Hut 8 Rebrands to Align External Positioning with Power-First, Platform-Driven Business Model

Core Viewpoint - Hut 8 Corp. has announced a corporate rebrand to better align its external positioning with its strategic focus on energy and digital infrastructure, emphasizing a disciplined capital allocation and operational rigor [1][2] Company Developments - The rebrand reflects a power-first, innovation-driven approach to developing and operating energy and digital infrastructure [2] - Since the merger with U.S. Data Mining Group in November 2023, Hut 8 has expanded its energy infrastructure platform to 1,020 megawatts (MW) under management across 15 sites as of March 31, 2025 [2] - The company has built a utility-scale power origination pipeline of approximately 10,800 MW, a more than threefold increase from over 3,000 MW at the end of Q2 2024 [2] - Hut 8 is advancing AI data center development opportunities with a total capacity of 430 MW, including a 592-acre campus in Louisiana [2] - The company has restructured its Bitcoin mining business into a standalone entity, American Bitcoin Corp., allowing for independent scaling [2] Financial Strategies - Hut 8 executed innovative financings, including an upsized Coinbase credit facility from $65 million to $130 million at a fixed interest rate of 9.0% [2] - A Bitcoin-backed call option structure was utilized to fund machine purchases from BITMAIN, and a covered call program generated over $20 million in net proceeds in fiscal year 2024 [2] - An at-the-market equity offering program raised $275.5 million in net proceeds at a weighted average price of $28.23 per share as of March 31, 2025 [2] Institutional Growth - Institutional ownership increased from approximately 12% at the end of Q1 2024 to about 55% by year-end 2024, supported by strategic investments and the onboarding of a Big 4 audit firm [8] - The company has realigned its reporting structure to provide a clearer view of how each layer of its platform contributes to growth and profitability [8] Brand Legacy - The Hut 8 name remains unchanged, honoring the legacy of technical innovation associated with Alan Turing's work at Bletchley Park [3]