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Hut 8 Corp. - HUT STOCK NEWS

Welcome to our dedicated page for Hut 8 news (Ticker: HUT), a resource for investors and traders seeking the latest updates and insights on Hut 8 stock.

Hut 8 Corp. (Nasdaq | TSX: HUT) is a leading Bitcoin miner and energy infrastructure operator with an expansive presence in North America. The company specializes in digital asset mining, managed services, and high-performance computing (HPC) through colocation and cloud services.

Hut 8 manages a diverse portfolio of assets, including eleven self-mining, hosting, and managed services sites across Alberta, New York, Nebraska, and Texas. It also operates five high-performance computing data centers in British Columbia and Ontario, and four power generation assets in Ontario. The company’s core business revolves around mining Bitcoin by leveraging advanced computational equipment to validate blockchain transactions.

In recent developments, Hut 8 has announced the closure of its Drumheller site, relocating its efficient miners to the Medicine Hat site to optimize operations. This strategic move is part of a broader restructuring initiative aimed at boosting financial performance and enhancing asset value. The restructuring is expected to improve Hut 8’s cash flow, reduce mining costs, and increase Bitcoin production efficiency.

Financially, Hut 8 has shown robust performance with significant revenue growth. For the six months ended December 31, 2023, the company reported a 32% increase in revenue to $60.6 million. Digital Assets Mining contributed $41.5 million, Managed Services $12.6 million, HPC $1.1 million, and other services $5.4 million. The company holds substantial Bitcoin reserves, valued at $648.9 million as of March 31, 2024.

Hut 8 has also embarked on a comprehensive restructuring program post-merger with US Bitcoin Corp., focusing on operational excellence and profitable growth. This includes the deployment of proprietary energy curtailment software and the relocation of its mining fleet to owned facilities. The company is actively expanding its HPC services and entering new verticals like AI GPU-as-a-service, aiming to generate additional revenue streams.

Headquartered in Miami, Florida, Hut 8 continues to strengthen its market position by adopting sustainable energy practices and maintaining a strong balance sheet. The company's ongoing projects and strategic initiatives are poised to drive long-term shareholder value and establish Hut 8 as a cornerstone in the digital asset and energy infrastructure sectors.

News

Hut 8 Operations Update for January 2024

Rhea-AI Summary
Hut 8 Corp. continues to have significant holdings of Bitcoin, with 9,116 BTC on its balance sheet, giving it flexibility ahead of the halving. The company signed a multi-year managed services agreement with Ionic Digital, and reported on its operations for January 2024, including energy capacity, deployed miners, hashrate, and Bitcoin production. Hut 8 also shared highlights such as the conclusion of managed services at two sites and pre-construction work at a new site in Texas.
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Hut 8 concluding managed services at Kearney, Nebraska and Granbury, Texas in Q2

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Hut 8 Corp. has negotiated an agreement with the new owners of two managed services sites, resulting in a termination fee of $13,568,000. The payment is in connection with the termination of property management agreements at the Kearney and Granbury sites in Nebraska and Texas, respectively. President Asher Genoot expressed pride in the work done at the sites and anticipates an orderly transition of operations in the coming months.
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Hut 8 proceeding with full mining operations plan to provide managed services to Ionic Digital in connection with Celsius Network LLC bankruptcy proceedings

Rhea-AI Summary
Hut 8 Corp. has signed a four-year agreement with Ionic Digital to provide managed services for all of its Bitcoin mining operations, including the design and development, engineering, financial modeling, budgeting, construction management, and more. The agreement also includes hosting 8,500 Ionic Digital miners at Hut 8’s Alpha site and taking an equity stake in Ionic Digital. The agreement is expected to generate $81,504,800 in cash payments for Hut 8, with a potential extension to a five-year agreement earning an additional $101,881,000. Hut 8 has also acquired shares of Ionic Digital common stock in exchange for a cash payment of $6,378,000, with plans for further acquisition. Ionic Digital will be a well-capitalized industrial mining company valued at approximately $740 million on a net asset basis under the Celsius chapter 11 plan.
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Celsius Emerges from Chapter 11 and Commences Distributions of Over $3 Billion of Cryptocurrency to Creditors

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Celsius Network LLC has successfully emerged from bankruptcy, with a confirmed plan of reorganization approved by 98% of account holders. The plan includes the distribution of over $3 billion of cryptocurrency and fiat to creditors and the creation of a new Bitcoin mining company, Ionic Digital, Inc., which will be owned by Celsius' creditors and managed by Hut 8 Corp. (HUT). Ionic Digital stock is expected to be publicly traded. The company will transition to the 'MiningCo Transaction' and has commenced distributions of over $3 billion of liquid cryptocurrency and fiat to creditors. The company will pursue an orderly wind down of its operations, including discontinuing the Celsius mobile and web applications.
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Chief Commercial Officer Matt Prusak leaving Hut 8 as part of planned transition to Celsius Bitcoin mining company

Rhea-AI Summary
Hut 8 Corp. announced that Chief Commercial Officer Matt Prusak will depart on January 31, 2024, to assume the role of Chief Executive Officer at a new bitcoin mining company formed in connection with Celsius Network LLC bankruptcy proceedings. Hut 8 will provide end-to-end managed services for the new company's operations in Texas, with a focus on the Cedarvale site. The company expects to oversee approximately 12 EH/s of computing capacity and more than 300 MW of energy infrastructure. Hut 8 will receive a cash management fee of more than US$20M per year, along with restricted stock and incentive equity in the new company.
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Hut 8 Corp. responds to misleading short report

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Hut 8 Corp. responds to false and misleading report from activist short-selling firm, reaffirming commitment to innovation and digital asset mining. The company's stock symbol is HUT and it trades on Nasdaq and TSX.
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Hut 8 Corp. media statement on short report

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Hut 8 Corp. is addressing a short report issued by J Capital Research, which the company views as biased. The management team and Board of Directors remain confident in the merger of equals, the company's balance sheet, and future success, committing to driving growth for shareholders.
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Media Advisory: Hut 8 Corp to Ring Opening Bell at Nasdaq in New York on January 18, 2024

Rhea-AI Summary
Hut 8 Corp. celebrates the completion of the largest M&A transaction in the industry’s history with the all-stock merger of equals between Hut 8 Mining Corp. and U.S. Data Mining Group, Inc. The combined company is named 'Hut 8 Corp.' and is a U.S.-domiciled entity. The Opening Bell Ringing Ceremony at Nasdaq headquarters on January 18, 2024, will be attended by Hut 8 CEO, Jaime Leverton, and the leadership team. The event will be live webcasted and Jaime Leverton will be available for interviews.
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Hut 8 Announces US$65 Million Amended and Restated Credit Facility with Coinbase

Rhea-AI Summary
Hut 8 Corp. (HUT) secures a $15M loan from Coinbase Global, Inc. for general corporate purposes, increasing its credit facility to $65 million. The loan is secured by Bitcoin held in the custody of Coinbase Custody Trust Company, LLC and guaranteed by the company.
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Hut 8 receives court approval in its stalking horse bid for four natural gas power plants including the North Bay Bitcoin mine

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Hut 8 Corp. (HUT) receives Approval and Vesting Order from Ontario Superior Court of Justice for the acquisition of four natural gas power plants, including the North Bay Bitcoin mine, in partnership with Macquarie Equipment Finance Ltd. The completion of the Transaction is expected to occur by February 15, 2024, and will result in the full and final resolution of all litigation claims and counterclaims currently pending between Hut 8 and certain Validus Entities.
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FAQ

What is the current stock price of Hut 8 (HUT)?

The current stock price of Hut 8 (HUT) is $23.48 as of November 21, 2024.

What is the market cap of Hut 8 (HUT)?

The market cap of Hut 8 (HUT) is approximately 2.3B.

What does Hut 8 Corp. do?

Hut 8 Corp. is engaged in Bitcoin mining, managed services, and high-performance computing. It uses specialized equipment to solve complex computational problems, validating transactions on the Bitcoin blockchain.

Where is Hut 8 Corp. headquartered?

Hut 8 Corp. is headquartered in Miami, Florida.

What recent strategic changes has Hut 8 Corp. implemented?

Hut 8 has closed its Drumheller site and relocated efficient miners to its Medicine Hat site as part of a broader restructuring initiative to optimize operations and enhance financial performance.

How has Hut 8 Corp.'s financial performance been recently?

For the six months ended December 31, 2023, Hut 8 reported a 32% increase in revenue to $60.6 million. The company also holds Bitcoin reserves valued at $648.9 million as of March 31, 2024.

What are the business segments of Hut 8 Corp.?

Hut 8 operates in four main segments: Digital Assets Mining, Managed Services, High Performance Computing (HPC) - Colocation and Cloud, and Other services.

What is Hut 8 Corp.'s approach to energy usage?

Hut 8 employs proprietary energy curtailment software to optimize site operations and ensure efficient energy use, reducing costs and enhancing sustainability.

Who is the CEO of Hut 8 Corp.?

Asher Genoot is the current CEO of Hut 8 Corp.

What is Hut 8 Corp.'s strategy for future growth?

Hut 8 focuses on scaling its Bitcoin mining operations, expanding its HPC services, and entering new markets like AI GPU-as-a-service to diversify and grow revenue.

How many sites does Hut 8 Corp. operate?

Hut 8 operates a total of 19 sites including Bitcoin mining, hosting, managed services, high-performance computing data centers, and power generation assets across North America.

What sets Hut 8 Corp. apart in the Bitcoin mining industry?

Hut 8's strategic use of advanced technology, strong financial performance, sustainable energy practices, and a diversified portfolio of operations position it as a leader in the Bitcoin mining and energy infrastructure sectors.

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Hut 8 Corp.

Nasdaq:HUT

HUT Rankings

#1894 Ranked by Market Cap
N/A Ranked by Dividends

HUT Stock Data

2.27B
38.54M
58.67%
60.61%
13.63%
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