Hut 8 (HUT)


Market Price (11/5/2026): $48.51 | Market Cap: $5.8 BilSector: Financials | Industry: Diversified Capital Markets

Hut 8 (HUT)


Market Price (11/5/2026): $48.51
Market Cap: $5.8 Bil
Sector: Financials
Industry: Diversified Capital Markets

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 129%

Megatrend and thematic drivers
Megatrends include Crypto & Blockchain, Artificial Intelligence, and Datacenter Power. Themes include Cryptocurrency Mining, Show more.

Meaningful short interest
Short 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 level
Op Inc LTMOperating Income, Last Twelve Months is -177 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -56%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 98%

Expensive valuation multiples
P/SPrice/Sales ratio is 24x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 47%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -412%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12%

High stock price volatility
Vol 12M is 108%

Key risks
HUT key risks include [1] a reliance on digital asset appreciation for profitability over consistent operating profits, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 129%
1 Megatrend and thematic drivers
Megatrends include Crypto & Blockchain, Artificial Intelligence, and Datacenter Power. Themes include Cryptocurrency Mining, Show more.
2 Meaningful short interest
Short 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%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -177 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -56%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 98%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 24x
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 47%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -412%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12%
9 High stock price volatility
Vol 12M is 108%
10 Key risks
HUT key risks include [1] a reliance on digital asset appreciation for profitability over consistent operating profits, Show more.

HUT in ETFs

Weight = HUT's share of each fund

VTI0.01%
ITOT0.01%
IWM0.23%
VB0.12%
AGIX1.1%
VTWO0.29%
VBK0.27%
IGV0.26%
+11 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/4/2026

Hut 8 (HUT) stock has lost about 55% since 7/31/2026 because of the following key factors:

1. Disappointing Fiscal Q3 2026 Financial Results.

Hut 8 reported its fiscal Q3 2026 earnings on November 4, 2026, revealing a significant miss on both earnings and revenue expectations. The company posted a Q3 2026 loss of $1.23 per share, which was notably wider than the analyst consensus estimate of a $1.06 loss per share, and also significantly worse than the $0.07 loss reported in the prior-year period. Furthermore, revenue for fiscal Q3 2026 came in at $71.07 million, missing analyst estimates of $75.78 million and representing a 14.8% decline from $83.5 million in the prior-year period. This operational weakness, despite a net income boosted by a $413.8 million unrealized gain on digital assets, contributed to a 22.8% drop in the stock on the day of the earnings release.

2. Downturn in the Broader Cryptocurrency Market.

The period since July 2026 was marked by a general weakening in the cryptocurrency market, which directly impacted Bitcoin miners like Hut 8. As of July 2026, Bitcoin was trading near the low-$60,000 area after failing to hold the low-$70,000 range. Bitcoin experienced a 7.3% drop in October 2026 and was down 29.1% over the past year by early November 2026. Negative sentiment was further exacerbated by significant outflows from spot Bitcoin Exchange-Traded Funds (ETFs), including $643 million on October 30, 2026, and substantial withdrawals in early November 2026. This market environment created a challenging backdrop for Hut 8's operations and stock performance.

Show more
Updated on 11/4/2026

Hut 8 (HUT) stock has lost about 55% since 7/31/2026 because of the following key factors:

1. Disappointing Fiscal Q3 2026 Financial Results.

Hut 8 reported its fiscal Q3 2026 earnings on November 4, 2026, revealing a significant miss on both earnings and revenue expectations. The company posted a Q3 2026 loss of $1.23 per share, which was notably wider than the analyst consensus estimate of a $1.06 loss per share, and also significantly worse than the $0.07 loss reported in the prior-year period. Furthermore, revenue for fiscal Q3 2026 came in at $71.07 million, missing analyst estimates of $75.78 million and representing a 14.8% decline from $83.5 million in the prior-year period. This operational weakness, despite a net income boosted by a $413.8 million unrealized gain on digital assets, contributed to a 22.8% drop in the stock on the day of the earnings release.

2. Downturn in the Broader Cryptocurrency Market.

The period since July 2026 was marked by a general weakening in the cryptocurrency market, which directly impacted Bitcoin miners like Hut 8. As of July 2026, Bitcoin was trading near the low-$60,000 area after failing to hold the low-$70,000 range. Bitcoin experienced a 7.3% drop in October 2026 and was down 29.1% over the past year by early November 2026. Negative sentiment was further exacerbated by significant outflows from spot Bitcoin Exchange-Traded Funds (ETFs), including $643 million on October 30, 2026, and substantial withdrawals in early November 2026. This market environment created a challenging backdrop for Hut 8's operations and stock performance.

3. Significant Insider Selling Activity.

Hut 8 experienced substantial insider selling activity during the period, with approximately $144 million in total insider selling reported over the past quarter. Another report cited insider selling valued at $15.2 million during fiscal Q3 2026. This significant divestment by executives and directors, including multiple planned or proposed transactions, occurred amidst a 34.8% decline in the stock price following the company's fiscal Q2 2026 earnings report, signaling a cautious sentiment from leadership.

4. Elevated Valuation and Concerns on Financial Health.

As of November 4, 2026, Hut 8's price-to-sales (P/S) ratio stood at 17.85, which was notably higher than its historical median of approximately 14.1x, suggesting that the market was pricing in substantial future growth despite current performance. However, the company's ongoing losses rendered traditional earnings-based valuation metrics, such as the P/E ratio, inapplicable. Additionally, Hut 8's GF Score™ of 42 out of 100 indicated below-average overall financial health and operational performance, with the GF Value™ metric suggesting the stock was significantly overvalued.

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Stock Movement Drivers

Fundamental Drivers

The -54.5% change in HUT stock from 7/31/2026 to 11/4/2026 was primarily driven by a -53.2% change in the company's P/S Multiple.
(LTM values as of)731202611042026Change
Stock Price ($)107.6348.94-54.5%
Change Contribution By: 
Total Revenues ($ Mil)2843067.5%
P/S Multiple42.019.7-53.2%
Shares Outstanding (Mil)111123-9.7%
Cumulative Contribution-54.5%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/4/2026
ReturnCorrelation
HUT-54.5% 
Market (SPY)2.6%24.3%
Sector (XLF)4.0%-30.5%

Fundamental Drivers

The -35.4% change in HUT stock from 4/30/2026 to 11/4/2026 was primarily driven by a -43.7% change in the company's P/S Multiple.
(LTM values as of)430202611042026Change
Stock Price ($)75.7848.94-35.4%
Change Contribution By: 
Total Revenues ($ Mil)23530629.9%
P/S Multiple35.019.7-43.7%
Shares Outstanding (Mil)109123-11.7%
Cumulative Contribution-35.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/4/2026
ReturnCorrelation
HUT-35.4% 
Market (SPY)7.0%39.3%
Sector (XLF)14.0%-17.5%

Fundamental Drivers

The -3.4% change in HUT stock from 10/31/2025 to 11/4/2026 was primarily driven by a -48.3% change in the company's P/S Multiple.
(LTM values as of)1031202511042026Change
Stock Price ($)50.6648.94-3.4%
Change Contribution By: 
Total Revenues ($ Mil)139306120.5%
P/S Multiple38.119.7-48.3%
Shares Outstanding (Mil)104123-15.2%
Cumulative Contribution-3.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/4/2026
ReturnCorrelation
HUT-3.4% 
Market (SPY)13.4%50.2%
Sector (XLF)14.4%7.8%

Fundamental Drivers

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Market Drivers

10/31/2023 to 11/4/2026
ReturnCorrelation
HUT  
Market (SPY)89.7%45.2%
Sector (XLF)91.0%26.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HUT Return--27%54%124%7%366%
Peers Return31%-85%505%48%42%-21%96%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
HUT Win Rate--100%58%75%36% 
Peers Win Rate44%33%67%47%62%44% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
HUT Max Drawdown----57%-60%-63% 
Peers Max Drawdown-71%-89%-57%-62%-60%-63% 
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 11/4/2026 (YTD)

How Low Can It Go

EventHUTS&P 500
2025 US Tariff Shock
  % Loss-46.0%-18.8%
  % Gain to Breakeven85.3%23.1%
  Time to Breakeven72 days79 days
2024 Yen Carry Trade Unwind
  % Loss-28.1%-7.8%
  % Gain to Breakeven39.1%8.5%
  Time to Breakeven69 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-19.8%-9.5%
  % Gain to Breakeven24.7%10.5%
  Time to Breakeven6 days24 days

Compare to RIOT, MARA, CORZ, CLSK, CIFR

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.

EventHUTS&P 500
2025 US Tariff Shock
  % Loss-46.0%-18.8%
  % Gain to Breakeven85.3%23.1%
  Time to Breakeven72 days79 days
2024 Yen Carry Trade Unwind
  % Loss-28.1%-7.8%
  % Gain to Breakeven39.1%8.5%
  Time to Breakeven69 days18 days

Compare to RIOT, MARA, CORZ, CLSK, CIFR

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.:

  1. It's like Amazon Web Services (AWS) for high-performance computing, but they also use their infrastructure to 'mine' Bitcoin directly.
  2. 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

Hut 8 (HUT) primarily sells its services to other companies and organizations. Based on the provided description, its major customers fall into the following categories:
  • 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Better Bets vs. Hut 8 (HUT)

Peer Outperformance in Diversified Capital Markets

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Share of Diversified Capital Markets constituents that HUT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
85%
of 34 industry peers · 1.7% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
null
Median price return by industry across the Financials sector, ranked by 5Y. Diversified Capital Markets is HUT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 35.5%75.2%130.3% SPNT 170% · RNR 149% · RGA 146%
Investment Banking & Brokerage 13 1.8%95.7%99.6% IBKR 329% · SNEX 173% · GS 157%
Diversified Banks 12 34.2%147.9%96.6% CM 152% · JPM 137% · RY 136%
Multi-Sector Holdings 4 10.9%62.5%86.0% BRK-B 101% · VOYA 71% · JEF 44%
Life & Health Insurance 20 12.7%56.2%79.1% JXN 536% · UNM 233% · MFC 202%
Property & Casualty Insurance 42 23.5%76.1%70.7% TRV 188% · PGR 177% · ACGL 176%
Multi-line Insurance 9 9.6%68.6%58.3% GNW 115% · AIZ 104% · L 100%
Regional Banks 264 34.6%91.5%51.6% CBC 273% · FCNCA 183% · NIC 143%
Financial Exchanges & Data 15 20.6%40.7%36.8% CBOE 178% · VIRT 125% · CME 72%
Insurance Brokers 15 5.9%14.3%32.4% LIFE 337% · ARX 89% · AJG 89%
Asset Management & Custody Banks 85 -4.4%22.2%12.7% VCTR 270% · WT 220% · AAMI 208%
Consumer Finance 30 8.6%85.4%9.8% ENVA 391% · FCFS 139% · AXP 105%
Commercial & Residential Mortgage Finance 14 -47.8%26.0%4.2% FNMA 349% · FMCC 316% · ACT 157%
Diversified Financial Services 4 2.0%22.6%3.3% FRHC 166% · EQH 80%
Specialized Finance 3 16.0%34.5%-18.0% HASI -18% · CACC -28%
Transaction & Payment Processing Services 17 21.7%25.4%-23.2% V 117% · MA 107% · CPAY 73%
Mortgage REITs 35 -17.6%-5.3%-32.0% RITM 38% · DX 20% · AGNC 12%
Diversified Capital Markets ← 20 -39.8%6.3%-65.5% LPLA 87% · TW 39% · RIOT -53%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

HUTRIOTMARACORZCLSKCIFRMedian
NameHut 8 Riot Pla.MARA Core Sci.Cleanspa.Cipher D. 
Mkt Price48.9515.606.9112.756.796.449.83
Mkt Cap6.05.62.64.11.82.73.4
Rev LTM306676804440679146558
Op Inc LTM-273-503-1,014-201-358-437-398
FCF LTM-1,406-1,122-1,239-968-1,038-3,085-1,181
FCF 3Y Avg-760-1,188-961-408-949-1,320-955
CFO LTM-62-593-895520-529-338-433
CFO 3Y Avg-70-423-708193-380-209-294

Growth & Margins

HUTRIOTMARACORZCLSKCIFRMedian
NameHut 8 Riot Pla.MARA Core Sci.Cleanspa.Cipher D. 
Rev Chg LTM71.3%6.1%0.7%26.4%7.5%-29.2%6.8%
Rev Chg 3Y Avg54.7%43.0%88.9%-1.6%79.2%27.5%48.9%
Rev Chg Q-14.9%0.7%-26.7%108.8%-30.5%-62.8%-20.8%
QoQ Delta Rev Chg LTM-3.9%0.2%-7.3%24.1%-8.2%-23.6%-5.6%
Op Inc Chg LTM-213.7%-55.4%-68.2%-34.8%-243.8%-240.5%-140.9%
Op Inc Chg 3Y Avg-438.8%-29.2%-92.6%-73.0%-93.4%-107.8%-93.0%
Op Mgn LTM-89.5%-74.5%-126.1%-45.8%-52.8%-299.0%-82.0%
Op Mgn 3Y Avg-51.2%-74.2%-82.7%-25.8%-29.1%-136.3%-62.7%
QoQ Delta Op Mgn LTM-33.8%-10.9%-21.7%12.8%-16.6%-89.3%-19.1%
CFO/Rev LTM-20.4%-87.7%-111.3%118.2%-77.8%-231.1%-82.8%
CFO/Rev 3Y Avg-35.9%-70.7%-94.9%43.1%-66.5%-129.8%-68.6%
FCF/Rev LTM-460.3%-166.1%-154.1%-219.8%-152.8%-2,111.7%-193.0%
FCF/Rev 3Y Avg-320.8%-227.0%-127.0%-97.8%-168.7%-865.3%-197.9%

Valuation

HUTRIOTMARACORZCLSKCIFRMedian
NameHut 8 Riot Pla.MARA Core Sci.Cleanspa.Cipher D. 
Mkt Cap6.05.62.64.11.82.73.4
P/S19.78.23.39.42.718.38.8
P/Op Inc-22.0-11.1-2.6-20.6-5.1-6.1-8.6
P/EBIT-12.6-4.0-0.7-8.1-1.8-3.1-3.5
P/E-11.6-3.9-0.8-2.9-1.8-2.5-2.7
P/CFO-96.5-9.4-2.98.0-3.4-7.9-5.7
Total Yield-8.6%-25.9%-131.8%-34.5%-54.7%-40.2%-37.3%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-14.9%-26.1%-17.7%-7.7%-28.5%-28.3%-21.9%
D/E1.30.10.91.01.02.11.0
Net D/E1.20.00.80.60.51.90.7

Returns

HUTRIOTMARACORZCLSKCIFRMedian
NameHut 8 Riot Pla.MARA Core Sci.Cleanspa.Cipher D. 
1M Rtn-45.2%-19.3%-38.1%-23.2%-45.6%-58.4%-41.7%
3M Rtn-47.2%-27.4%-38.5%-41.4%-49.7%-65.6%-44.3%
6M Rtn-55.1%-34.2%-47.0%-48.2%-53.2%-70.6%-50.7%
12M Rtn1.7%-19.1%-58.4%-41.4%-58.1%-71.4%-49.7%
3Y Rtn365.7%37.0%-26.6%270.6%52.6%57.1%54.8%
1M Excs Rtn-43.7%-14.3%-33.8%-20.4%-41.6%-55.3%-37.7%
3M Excs Rtn-44.2%-24.6%-33.3%-37.6%-44.9%-62.8%-40.9%
6M Excs Rtn-57.8%-37.0%-49.8%-51.0%-55.9%-73.3%-53.5%
12M Excs Rtn-21.5%-35.3%-71.7%-54.8%-71.5%-82.1%-63.1%
3Y Excs Rtn284.1%-20.5%-104.0%189.1%-15.5%3.6%-5.9%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Compute202814968
Digital Infrastructure8626166
Power4257130
Other0940
Eliminations-95-900
Total2351628274


Assets by Segment
$ Mil2023
Digital Assets Mining166
High Performance Computing - Colocation and Cloud31
Managed Services5
Other5
Total207


Price Behavior

Price Behavior
Market Price$48.94 
Market Cap ($ Bil)6.0 
First Trading Date12/04/2023 
Distance from 52W High-63.2% 
   50 Days200 Days
DMA Price$82.41$82.47
DMA Trenddownup
Distance from DMA-40.6%-40.7%
 3M1YR
Volatility104.1%109.9%
Downside Capture614.58484.19
Upside Capture470.65454.03
Correlation (S&P 500)48.3%54.7%
HUT Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta7.455.823.514.134.56-0.26
Up Beta4.803.70-0.604.264.76-0.54
Down Beta6.418.196.374.044.220.63
Up Capture627%599%259%639%2933%169020%
Bmk +ve Days12182862130427
Stock +ve Days12233265135373
Down Capture759%464%413%273%189%114%
Bmk -ve Days10253664121325
Stock -ve Days10203261116348

[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-11.1%109.9%0.39-
Sector ETF (XLF)15.0%15.0%0.718.0%
Equity (SPY)13.2%12.9%0.6850.3%
Gold (GLD)1.0%28.8%0.0332.1%
Commodities (DBC)35.9%21.2%1.340.7%
Real Estate (VNQ)14.3%14.1%0.703.9%
Bitcoin (BTCUSD)-28.2%43.4%-0.6540.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HUT
HUT35.9%106.4%0.98-
Sector ETF (XLF)10.0%18.3%0.4026.1%
Equity (SPY)12.5%17.2%0.5545.2%
Gold (GLD)17.3%19.1%0.7316.5%
Commodities (DBC)8.0%19.6%0.297.9%
Real Estate (VNQ)1.8%18.9%-0.0116.1%
Bitcoin (BTCUSD)5.5%51.5%0.2948.9%

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
HUT16.6%106.4%0.98-
Sector ETF (XLF)13.7%22.1%0.5626.1%
Equity (SPY)15.4%18.0%0.7345.2%
Gold (GLD)11.9%16.5%0.5916.5%
Commodities (DBC)7.4%18.1%0.337.9%
Real Estate (VNQ)5.7%20.7%0.2316.1%
Bitcoin (BTCUSD)61.0%66.2%1.0148.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity18.2 Mil
Short Interest: % Change Since 9302026-4.6%
Average Daily Volume7.4 Mil
Days-to-Cover Short Interest2.5 days
Basic Shares Quantity122.9 Mil
Short % of Basic Shares14.8%

Earnings Returns History

Updated 11/4/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/2026-9.7%-23.6%-30.8%
5/6/202635.3%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%
5/8/202511.9%27.4%46.7%
3/3/2025-4.5%-8.4%-21.2%
11/13/20243.9%6.1%14.5%
...
SUMMARY STATS   
# Positive565
# Negative656
Median Positive12.0%16.3%46.7%
Median Negative-5.6%-14.2%-15.9%
Max Positive35.3%33.3%58.7%
Max Negative-12.5%-23.6%-30.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/2026-9.7%-23.6%-30.8%
5/6/202635.3%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%
5/8/202511.9%27.4%46.7%
3/3/2025-4.5%-8.4%-21.2%
11/13/20243.9%6.1%14.5%
8/13/2024-3.8%7.3%-7.1%
5/15/202413.4%24.5%47.8%
3/28/202412.0%-1.7%-10.6%
SUMMARY STATS   
# Positive565
# Negative656
Median Positive12.0%16.3%46.7%
Median Negative-5.6%-14.2%-15.9%
Max Positive35.3%33.3%58.7%
Max Negative-12.5%-23.6%-30.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/04/202610-Q
06/30/202608/04/202610-Q
03/31/202605/06/202610-Q
12/31/202502/25/202610-K
09/30/202511/04/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202403/03/202510-K
09/30/202411/13/202410-Q
06/30/202408/13/202410-Q
03/31/202405/15/202410-Q
12/31/202303/28/202410-KT
09/30/202312/19/202310-Q
06/30/202311/09/2023424B3
03/31/202306/13/2023S-4/A
12/31/202204/18/2023S-4/A
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/04/202610-Q
06/30/202608/04/202610-Q
03/31/202605/06/202610-Q
12/31/202502/25/202610-K
09/30/202511/04/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202403/03/202510-K
09/30/202411/13/202410-Q
06/30/202408/13/202410-Q
03/31/202405/15/202410-Q
12/31/202303/28/202410-KT
09/30/202312/19/202310-Q
06/30/202311/09/2023424B3
03/31/202306/13/2023S-4/A
12/31/202204/18/2023S-4/A
09/30/202202/13/2023S-4

Insider Activity

Updated 9/30/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Shattuck, Mayo A Iii DirectSell9282026100.0020,0002,000,0008,940,800Form
2Glennan, Sean JosephChief Financial OfficerDirectSell825202678.766,445507,6231,415,990Form
3Semah, VictorChief Legal OfficerDirectSell6182026125.0010,0001,250,0003,922,250Form
4Flinn, Joseph DirectSell6152026117.917,719910,1621,240,315Form
5Flinn, Joseph DirectSell6152026116.2130,5003,544,4202,119,447Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Shattuck, Mayo A Iii DirectSell9282026100.0020,0002,000,0008,940,800Form
2Glennan, Sean JosephChief Financial OfficerDirectSell825202678.766,445507,6231,415,990Form
3Semah, VictorChief Legal OfficerDirectSell6182026125.0010,0001,250,0003,922,250Form
4Flinn, Joseph DirectSell6152026117.917,719910,1621,240,315Form
5Flinn, Joseph DirectSell6152026116.2130,5003,544,4202,119,447Form
6Wilkinson, Amy Marie DirectSell5262026100.7820,0002,015,60026,418,066Form
7Rickertsen, Rick DirectSell5132026110.0017,491  Form
8Rickertsen, Rick DirectSell5132026105.0016,4961,732,0801,836,555Form
9Semah, VictorChief Legal OfficerDirectSell504202676.8310,518808,1493,179,274Form
10Glennan, Sean JosephChief Financial OfficerDirectSell310202649.054,625226,871591,974Form
11Semah, VictorChief Legal OfficerDirectSell310202649.055,498269,6941,216,323Form

Investor Activity (13F)

Updated Nov 5, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
Oasis Management Co Ltd.$117.6 Mil13.9%105ADD +8.7%13F
Newbrook Capital Advisors LP$51.0 Mil9.5%15New13F
Thames Capital Management LLC$20.0 Mil3.6%43TRIM -19.5%13F
Northern Right Capital Management, L.P.$8.5 Mil3.0%25TRIM -70.1%13F
Dendur Capital LP$40.8 Mil3.0%21ADD +83.8%13F
Engle Capital Management, L.P.$7.0 Mil2.4%22New13F
Azora Capital LP$35.9 Mil2.4%45ADD +10.7%13F
Lone Pine Capital LLC$285.2 Mil2.3%36New13F
Third Point LLC$40.8 Mil2.0%33New13F
SRS Investment Management, LLC$144.7 Mil1.5%29ADD +7.5%13F
Park West Asset Management LLC$11.3 Mil1.0%48TRIM -5.2%13F
Avala Global LP$16.8 Mil0.8%22New13F
Troluce Capital Advisors LLC$7.0 Mil0.7%46New13F
Two Seas Capital LP$11.7 Mil0.5%35TRIM -49.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Lone Pine Capital LLC$285.2 Mil2.3%36New13F
Newbrook Capital Advisors LP$51.0 Mil9.5%15New13F
Third Point LLC$40.8 Mil2.0%33New13F
Avala Global LP$16.8 Mil0.8%22New13F
Troluce Capital Advisors LLC$7.0 Mil0.7%46New13F
Engle Capital Management, L.P.$7.0 Mil2.4%22New13F
Dendur Capital LP$40.8 Mil3.0%21ADD +83.8%13F
Azora Capital LP$35.9 Mil2.4%45ADD +10.7%13F
Oasis Management Co Ltd.$117.6 Mil13.9%105ADD +8.7%13F
SRS Investment Management, LLC$144.7 Mil1.5%29ADD +7.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Sachem Head Capital Management LP$129.8 Mil3.0%20ExitedDec 31, 202513F
Situational Awareness LP$39.5 Mil1.0%24ExitedDec 31, 202513F
Wealth High Governance Capital Ltda$16.8 Mil3.1%46ExitedDec 31, 202513F
Nishkama Capital, LLC$9.5 Mil1.3%49ExitedDec 31, 202513F
Northern Right Capital Management, L.P.$8.5 Mil3.0%25TRIM -70.1%Mar 31, 202613F
Two Seas Capital LP$11.7 Mil0.5%35TRIM -49.1%Mar 31, 202613F
Thames Capital Management LLC$20.0 Mil3.6%43TRIM -19.5%Mar 31, 202613F
Park West Asset Management LLC$11.3 Mil1.0%48TRIM -5.2%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Lone Pine Capital LLC$285.2 Mil2.3%36New13F
SRS Investment Management, LLC$144.7 Mil1.5%29ADD +7.5%13F
Oasis Management Co Ltd.$117.6 Mil13.9%105ADD +8.7%13F
Newbrook Capital Advisors LP$51.0 Mil9.5%15New13F
Third Point LLC$40.8 Mil2.0%33New13F
Dendur Capital LP$40.8 Mil3.0%21ADD +83.8%13F
Azora Capital LP$35.9 Mil2.4%45ADD +10.7%13F
Thames Capital Management LLC$20.0 Mil3.6%43TRIM -19.5%13F
Avala Global LP$16.8 Mil0.8%22New13F
Two Seas Capital LP$11.7 Mil0.5%35TRIM -49.1%13F
Park West Asset Management LLC$11.3 Mil1.0%48TRIM -5.2%13F
Northern Right Capital Management, L.P.$8.5 Mil3.0%25TRIM -70.1%13F
Troluce Capital Advisors LLC$7.0 Mil0.7%46New13F
Engle Capital Management, L.P.$7.0 Mil2.4%22New13F
Core Cache Last Updated: 11/4/2026