Hut 8

We are incredibly excited to announce a $150 million strategic investment from Coatue to partner in building a next generation AI infrastructure platform. This investment will accelerate growth in our data center portfolio and provides access to Coatue's extensive network of companies and relationships across energy, data centers, and AI. “We are committed to supporting innovators advancing AI and believe that compute capacity is crucial to unlocking significant growth across the ecosystem. We believe that Hut 8 is well-positioned to accelerate new compute capacity and can capitalize on the opportunity it will bring.” - Philippe Laffont, Founder & Portfolio Manager of Coatue “We are thrilled to be partnering with Coatue, given the firm’s deep expertise and long track record of investments in the AI ecosystem. We believe this partnership will allow us to unlock significant opportunities and connectivity to the broader space as we enter this next phase of growth." - Asher Genoot, CEO of Hut 8 Read the full release here: https://ow.ly/jxX050SnWxP. A presentation with additional information is available on our website here: https://ow.ly/c2fZ50So6Iq

Today we released our operations update for September 2024.   Read the full release here: https://ow.ly/mnbf50TCzaF

Today we announced an early payoff of our outstanding loan with Anchorage Digital. Our entire ~$38M loan balance has converted to common shares at a share price of $16.395. “Hut 8 stands out for its conviction to innovation — it’s a key reason that we originally backed them with a loan, and it’s the same reason we’ve now converted that debt to equity. In an evolving market, Hut 8 has proven that they can adapt to meet the moment and come out stronger — for the benefit of the company and the digital asset ecosystem at large. We value that kind of resilience on our balance sheet, and our new ownership stake makes that clear.” - Nathan McCauley, CEO of Anchorage “With a strengthened balance sheet and decreased leverage, we believe we are even better positioned to advance discussions with prospective counterparties and execute on the development of next-generation mining and AI data centers.” - Asher Genoot, CEO of Hut 8 Read the full release here: https://ow.ly/UIo850TzCvL

Our latest investor presentation details our ambition to build a next-generation energy infrastructure platform and our approach to delivering enduring shareholder value. Download the presentation here: https://ow.ly/xCwj50TqUJA

Capable of achieving up to 860 TH at 13 J/TH, the U3S21EXPH bridges critical engineering gaps between Bitcoin mining and AI data center infrastructure. Our initial deployment of ~15 EH/s is expected to increase our hashrate under management by 81% with a potential path to 20 EH/s of self-mining.   Read more about the next-generation U3S21EXPH developed in partnership with BITMAIN and our launch plan in the presentation below.

Today, Hut 8 is launching a next-generation ASIC miner developed in partnership with BITMAIN. The U3S21EXPH will be the first ASIC miner mass-commercialized by BITMAIN to feature direct liquid-to-chip (DLC) cooling within a U form factor. Hut 8 plans to deploy the model in Q2 2025 through a ~15 EH/s hosting deployment with potential transition to self-mining through purchase option. Read more here: https://ow.ly/M2HV50TqFcX

In two weeks, our team will be in Las Vegas to sponsor Structure Research’s 2024 infra/STRUCTURE Summit, where our Chief Strategy Officer Mike Ho will speak on two panels: ‘From Bitcoin to Data Center Colocation & GPU Clouds’ and ‘The Rise of GPU-Oriented Cloud Providers.’   Please reach out to us if you are interested in meeting with our team at the event! James Beer Geoff Ois

Hut 8 is building a next-generation energy infrastructure platform spanning power, digital infrastructure, and compute. “Our business is built on a vertically integrated platform spanning hard assets, products, services, capabilities, and technologies. We think about this platform as a stack of three interconnected layers. Think of the power layer as our operating system, the digital infrastructure layer as our app store, and the compute layer as the applications we power." "Each layer of our platform addresses a distinct market with unique challenges, opportunities, economics, and return profiles. Together, they form a vertically integrated platform poised to seize a much larger, generational opportunity at the intersection of energy and technology.” - Asher Genoot, CEO of Hut 8 Read our Q2 2024 earnings call transcript to learn more: https://ow.ly/WiT850T7CFV

Six months ago, we launched an ambitious restructuring program designed to center the business on operational excellence and bottom-line economics. This program has driven significant improvements to unit economics in our Digital Assets Mining segment despite the halving event in April. "If there’s a takeaway, it’s this: We prioritize fundamentals above all else, and we invest capital only when we believe it will create enduring shareholder value. This philosophy has guided us in the past and it will continue to guide us in the future." - Asher Genoot, CEO of Hut 8

Today we announced our financial results for the three and six months ended June 30, 2024, which reflect the ambitious restructuring program we set in motion six months ago. Despite the impact of the halving, our revenue grew 72% year-over-year to $35.2 million in the quarter, and gross margins in our Digital Assets Mining segment expanded from 34% to 46% over the same period.     During the second quarter, we also energized our 63-megawatt Salt Creek site and entered into a $150 million partnership with Coatue. Shortly after the close of the quarter, we announced plans for a new 205-megawatt site in the Texas Panhandle, which can power up to 16.5 exahash of next-generation ASICs. Read the full release here: https://ow.ly/UcYN50SWogK