Snapshot
- Ticker: HUT (Nasdaq, dual TSX)
- Bucket: Data-Center Operators (HPC Pivots)
- Q4 2025 fund position: $39.5 M (0.86 M sh) — 0.72 % of 13F
- HQ: Miami, FL (US-domiciled post the 2023 US Bitcoin Corp / Hut 8 merger)
Business Overview
Hut 8 is the post-merger entity formed in late 2023 by combining the original Canadian Hut 8 mining business with the US Bitcoin Corp. mining and hosting business. The company operates a hybrid model with three reportable segments:
- Compute — ASIC mining (via the American Bitcoin consolidated subsidiary), AI Cloud (Highrise AI), and traditional Cloud services.
- Power — energy-management services and merchant power sales.
- Digital Infrastructure — colocation hosting at company-owned sites.
Hut 8 has executed the most committed organizational pivot in the bucket: standing up Highrise AI as a dedicated AI/HPC subsidiary in 2024 and announcing a 245 MW lease with Fluidstack at the new River Bend, LA campus in 2025.
Financial Trajectory
| Metric (USD M) | FY24 | FY25 |
|---|---|---|
| Total revenue | 162.4 | 235.1 (+45 %) |
| — Compute (mining + AI Cloud + Cloud) | 80.7 | 202.3 (+150 %) |
| — Power | — | 23.2 |
| — Digital Infrastructure (colocation) | — | 9.6 |
| Plus King Mountain JV colocation revenue (unconsolidated, attributable share) | — | 57.3 |
| Adjusted EBITDA | +555.7 | −135.4 |
| Net income (loss) | +331.4 | −248.0 |
The dramatic FY24-to-FY25 swing in EBITDA and net income is almost entirely a non-cash BTC fair-value mark under ASU 2023-08. FY24’s 135 M reflects the offsetting reset. Operationally, Compute revenue grew 150 % and the strategic positioning improved.
Balance Sheet (FY25)
| Item | $M |
|---|---|
| Combined cash + BTC | 1,400 |
| — Hut 8 attributable | 899.3 |
| — American Bitcoin subsidiary | 472.6 |
The split balance sheet reflects the partial spin / public listing of American Bitcoin (the consolidated mining sub).
Operational KPIs
- Energized capacity: 710 MW
- Under construction (River Bend, LA): 330 MW
- Total development pipeline: 8,500 MW
- American Bitcoin (mining sub) hashrate: ~25.0 EH/s as of 9/30/25 (~23.7 EH/s operational)
- Fleet efficiency: ~16.3 J/TH
- Highrise AI: ~1,100 GPUs managed; job postings reference scaling toward 20,000 GPUs
Fluidstack Lease — the Anchor
Hut 8’s central HPC contract is the River Bend, LA Fluidstack lease:
- Capacity: 245 MW
- Term: 15 years
- Aggregate base-term contracted revenue: ~$7.0 B
- Site: River Bend, Louisiana (under construction, 330 MW)
- Counterparty: Fluidstack (the same AI cloud counterparty that Cipher signed; Fluidstack is increasingly the bucket’s “buy-side aggregator” for hyperscaler-backed contracts)
The contract ranks among the largest single-site HPC lease commitments in the bucket by aggregate dollar value.
Why It Fits the Thesis
Hut 8 is a distinct expression in the bucket: it owns AI Cloud capacity directly (via Highrise AI) AND runs colocation hosting (via the American Bitcoin sub and the new Fluidstack lease). The fund’s small position size (~0.7 % of 13F) reflects that, despite the operational leadership in AI pivot, the corporate complexity (American Bitcoin sub, Highrise AI sub, JV interests) makes the equity harder to value cleanly than CORZ or IREN. Position is consistent with treating Hut 8 as a “completeness” name rather than a high-conviction expression.
Position History in the Fund
| Quarter | Position |
|---|---|
| Q3 2025 | New |
| Q4 2025 | 0.86 M sh |
Risks
- Corporate structure complexity — American Bitcoin sub, Highrise AI sub, JV interests, dual listing — creates valuation noise.
- Fluidstack counterparty risk — same as Cipher, mitigated by Google backstops in similar deals but still a sub-investment-grade direct counterparty.
- GPU obsolescence for the Highrise AI fleet, owned on-balance-sheet.
- Dual mining + AI strategy risks executing neither well at scale.
- Smaller balance sheet relative to CORZ, IREN limits negotiating power on hyperscaler contracts.