Hut 8 Posts Profitable Q3 as Bitcoin Stockpile Grows and Shares Whipsaw on Analyst Calls

Overview

• Hut 8 reported Q3 revenue of $83.5 million, EPS of $0.43, and net income of $50.6 million, with additional revenue from power generation ($8.4 million) and colocation ($5.1 million).
• Bitcoin holdings reached 13,696 BTC worth about $1.6 billion as of Sept. 30, placing the company 10th among public holders and third among miners.
• The American Bitcoin tie-up added roughly 14.8 EH/s, taking total capacity to 26.8 EH/s, and contributed most of the quarter’s approximately $70 million in mining revenue.
• Financing capacity expanded with a $1 billion at-the-market equity program and a $200 million revolver from Two Prime to support a 1.6 GW development pipeline.
• Market reaction was volatile as Clear Street raised its target to $60 with a Buy rating and Benchmark set a $78 target, shares fell more than 9% Tuesday then rebounded about 5% Wednesday.