversified Banks | 12 | 31.7% | 143.1% | 92.9% | CM 147% · JPM 131% · RY 130% |
| Investment Banking & Brokerage | 13 | -3.5% | 93.4% | 90.2% | IBKR 337% · SNEX 169% · GS 152% |
| Multi-Sector Holdings | 4 | 32.0% | 62.9% | 88.0% | BRK-B 101% · VOYA 75% · JEF 42% |
| Life & Health Insurance | 20 | 10.4% | 58.7% | 85.1% | JXN 527% · UNM 261% · FG 240% |
| Property & Casualty Insurance | 42 | 15.6% | 69.9% | 69.1% | TRV 176% · ACGL 171% · PGR 166% |
| Multi-line Insurance | 9 | 8.4% | 71.7% | 58.9% | AIZ 115% · GNW 106% · L 94% |
| Regional Banks | 264 | 31.6% | 93.8% | 48.6% | CBC 279% · FCNCA 179% · NIC 141% |
| Insurance Brokers | 15 | 1.6% | 9.0% | 28.6% | LIFE 317% · ARX 89% · WTW 50% |
| Financial Exchanges & Data | 15 | 18.4% | 30.2% | 15.1% | CBOE 187% · VIRT 148% · CME 69% |
| Asset Management & Custody Banks | 85 | -5.8% | 18.3% | 6.3% | VCTR 254% · WT 235% · AAMI 221% |
| Diversified Financial Services | 4 | -2.6% | 23.3% | 5.8% | FRHC 148% · EQH 82% |
| Commercial & Residential Mortgage Finance | 14 | -41.7% | 28.1% | 4.5% | FNMA 350% · FMCC 313% · ACT 161% |
| Consumer Finance | 30 | 1.8% | 77.8% | -2.1% | ENVA 319% · FCFS 133% · AXP 92% |
| Specialized Finance | 3 | 26.9% | 30.4% | -18.7% | CACC -19% · HASI -21% |
| Transaction & Payment Processing Services | 17 | 23.2% | 12.5% | -23.3% | V 105% · MA 96% · CPAY 88% |
| Mortgage REITs | 34 | -18.9% | -10.5% | -38.1% | RITM 37% · DX 18% · AGNC 13% |
| Diversified Capital Markets ← | 20 | -48.7% | -14.1% | -69.3% | LPLA 90% · TW 37% · RIOT -56% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Hut 8 Stock Surges 43%, With A 9-Day Winning Spree | 06/03/2026 | |
| Hut 8 Stock On Fire: Up 37% With 8-Day Winning Streak | 06/02/2026 | |
| Hut 8 Stock 7-Day Winning Spree: Stock Climbs 34% | 05/30/2026 | |
| 6-Day Rally Sends Hut 8 Stock Up 33% | 05/29/2026 | |
| 5-Day Rally Sends Hut 8 Stock Up 26% | 05/28/2026 | |
| 5-Day Rally Sends Hut 8 Stock Up 53% | 05/07/2026 | |
| Hut 8 Stock 7-Day Winning Spree: Stock Climbs 48% | 04/10/2026 | |
| Hut 8 Stock Surges 44%, With A 6-Day Winning Spree | 04/09/2026 | |
| Hut 8 Earnings Notes | 12/25/2025 | |
| ARTICLES | ||
| 9-Day Rally Sends Hut 8 Stock Up 43% | 06/03/2026 | |
| 8-Day Rally Sends Hut 8 Stock Up 42% | 06/02/2026 | |
| Hut 8 Stock Surges 33%, With A 6-Day Winning Spree | 05/29/2026 | |
| Hut 8 Stock Rockets 26% With 5-Day Winning Streak | 05/28/2026 | |
| Hut 8 Stock On Fire: Up 53% With 5-Day Winning Streak | 05/07/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.79 |
| Mkt Cap | 3.5 |
| Rev LTM | 634 |
| Op Inc LTM | -398 |
| FCF LTM | -1,285 |
| FCF 3Y Avg | -955 |
| CFO LTM | -433 |
| CFO 3Y Avg | -294 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.8% |
| Rev Chg 3Y Avg | 48.9% |
| Rev Chg Q | -20.8% |
| QoQ Delta Rev Chg LTM | -5.6% |
| Op Inc Chg LTM | -140.9% |
| Op Inc Chg 3Y Avg | -100.6% |
| Op Mgn LTM | -82.0% |
| Op Mgn 3Y Avg | -62.7% |
| QoQ Delta Op Mgn LTM | -19.1% |
| CFO/Rev LTM | -82.8% |
| CFO/Rev 3Y Avg | -68.6% |
| FCF/Rev LTM | -195.4% |
| FCF/Rev 3Y Avg | -197.9% |
Price Behavior
| Market Price | $57.02 | |
| Market Cap ($ Bil) | 7.0 | |
| First Trading Date | 12/04/2023 | |
| Distance from 52W High | -57.1% | |
| 50 Days | 200 Days | |
| DMA Price | $80.49 | $82.39 |
| DMA Trend | down | up |
| Distance from DMA | -29.2% | -30.8% |
| 3M | 1YR | |
| Volatility | 110.1% | 110.2% |
| Downside Capture | 525.92 | 450.79 |
| Upside Capture | 368.60 | 433.10 |
| Correlation (S&P 500) | 32.5% | 49.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 7.45 | 5.82 | 3.51 | 4.13 | 4.56 | -0.26 |
| Up Beta | 4.80 | 3.70 | -0.60 | 4.26 | 4.76 | -0.54 |
| Down Beta | 6.41 | 8.19 | 6.37 | 4.04 | 4.22 | 0.63 |
| Up Capture | 627% | 599% | 259% | 639% | 2933% | 169020% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 23 | 32 | 65 | 135 | 373 |
| Down Capture | 759% | 464% | 413% | 273% | 189% | 114% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 20 | 32 | 61 | 116 | 348 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HUT | |
|---|---|---|---|---|
| HUT | 31.6% | 110.2% | 0.75 | - |
| Sector ETF (XLF) | 12.0% | 15.3% | 0.53 | 9.3% |
| Equity (SPY) | 13.3% | 13.7% | 0.65 | 48.8% |
| Gold (GLD) | 3.7% | 28.8% | 0.12 | 31.3% |
| Commodities (DBC) | 38.2% | 21.3% | 1.42 | 0.1% |
| Real Estate (VNQ) | 13.7% | 14.3% | 0.65 | 4.7% |
| Bitcoin (BTCUSD) | -25.3% | 43.6% | -0.55 | 36.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HUT | |
|---|---|---|---|---|
| HUT | 40.1% | 106.7% | 1.03 | - |
| Sector ETF (XLF) | 9.4% | 18.4% | 0.37 | 26.2% |
| Equity (SPY) | 11.8% | 17.3% | 0.51 | 45.2% |
| Gold (GLD) | 17.8% | 19.1% | 0.75 | 16.3% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 7.9% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 16.3% |
| Bitcoin (BTCUSD) | 4.4% | 51.6% | 0.27 | 47.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HUT | |
|---|---|---|---|---|
| HUT | 18.4% | 106.7% | 1.03 | - |
| Sector ETF (XLF) | 13.4% | 22.1% | 0.55 | 26.2% |
| Equity (SPY) | 15.3% | 18.0% | 0.72 | 45.2% |
| Gold (GLD) | 12.1% | 16.5% | 0.60 | 16.3% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 7.9% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.25 | 16.3% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 47.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | -23.2% | ||
| 8/4/2026 | -9.7% | -23.6% | -30.8% |
| 5/6/2026 | 35.3% | 33.3% | 58.7% |
| 2/25/2026 | -6.6% | -19.6% | -6.0% |
| 11/4/2025 | -12.5% | -14.2% | -22.2% |
| 8/7/2025 | -3.2% | 8.1% | 22.7% |
| 5/8/2025 | 11.9% | 27.4% | 46.7% |
| 3/3/2025 | -4.5% | -8.4% | -21.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 6 | 5 |
| # Negative | 7 | 5 | 6 |
| Median Positive | 12.0% | 16.3% | 46.7% |
| Median Negative | -6.6% | -14.2% | -15.9% |
| Max Positive | 35.3% | 33.3% | 58.7% |
| Max Negative | -23.2% | -23.6% | -30.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | -23.2% | ||
| 8/4/2026 | -9.7% | -23.6% | -30.8% |
| 5/6/2026 | 35.3% | 33.3% | 58.7% |
| 2/25/2026 | -6.6% | -19.6% | -6.0% |
| 11/4/2025 | -12.5% | -14.2% | -22.2% |
| 8/7/2025 | -3.2% | 8.1% | 22.7% |
| 5/8/2025 | 11.9% | 27.4% | 46.7% |
| 3/3/2025 | -4.5% | -8.4% | -21.2% |
| 11/13/2024 | 3.9% | 6.1% | 14.5% |
| 8/13/2024 | -3.8% | 7.3% | -7.1% |
| 5/15/2024 | 13.4% | 24.5% | 47.8% |
| 3/28/2024 | 12.0% | -1.7% | -10.6% |
| SUMMARY STATS | |||
| # Positive | 5 | 6 | 5 |
| # Negative | 7 | 5 | 6 |
| Median Positive | 12.0% | 16.3% | 46.7% |
| Median Negative | -6.6% | -14.2% | -15.9% |
| Max Positive | 35.3% | 33.3% | 58.7% |
| Max Negative | -23.2% | -23.6% | -30.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-KT |
| 09/30/2023 | 12/19/2023 | 10-Q |
| 06/30/2023 | 11/09/2023 | 424B3 |
| 03/31/2023 | 06/13/2023 | S-4/A |
| 12/31/2022 | 04/18/2023 | S-4/A |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-KT |
| 09/30/2023 | 12/19/2023 | 10-Q |
| 06/30/2023 | 11/09/2023 | 424B3 |
| 03/31/2023 | 06/13/2023 | S-4/A |
| 12/31/2022 | 04/18/2023 | S-4/A |
| 09/30/2022 | 02/13/2023 | S-4 |
Insider Activity
Updated 9/30/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Shattuck, Mayo A Iii | Direct | Sell | 9282026 | 100.00 | 20,000 | 2,000,000 | 8,940,800 | Form | |
| 2 | Glennan, Sean Joseph | Chief Financial Officer | Direct | Sell | 8252026 | 78.76 | 6,445 | 507,623 | 1,415,990 | Form |
| 3 | Semah, Victor | Chief Legal Officer | Direct | Sell | 6182026 | 125.00 | 10,000 | 1,250,000 | 3,922,250 | Form |
| 4 | Flinn, Joseph | Direct | Sell | 6152026 | 117.91 | 7,719 | 910,162 | 1,240,315 | Form | |
| 5 | Flinn, Joseph | Direct | Sell | 6152026 | 116.21 | 30,500 | 3,544,420 | 2,119,447 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Shattuck, Mayo A Iii | Direct | Sell | 9282026 | 100.00 | 20,000 | 2,000,000 | 8,940,800 | Form | |
| 2 | Glennan, Sean Joseph | Chief Financial Officer | Direct | Sell | 8252026 | 78.76 | 6,445 | 507,623 | 1,415,990 | Form |
| 3 | Semah, Victor | Chief Legal Officer | Direct | Sell | 6182026 | 125.00 | 10,000 | 1,250,000 | 3,922,250 | Form |
| 4 | Flinn, Joseph | Direct | Sell | 6152026 | 117.91 | 7,719 | 910,162 | 1,240,315 | Form | |
| 5 | Flinn, Joseph | Direct | Sell | 6152026 | 116.21 | 30,500 | 3,544,420 | 2,119,447 | Form | |
| 6 | Wilkinson, Amy Marie | Direct | Sell | 5262026 | 100.78 | 20,000 | 2,015,600 | 26,418,066 | Form | |
| 7 | Rickertsen, Rick | Direct | Sell | 5132026 | 110.00 | 17,491 | Form | |||
| 8 | Rickertsen, Rick | Direct | Sell | 5132026 | 105.00 | 16,496 | 1,732,080 | 1,836,555 | Form | |
| 9 | Semah, Victor | Chief Legal Officer | Direct | Sell | 5042026 | 76.83 | 10,518 | 808,149 | 3,179,274 | Form |
| 10 | Glennan, Sean Joseph | Chief Financial Officer | Direct | Sell | 3102026 | 49.05 | 4,625 | 226,871 | 591,974 | Form |
| 11 | Semah, Victor | Chief Legal Officer | Direct | Sell | 3102026 | 49.05 | 5,498 | 269,694 | 1,216,323 | Form |
Investor Activity (13F)
Updated Nov 10, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Oasis Management Co Ltd. | $117.6 Mil | 13.9% | 105 | ADD +8.7% | 13F |
| Newbrook Capital Advisors LP | $51.0 Mil | 9.5% | 15 | New | 13F |
| Thames Capital Management LLC | $20.0 Mil | 3.6% | 43 | TRIM -19.5% | 13F |
| Northern Right Capital Management, L.P. | $8.5 Mil | 3.0% | 25 | TRIM -70.1% | 13F |
| Dendur Capital LP | $40.8 Mil | 3.0% | 21 | ADD +83.8% | 13F |
| Engle Capital Management, L.P. | $7.0 Mil | 2.4% | 22 | New | 13F |
| Azora Capital LP | $35.9 Mil | 2.4% | 45 | ADD +10.7% | 13F |
| Lone Pine Capital LLC | $285.2 Mil | 2.3% | 36 | New | 13F |
| Third Point LLC | $40.8 Mil | 2.0% | 33 | New | 13F |
| SRS Investment Management, LLC | $144.7 Mil | 1.5% | 29 | ADD +7.5% | 13F |
| Park West Asset Management LLC | $11.3 Mil | 1.0% | 48 | TRIM -5.2% | 13F |
| Avala Global LP | $16.8 Mil | 0.8% | 22 | New | 13F |
| Troluce Capital Advisors LLC | $7.0 Mil | 0.7% | 46 | New | 13F |
| Two Seas Capital LP | $11.7 Mil | 0.5% | 35 | TRIM -49.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lone Pine Capital LLC | $285.2 Mil | 2.3% | 36 | New | 13F |
| Newbrook Capital Advisors LP | $51.0 Mil | 9.5% | 15 | New | 13F |
| Third Point LLC | $40.8 Mil | 2.0% | 33 | New | 13F |
| Avala Global LP | $16.8 Mil | 0.8% | 22 | New | 13F |
| Troluce Capital Advisors LLC | $7.0 Mil | 0.7% | 46 | New | 13F |
| Engle Capital Management, L.P. | $7.0 Mil | 2.4% | 22 | New | 13F |
| Dendur Capital LP | $40.8 Mil | 3.0% | 21 | ADD +83.8% | 13F |
| Azora Capital LP | $35.9 Mil | 2.4% | 45 | ADD +10.7% | 13F |
| Oasis Management Co Ltd. | $117.6 Mil | 13.9% | 105 | ADD +8.7% | 13F |
| SRS Investment Management, LLC | $144.7 Mil | 1.5% | 29 | ADD +7.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Sachem Head Capital Management LP | $129.8 Mil | 3.0% | 20 | Exited | Dec 31, 2025 | 13F |
| Situational Awareness LP | $39.5 Mil | 1.0% | 24 | Exited | Dec 31, 2025 | 13F |
| Wealth High Governance Capital Ltda | $16.8 Mil | 3.1% | 46 | Exited | Dec 31, 2025 | 13F |
| Nishkama Capital, LLC | $9.5 Mil | 1.3% | 49 | Exited | Dec 31, 2025 | 13F |
| Northern Right Capital Management, L.P. | $8.5 Mil | 3.0% | 25 | TRIM -70.1% | Mar 31, 2026 | 13F |
| Two Seas Capital LP | $11.7 Mil | 0.5% | 35 | TRIM -49.1% | Mar 31, 2026 | 13F |
| Thames Capital Management LLC | $20.0 Mil | 3.6% | 43 | TRIM -19.5% | Mar 31, 2026 | 13F |
| Park West Asset Management LLC | $11.3 Mil | 1.0% | 48 | TRIM -5.2% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lone Pine Capital LLC | $285.2 Mil | 2.3% | 36 | New | 13F |
| SRS Investment Management, LLC | $144.7 Mil | 1.5% | 29 | ADD +7.5% | 13F |
| Oasis Management Co Ltd. | $117.6 Mil | 13.9% | 105 | ADD +8.7% | 13F |
| Newbrook Capital Advisors LP | $51.0 Mil | 9.5% | 15 | New | 13F |
| Third Point LLC | $40.8 Mil | 2.0% | 33 | New | 13F |
| Dendur Capital LP | $40.8 Mil | 3.0% | 21 | ADD +83.8% | 13F |
| Azora Capital LP | $35.9 Mil | 2.4% | 45 | ADD +10.7% | 13F |
| Thames Capital Management LLC | $20.0 Mil | 3.6% | 43 | TRIM -19.5% | 13F |
| Avala Global LP | $16.8 Mil | 0.8% | 22 | New | 13F |
| Two Seas Capital LP | $11.7 Mil | 0.5% | 35 | TRIM -49.1% | 13F |
| Park West Asset Management LLC | $11.3 Mil | 1.0% | 48 | TRIM -5.2% | 13F |
| Northern Right Capital Management, L.P. | $8.5 Mil | 3.0% | 25 | TRIM -70.1% | 13F |
| Troluce Capital Advisors LLC | $7.0 Mil | 0.7% | 46 | New | 13F |
| Engle Capital Management, L.P. | $7.0 Mil | 2.4% | 22 | New | 13F |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Capital Markets Resources |
| International Financing Review (IFR) |
| Financial News |
| Global Capital |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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