HUT
HUT · Hut 8 Corp. · Equity Research Report · as of August 13, 2026
Key figures, each tagged by provenance. Balance-sheet items are struck at June 30, 2026, the first reported balance sheet to carry both project financings.
| Metric | Value | Basis |
|---|---|---|
| Share price | $90.77 | Market Aug 12, 2026 close, up 2.24% on the day |
| 52-week range | $20.69 – $140.80 | Market intraday, 251 sessions to Aug 12, 2026 |
| Shares outstanding | 123,259,468 | Filed 10-Q cover, as of Jul 31, 2026 |
| Market capitalization | $11,188.3M | Estimate 123,259,468 × $90.77. Share count is Jul 31, 2026, price Aug 12, 2026 |
| Revenue (FY2025) | $235.1M | Filed 10-K, Feb 25, 2026 |
| Revenue (Q2 2026) | $74.9M | Filed 10-Q, Aug 4, 2026, against $41.3M a year earlier |
| Revenue (H1 2026) | $145.9M | Filed 10-Q, Aug 4, 2026, against $63.1M a year earlier |
| Net loss (FY2025) | ($248.0M) | Filed 10-K, Feb 25, 2026 |
| Net loss (Q2 2026) | ($177.1M) | Filed 10-Q, Aug 4, 2026; ($150.2M) attributable to Hut 8 Corp. |
| Net loss (H1 2026) | ($430.3M) | Filed 10-Q, Aug 4, 2026; ($370.0M) attributable to Hut 8 Corp. |
| Loss on digital assets (Q2 2026) | ($138.6M) | Filed 10-Q, Aug 4, 2026; ($434.3M) across the half year |
| Total assets | $9,975.1M | Filed 10-Q, Jun 30, 2026, against $2,753.7M at Dec 31, 2025 |
| Total liabilities | $8,221.1M | Filed 10-Q, Jun 30, 2026, against $1,064.3M at Dec 31, 2025 |
| Total equity | $1,754.0M | Filed 10-Q, Jun 30, 2026, incl. $311.4M non-controlling interests |
| Cash and restricted cash | $7,020.7M | Filed 10-Q, Jun 30, 2026: $233.6M unrestricted, $6,787.1M in project accounts |
| Gross debt | $7,638.4M | Filed 10-Q, Jun 30, 2026, carrying amount; $7,735.1M of principal |
| Net debt | $617.7M | Estimate $7,638.4M − $233.6M cash − $6,787.1M restricted cash, all at Jun 30, 2026 |
| Bitcoin held | 17,316 | Filed 10-Q, Jun 30, 2026: 9,314 Hut 8, 8,002 American Bitcoin |
| Bitcoin fair value | $1,036.5M | Filed 10-Q, at ~$59,847 per bitcoin, Jun 30, 2026; cost $1,141.5M |
| Contracted IT capacity | 949 MW | Filed 8-K, Jul 20, 2026: River Bend 245, Beacon Point 704 |
| Base-term contract value | $26.6bn | Filed 8-K, Jul 20, 2026, company figure |
| Project debt outstanding | $7,500.0M | Filed 10-Q, Jun 30, 2026. Consolidated; obligations solely of the two issuers |
| Bitcoin mined (FY2025) | 1,803 | Filed 10-K, against 1,184 in FY2024 |
Enterprise value is $11,806.0 million, and it can be shown because debt and cash now come from one balance sheet: market capitalization of $11,188.3 million plus $7,638.4 million of gross debt, less $233.6 million of cash and $6,787.1 million of restricted cash, all at June 30, 2026 against an August 12, 2026 price. Estimate
The restricted cash is netted because it is the unspent proceeds of the same notes, held in project accounts under the indentures. A reader who declines that offset gets $19,873.8 million, and the gap between the two figures is the whole of the question this balance sheet raises: the company has borrowed $7.5 billion and spent very little of it yet.
Hut 8 describes itself as an energy infrastructure platform in three layers: Power, Digital Infrastructure and Compute. In practice it does three separable things, and they have almost nothing to do with one another commercially.
It is a landlord to AI. Two campuses, River Bend in Louisiana and Beacon Point in Nueces County, Texas, are being built to lease as turnkey data centers on triple-net terms of 15 years with 3.0% annual escalators. This is the business the market is paying for, and it produces no revenue yet.
It is a bitcoin holder. At June 30, 2026 it held 17,316 bitcoin carried at $1,036.5 million, which is 10.4% of total assets. The share of the balance sheet has fallen from 43% three months earlier, and not because the company sold anything: the balance sheet grew from $2.61 billion to $9.98 billion when the note proceeds landed. Under fair-value accounting the holding runs through the income statement every quarter, which is why a company with $74.9 million of quarterly revenue reported a $177.1 million quarterly loss.
It runs operating businesses. American Bitcoin, a Nasdaq-listed subsidiary in which outside holders own 46.37% at June 30, 2026, mines bitcoin at industrial scale and is consolidated in full with that interest carried as a non-controlling interest. Hut 8 Canada runs five data centers serving more than 200 cloud and colocation customers. Highrise AI operated 1,000 NVIDIA H100 and 96 H200 GPUs at December 31, 2025.
| Campus | Location | Contracted IT | Utility capacity | Basis |
|---|---|---|---|---|
| River Bend | Louisiana | 245 MW | 330 MW | Filed 8-K, Apr 28, 2026; 10-K |
| Beacon Point, Phase 1 | Nueces County, TX | 352 MW | 500 MW | Filed 8-K, Jun 5, 2026 |
| Beacon Point, Phase 2 | Nueces County, TX | 352 MW | 500 MW | Filed 8-K, Jul 20, 2026 |
| Total contracted | n/a | 949 MW | 1,330 MW | Filed 8-K, Jul 20, 2026 |
Contracted IT capacity and utility capacity are two bases for one asset and are shown separately here because the company uses both. River Bend appears as 330 MW in the annual report, which is the utility capacity secured, and as 245 MW in the project financing, which is the critical IT capacity being built and leased. The ratio, roughly 74% at River Bend and 70% at Beacon Point, is the conversion the reader needs to move between the two. Where a single figure is quoted elsewhere for this company without a basis, it is more likely to be the larger utility number.
The company reports revenue in three layers. None of them is data center lease revenue, because no lease has commenced.
| Layer | FY2025 | Share | Q2 2026 | Share | H1 2026 | Basis |
|---|---|---|---|---|---|---|
| Compute | $202.3M | 86.1% | $72.5M | 96.7% | $138.4M | Filed 10-K; 10-Q |
| Digital Infrastructure | $9.6M | 4.1% | $1.3M | 1.7% | $2.6M | Filed 10-K; 10-Q |
| Power | $23.2M | 9.9% | $1.2M | 1.6% | $4.9M | Filed 10-K; 10-Q |
| Total | $235.1M | 100% | $74.9M | 100% | $145.9M | Filed 10-K; 10-Q |
Compute is overwhelmingly bitcoin mining. It grew from $80.7 million to $202.3 million in 2025, driven by average revenue per bitcoin mined rising from $60,436 to $103,647 and by volume rising from 1,184 to 1,803 bitcoin. The price driver has reversed through 2026: the fair value carried for the holdings fell to roughly $68,222 at 31 March and $59,847 at 30 June. Compute revenue nonetheless rose to $72.5 million in the second quarter from $34.3 million a year earlier, so volume is doing the work the price is not.
Power revenue halved, from $56.6 million to $23.2 million. The company attributes the fall principally to a $40.8 million decrease in managed services revenue, which included $13.5 million of contract termination fees received from MARA Holdings in the prior year and the termination of a managed services agreement with Ionic in December 2024. Digital Infrastructure fell for the same reason, the Ionic colocation agreement having ended in the fourth quarter of 2024. Power fell again in the second quarter of 2026, to $1.2 million from $5.5 million, because the four Ontario gas plants that produced most of it were sold to TransAlta on February 2, 2026. Between them the two layers are now 3.3% of revenue.
One further stream sits outside the table. The company's share of the unconsolidated King Mountain joint venture contributed $27.0 million of colocation revenue in the quarter, which is reported net as $5.7 million of equity in earnings rather than as revenue, so the revenue line understates the colocation business by roughly the size of the whole Digital Infrastructure layer. Filed
The structural point is that the revenue reported today and the revenue the contracts promise are unrelated. Present revenue is bitcoin mining plus a shrinking services book. Future revenue is $26.6 billion of triple-net rent over 15-year base terms, none of which begins before 2027.
The constraint on AI infrastructure is power and the interconnection rights that deliver it. That has made converted bitcoin miners the sector's unlikely landlords: they hold zoned industrial land, energised substations and granted interconnections, which a greenfield developer would spend years acquiring.
What separates the winners in this group is the ability to finance construction at investment-grade cost. Hut 8's answer is project finance: each campus sits in its own special-purpose issuer, raises its own debt against its own lease, and is expressly non-recourse to the parent. The market accepted that structure at 6.192% and 6.129% for twenty-two-year fully amortising paper, secured on the leases and the project assets rather than on the parent.
Two features of the demand side matter for reading the contracts. First, the tenant list is short: a handful of hyperscalers, AI labs and neoclouds account for nearly all contracted capacity across the sector, so counterparty concentration is structural rather than a company-specific failing. Second, credit support has become the norm, either from the tenant's own rating or from a third-party backstop. Hut 8 states that 100% of its contracted AI capacity is leased to or backstopped by investment-grade counterparties, and that the Beacon Point tenant is rated AA- or higher.
Against that, the sector is being valued on contracted megawatts rather than on delivered ones. A peer comparison published by Big Digital Energy on June 3, 2026, drawn from its own reading of public filings and struck at April 16, 2026 market values, is reproduced in section 5 as the published view of another issuer.
Named peers on comparable metrics. Every company below is converting mining infrastructure to AI hosting, and they compete for power, for capital and for the same few creditworthy tenants.
| Ticker | Company | Market cap | Contracted | MW | EV / MW |
|---|---|---|---|---|---|
| APLD | Applied Digital | $8.6bn | $16bn | 600 | $15.3M |
| WULF | TeraWulf | $8.3bn | $12.8bn | 522 | $21.1M |
| HUT | Hut 8 | $7.9bn | $10bn | 245 | $30.0M |
| CIFR | Cipher Digital | $6.9bn | $9.3bn | 600 | $15.1M |
| CORZ | Core Scientific | $6.1bn | $10.2bn | 590 | $11.3M |
Source: Big Digital Energy investor presentation, Exhibit 99.1 to Form 8-K, June 3, 2026. Market values as of April 16, 2026. Market
That table was struck before Beacon Point existed as a contracted asset. At April 16, 2026 Hut 8 carried 245 MW, all of it River Bend, and the highest enterprise value per contracted megawatt in the group by a wide margin. The two Beacon Point leases of June and July 2026 took contracted capacity to 949 MW, which is a near-fourfold increase in the denominator, and the base-term contract value from $10 billion to $26.6 billion. On the company's own current figures the per-megawatt measure falls from the $30.0 million shown there to the $11.8 million of market capitalization, or $12.4 million of enterprise value, computed in section 8, and the reader should not carry the $30.0 million forward.
The distinguishing features against this group are the financing structure and the tenant disclosure, and they cut in opposite directions. Non-recourse investment-grade project debt at just over 6% is the cheapest capital in the peer set and it ring-fences the parent. Against that, TeraWulf names Anthropic and discloses Google as the backstop provider; Core Scientific names CoreWeave; Hut 8 names neither the tenant nor a backstop provider for 704 of its 949 contracted megawatts, disclosing only a rating band.
The comparative periods are not all years. The company changed its fiscal year end from 30 June to 31 December and filed a transition report covering the six months from 1 July to December 31, 2023. The column below headed 2023 is that six-month period, not a year, and doubling it to compare against a full year would be wrong in both directions, since the business was also acquiring assets throughout.
| Line | 6mo to Dec 2023 | FY2024 | FY2025 | Q1 2026 | Q2 2026 | Basis |
|---|---|---|---|---|---|---|
| Total revenue | $59.9M | $162.4M | $235.1M | $71.0M | $74.9M | Filed 10-K; 10-Q |
| Total cost of revenue | $33.7M | $86.7M | $107.8M | $25.5M | $26.9M | Filed 10-K; 10-Q |
| Depreciation and amortisation | $10.6M | $47.8M | $101.9M | $38.4M | $39.7M | Filed 10-K; 10-Q |
| General and administrative | $37.5M | $72.9M | $122.8M | $81.7M | $76.1M | Filed 10-K; 10-Q |
| Losses (gains) on digital assets | ($32.6M) | ($509.3M) | $220.0M | $295.7M | $138.6M | Filed 10-K; 10-Q |
| Operating (loss) income | $10.2M | $460.5M | ($322.0M) | ($370.4M) | ($206.3M) | Filed 10-K; 10-Q |
| Interest expense | ($11.7M) | ($29.8M) | ($30.1M) | ($9.2M) | ($51.2M) | Filed 10-K; 10-Q |
| Interest income | n/a | n/a | n/a | nil | $27.1M | Filed 10-Q, Aug 4, 2026; nil in every prior period shown there |
| Net (loss) income | $6.2M | $331.4M | ($248.0M) | ($253.1M) | ($177.1M) | Filed 10-K; 10-Q |
| Attributable to Hut 8 Corp. | $6.2M | $331.9M | ($226.1M) | ($219.8M) | ($150.2M) | Filed 10-K; 10-Q |
| Earnings per share, basic | $0.12 | $3.71 | ($2.14) | n/a | ($1.27) | Filed 10-K, continuing operations; 10-Q for Q2 2026 |
Read the digital asset line first and everything else follows. A $509.3 million gain in 2024 became a $220.0 million loss in 2025, a $295.7 million loss in the first quarter of 2026 and a further $138.6 million in the second, so the half year carries $434.3 million of it. That single line turned reported operating income of $460.5 million into an operating loss of $322.0 million without any change in the operating business, and it is why the reported half-year loss of $430.3 million exceeds the whole of the company's revenue since it was formed.
Strip it out and the trend is legible: revenue up from $162.4 million to $235.1 million, cost of revenue up less than proportionately, and general and administrative expense up from $72.9 million to $122.8 million as the company built a project development and financing capability. Depreciation more than doubled to $101.9 million as mining fleet and data center assets came into service.
The second quarter is where the financing shows up in the income statement rather than only in the balance sheet. Interest expense went from $9.2 million to $51.2 million as $7.5 billion of notes began accruing, while $5.7 million more was capitalized into construction and $27.1 million of interest income arrived on the proceeds sitting in the project accounts. The net of those three is roughly $19 million of cost, which is what carrying an unspent $6.8 billion costs for three months. General and administrative expense of $76.1 million is still more than the quarter's revenue.
Two items in the half year do not recur. A $34.7 million gain on the sale of the Far North joint venture to TransAlta, which closed on February 2, 2026, and $22.8 million of asset contribution costs. Stripping both, and the digital asset mark with them, leaves a business whose revenue grew from $63.1 million to $145.9 million year on year while its cost of revenue grew from $40.4 million to $52.4 million.
The balance sheet is no longer the one the peer comparison was made against. Total assets went from $2,753.7 million at December 31, 2025 to $9,975.1 million at June 30, 2026, and total liabilities from $1,064.3 million to $8,221.1 million, almost all of it the two project financings. Equity barely moved, from $1,689.5 million to $1,754.0 million, because the notes raised no equity: retained earnings of $5.5 million became a $364.6 million accumulated deficit on the half-year loss, and the at-the-market issuance and the note conversion put the same order of money back into paid-in capital.
The leverage that results reads two ways and both should be stated. Gross debt of $7,638.4 million against $1,754.0 million of equity is 4.4 times, which would be a strained balance sheet for an operating company. Net of $233.6 million of cash and $6,787.1 million of restricted cash it is $617.7 million, which is barely geared at all. The first figure is what the company owes and the second is what it has drawn and spent, and the distance between them closes as the campuses are built. Estimate
Two project financings that sit in full on the consolidated balance sheet without being obligations of the parent, and $235.1 million of everything else, all of it maturing inside a year.
| Instrument | Principal | Rate | Maturity | Recourse | Basis |
|---|---|---|---|---|---|
| Hut 8 DC LLC senior secured notes | $3,250.0M | 6.192% | Nov 15, 2042 | Issuer only | Filed 10-Q, Jun 30, 2026; issued Apr 30, 2026; River Bend |
| Beacon Point DC LLC senior secured notes | $4,250.0M | 6.129% | Nov 30, 2042 | Issuer only | Filed 10-Q, Jun 30, 2026; issued Jun 9, 2026; Beacon Point |
| FalconX term loan | $200.0M | 7.00% | Apr 30, 2027 | Secured on bitcoin | Filed 10-Q, Jun 30, 2026; drawn May 1, 2026, replacing a 9.00% facility |
| TZRC secured promissory note | $35.1M | 15.25% | Apr 8, 2027 | Secured | Filed 10-Q, Jun 30, 2026; issued Dec 6, 2022, $49.6M a year earlier |
| Total debt principal | $7,735.1M | n/a | n/a | n/a | Filed 10-Q, Jun 30, 2026; carrying $7,638.4M after $100.0M of unamortised discount and issuance costs |
| Miner purchase liability | $371.7M | n/a | n/a | Recourse | Filed 10-Q, Jun 30, 2026, all non-current; $433.1M at Dec 31, 2025 |
| Convertible notes | n/a | n/a | n/a | n/a | Filed 10-Q: the $150.0M Coatue note converted in May 2026; none outstanding at Jun 30, 2026 |
| Preferred stock | n/a | n/a | n/a | n/a | Filed None issued; 25,000,000 authorised |
How the $7.5 billion is presented is the question this balance sheet answers, and the answer is that it is consolidated in full. Hut 8 DC LLC and Beacon Point DC LLC are indirect wholly owned subsidiaries, so both note issues appear on the face of the balance sheet inside loans, notes payable and other financial liabilities, and the unspent proceeds appear opposite them as $6,787.1 million of restricted cash held in project accounts required by the indentures. Nothing here is off balance sheet, and nothing is equity-accounted. Filed 10-Q, Jun 30, 2026
What is ring-fenced is recourse, not accounting. Each series is an obligation solely of its own issuer, secured by first-priority liens on substantially all of that issuer's assets including its project accounts and by a pledge of the issuer's equity. The River Bend notes are not guaranteed by the Company, the tenant, or the lease guarantor; the Beacon Point notes are not guaranteed by the parent company, the tenant, or any of their affiliates. A reader who takes "non-recourse" to mean the debt is somewhere else on the page will misread the leverage by $7.5 billion.
Both financings are fully amortising, which is unusual and important. River Bend begins amortising on May 15, 2028 and Beacon Point on May 30, 2030, so each loan retires itself over the base lease term rather than requiring a refinancing at maturity. The disclosed maturity schedule shows nothing due in the rest of 2026, $235.1 million in 2027, $86.4 million in 2028, $100.6 million in 2029, $237.0 million in 2030 and $7,075.0 million thereafter.
The near-term claim is the small one and it is the only one that is the parent group's problem. The whole of the $235.1 million falling due in 2027 is the FalconX term loan and the TZRC note, maturing on 30 April and April 8, 2027 respectively, and the FalconX loan is secured on bitcoin. That is the refinancing this company actually faces inside two years, and it is 3% of the debt stack.
Non-recourse does not mean costless. What is at risk in a failed project is the equity Hut 8 has contributed to that issuer plus the value of the campus, and the River Bend notes were partly used to reimburse the parent for prior equity contributions, so some of that exposure has already been returned. The structure caps the downside at the project rather than eliminating it, and it also ring-fences the upside: cash generated inside an issuer services its own debt and reserves first. Both financings now appear on the balance sheet, so the structure can be read from the statements rather than inferred from the press releases.
Shares outstanding rose from 99,478,012 at December 31, 2024 to 110,091,358 at December 31, 2025, 123,190,559 at June 30, 2026 and 123,259,468 on the quarterly report's cover at July 31, 2026, an increase of 23.9% over nineteen months. Most of the second-quarter step is one event: the convertible note held by a Coatue fund converted in May 2026 at $16.395 into 9,715,476 shares, which is three quarters of the 13.1 million share increase across the half year. It converted at its accreted principal of $159.3 million rather than at the $150.0 million it was issued in: interest at 8.00% was payable in kind at the company's option and accrued into principal, so $159.3 million divided by $16.395 gives 9,716,377 and the 901 share residual is fractional entitlements rounded down. The face amount will not reproduce the share count.
The parent does run an at-the-market program, and it has been used. A $1.0 billion program established on August 22, 2025 replaced a $500.0 million one from December 2024. Under it the company had sold 6,121,993 shares for $304.3 million of gross proceeds by June 30, 2026, at a weighted average issue price of $49.71, of which 2,101,363 shares for $120.9 million fell in the first half of 2026. None was sold in the second quarter. A $250.0 million repurchase program runs alongside it and nothing has been bought under it. Filed 10-Q, Jun 30, 2026
After the Coatue conversion no convertible instrument and no preferred stock is outstanding, and the company states that it carries no general recourse debt at the parent level. Authorised common stock is 1,000,000,000 shares against 123.3 million outstanding, which leaves ample headroom for future issuance without a shareholder vote.
The material dilution question is at the subsidiary, and this filing quantifies it for the first time. Outside holders own 46.37% of American Bitcoin at June 30, 2026, so Hut 8's economic interest is 53.63%. American Bitcoin is separately listed on Nasdaq and issues its own stock under a $2.1 billion at-the-market program, so that interest falls each time it does without any change to Hut 8's own share count. Non-controlling interests on the consolidated balance sheet rose from $3.9 million at December 31, 2024 to $267.5 million at December 31, 2025 and $311.4 million at June 30, 2026, which is the accounting trace of the same effect. Filed 10-Q, Jun 30, 2026
Two percentages for this holding are in circulation and they measure different things, so neither is wrong. The 46.37% above is the outside interest in American Bitcoin's net assets at June 30, 2026, which is an accounting measure and the one that governs what consolidates. The 64.5% that Hut 8 reported on its own Schedule 13D is beneficial ownership of 585,779,924 shares against the 176,363,237 Class A and 732,224,903 Class B shares outstanding, and it speaks as of an event date of September 3, 2025, which is ten months earlier and before an at-the-market program that sold 7,755,671 shares. That statement has never been amended, so it reports what was last filed rather than what is held now. Read across, Hut 8's interest has fallen; read literally, the two figures answer different questions and only the accounting one is current.
Multiples shown with their basis and pricing date. No target price is derived here.
| Measure | Value | Basis |
|---|---|---|
| Market capitalization | $11,188.3M | Estimate 123,259,468 shares × $90.77, Aug 12, 2026 close. Parent-only: the count is Hut 8 Corp. stock and carries no interest in any subsidiary |
| Enterprise value, excluding non-controlling interests | $11,806.0M | Estimate $11,188.3M + $7,638.4M debt − $233.6M cash − $6,787.1M restricted cash, balance sheet items at Jun 30, 2026. Numerator parent-only, other terms consolidated |
| Enterprise value, including non-controlling interests | $12,117.4M | Estimate $11,806.0M + $311.4M non-controlling interests at Jun 30, 2026. Fully consolidated, so numerator and terms are on one basis |
| Price to trailing revenue | 35.2× | Estimate $11,188.3M ÷ $317.9M, the twelve months to Jun 30, 2026: FY2025 $235.1M − H1 2025 $63.1M + H1 2026 $145.9M. Numerator parent-only, revenue consolidated, so the multiple is understated against a look-through revenue |
| Market cap per contracted MW | $11.8M | Estimate $11,188.3M ÷ 949 MW contracted. Both terms parent-only: the 949 MW sits in wholly owned subsidiaries |
| Enterprise value per contracted MW | $12.4M | Estimate $11,806.0M ÷ 949 MW contracted, or $12.77M on the consolidated enterprise value of $12,117.4M |
| Market cap less bitcoin, per contracted MW | $10.93M | Estimate ($11,188.3M − $814.4M) ÷ 949 MW. Struck on look-through bitcoin, so both terms are parent-only; on the consolidated $1,036.5M it would read $10.70M |
| Bitcoin as share of market cap | 9.3% | Estimate $1,036.5M ÷ $11,188.3M, bitcoin at Jun 30, 2026. Consolidated bitcoin against a parent-only capitalization; on look-through bitcoin it is 7.3% |
| Market cap to base-term contract value | 0.42× | Estimate $11,188.3M ÷ $26,600M over 15-year base terms. Both terms parent-only: the leases sit in wholly owned subsidiaries |
| Market cap to stated stabilised annual NOI | 6.4× | Estimate $11,188.3M ÷ $1,750M, the company's own NOI figure. Both terms parent-only, and the NOI is a forward figure for capacity not yet built |
| Earnings multiple | n/a | Filed Loss-making in FY2025 and in both quarters of 2026 |
The NOI multiple is the most informative line and the least reliable. It divides today's market capitalization by a net operating income figure the company states it expects at stabilisation, which is a forward number for capacity not yet built, published by the party that benefits from it, and unaudited. It also ignores the $7.5 billion of project debt that will service itself out of that NOI before any of it reaches the parent. Shown because the alternative measures are worse, not because it is dependable, and a reader wanting a levered figure should subtract debt service from the NOI before comparing it with the equity value.
The bitcoin holding is worth separating out because it is the one asset here with a daily observable price, and this quarter settles what basis it is carried on. The 17,316 bitcoin are measured at fair value, at quoted prices from the company's principal market, which it names as the Coinbase exchange, and are classified Level 1 in the fair value hierarchy. Every movement runs through the income statement in the period it happens, which is what makes the reported result a bitcoin price with a business attached. Filed 10-Q, Jun 30, 2026
Two consequences follow from the mark rather than from the holding. The carrying amount of $1,036.5 million is $105.0 million below a cost basis of $1,141.5 million, so the position is under water on the accounting the company uses, and no impairment test or recovery ceiling is involved either way: it simply reprices. And at $1,036.5 million the holding is 8.3% of market capitalization and 10.4% of the balance sheet, against 43% of the balance sheet three months ago, so the equity is now much less a bitcoin proxy than the income statement makes it look.
The consolidated bitcoin figure overstates what belongs to this company's shareholders. Of the 17,316 bitcoin, the filing splits 9,314 to Hut 8 and 8,002 to American Bitcoin, and outside holders own 46.37% of American Bitcoin. The minority's share is 8,002 × 46.37% = 3,710.5 bitcoin, leaving 13,605.5 that look through to this company.
That converts to a value two ways, and the table above uses the second. Struck on the count at the $59,847 per bitcoin the company states, 13,605.5 × $59,847 = $814.25 million. Struck on the balance sheet carrying amount, 13,605.5 ÷ 17,316 = 78.57% of $1,036.5 million = $814.40 million. The two differ by $0.15 million because the carrying amount implies $59,858 per bitcoin against the $59,847 stated, and 13,605.5 bitcoin at that difference of $11 is $0.15 million. The $814.40 million figure is used, because the term it is subtracted from is a balance sheet carrying amount and the two should be struck alike. Both strikes are given to two decimals because at one decimal they differ by $0.2 million while the values behind them differ by $0.15 million.
The look-through figure is the one to use against the parent's market capitalization, and the row above now uses it. The consolidated figure is what moves the reported loss, and it is what the share-of-capitalization row uses, with both readings given there.
Nineteen analysts cover this issuer. The eleven actions recorded in 2026 are set out below, most recent first, each attributed and dated and reported as market data. This document adopts none of them, issues no rating and derives no target of its own, and no center is computed from them.
Price at publication is the close on the last trading day before the action, which is what the firm could see when it struck the figure. Two of these actions carry a date the day after the market was shut: June 22, 2026 follows the Juneteenth closure on Friday 19 June, and July 20, 2026 follows a weekend.
| Firm | Analyst | Date | Rating | Target | Price at publication | Basis and disclosed conflict |
|---|---|---|---|---|---|---|
| Keefe, Bruyette & Woods | Bill Papanastasiou | Jul 28, 2026 | Outperform | $157, raised from $138 | $104.59 | Market The close on July 27, 2026, the last session before the action. Reported by an aggregator, not read from the note. Disclosure about this issuer not established. |
| Morgan Stanley | Stephen Byrd | Jul 23, 2026 | Overweight, from Equal Weight | $263 | $109.86 | Market The close on July 22, 2026, the last session before the action. The highest target in the set by a wide margin. The service labels the action an initiation while also recording a rating change, which are different things, so the action type is not established. Disclosure about this issuer not established. |
| Compass Point | Not established | Jul 22, 2026 | Not established | $195 | $108.98 | Market The close on July 21, 2026, the last session before the action. The service records a target without a rating or an analyst. Disclosure about this issuer not established. |
| Benchmark | Mark Palmer | Jul 22, 2026 | Buy | $195, raised from $165 | $108.98 | Market The close on July 21, 2026, the last session before the action. Reported by an aggregator, not read from the note. Disclosure about this issuer not established. |
| Rosenblatt Securities | Chris Brendler | Jul 21, 2026 | Buy | $124, reiterated | $100.93 | Market The close on July 20, 2026, the last session before the action. The lowest target among the broker actions. Disclosure about this issuer not established. |
| Needham & Company | John Todaro | Jul 20, 2026 | Buy | $145, raised from $128 | $91.45 | Market The close on July 17, 2026, the last session before the action. Reported by an aggregator, not read from the note. Disclosure about this issuer not established. |
| BTIG | Gregory Lewis | Jun 24, 2026 | Buy | $150, raised from $115 | $120.51 | Market The close on June 23, 2026, the last session before the action. Reported by an aggregator, not read from the note. Disclosure about this issuer not established. |
| Loop Capital | Not established | Jun 22, 2026 | Not established | $226 | $124.44 | Market The close on June 18, 2026, the Thursday before the Juneteenth closure, the last session before the action. The service records a target without a rating or an analyst. Disclosure about this issuer not established. |
| Jefferies | Jonathan Petersen | May 14, 2026 | Buy | $156, on initiation | $108.32 | Market The close on May 13, 2026, the last session before the action. An initiation, which is where a distribution relationship most often sits. Disclosure about this issuer not established. |
| B. Riley | Nick Giles | May 13, 2026 | Buy | $130, raised from $76 | $107.31 | Market The close on May 12, 2026, the last session before the action. A raise of 71% in one action, the largest single move in the set. Disclosure about this issuer not established. |
| Weiss Ratings | n/a | May 7, 2026 | Sell, downgraded from D+ to D− | none | $108.94 | Market The close on May 6, 2026, the last session before the action. A quantitative ratings service rather than broker research: model-derived, no target, no named analyst. The only negative view in the set. |
The shape of the coverage is the finding. Ten of the eleven actions carry a target and they run from $124 to $263, a spread of more than two to one on the same asset base, with the extremes struck two days apart in late July. Rosenblatt reiterated $124 on 21 July; Morgan Stanley set $263 on 23 July. All ten are above the $90.77 close and one quantitative service is negative. A spread that wide is not a disagreement about the price so much as a disagreement about what the business becomes.
No consensus figure is carried, because none could be attributed. Two published consensuses were reported in an earlier revision of this document, on different counts of the covering set, and neither named the service that published it nor the date it was struck. A third party's aggregate is market data on the same terms as any other: it is attributed to the service, dated, and reported as that service's figure. Both were withdrawn on August 5, 2026 rather than left standing unattributed, and the withdrawal is recorded in the document log.
What is established is the eleven dated actions in the table above, each attributed to a named firm. Ten carry a target and they run from $124 to $263, a spread of more than two to one, with the extremes struck two days apart in late July. No center is struck here from them, which would be this document deriving a target.
What is not established. No note was read, so what any of these firms discloses about this issuer specifically is unknown, and no book-wide base rate is offered in its place. Compass Point and Loop Capital are recorded with a target but no rating and no named analyst. One action is an initiation.
The Beacon Point tenant's credit rating of AA- or higher is a rating of the tenant by an unnamed agency as reported by the company, not a rating of Hut 8 or its securities.
River Bend delivery. 245 MW of critical IT capacity in Louisiana, targeted for initial data hall delivery in the second quarter of 2027. It is the first campus to reach rent commencement and it is fully financed by the $3.25 billion issued in April 2026. The lease runs to Fluidstack USA IV Inc., and rent under it is the principal source of cash expected to service the notes, supported by a financial backstop from Google LLC for rent and certain other obligations. Filed 10-Q, Jun 30, 2026
Beacon Point at full commercialisation. Two 15-year triple-net leases totalling 704 MW of IT capacity to a single tenant rated AA- or higher, against 1,000 MW of utility capacity secured under an interconnection agreement with AEP Texas. Base-term contract value of $19.6 billion for the campus, rising to a potential $50.2 billion if all three five-year renewal options per lease are exercised. Initial energisation is targeted for the first quarter of 2027 and initial data hall delivery for the third, which is the first time either date has been given. Phase 1 is financed and Phase 2 is not: the company says it is evaluating a range of structures. Filed 8-K Exhibit 99.1, Aug 4, 2026
The remaining development pipeline. At June 30, 2026 the company puts the pipeline at approximately 8,660 MW: 5,400 MW under diligence, 1,880 MW under exclusivity, 50 MW under development and 1,330 MW under construction, the last being the two contracted campuses. It excludes 1,000 MW of potential expansion at River Bend over which Fluidstack holds a right of first offer. The measure is the company's own and the stages are its own definitions, so the total is a funnel rather than a book. Converting any of it on Beacon Point terms would be the single largest incremental driver, and the company has now demonstrated it can both let and finance capacity at that scale.
Repeating the financing structure. Two investment-grade non-recourse project bonds inside three months, at 6.192% and 6.129%, establish a template. If a third campus can be financed the same way, growth is limited by power and tenants rather than by the parent's balance sheet.
American Bitcoin as a separately capitalized vehicle. Because it is listed in its own right, it can fund its own mining expansion without consuming Hut 8 equity, while Hut 8 retains 53.63% at June 30, 2026 and consolidates the result. It effected a one-for-fifteen reverse stock split on July 2, 2026, which changed no holder's proportionate interest.
Severity-ranked, most severe first.
One counterparty holds 704 of 949 contracted megawatts, 74% of the book, across both phases of Beacon Point. The filings describe it only as a high-investment-grade company rated AA- or higher as of the date of the offering. A reader cannot verify the rating, identify the agency, assess sector exposure, or check whether the same name appears in a peer's contracts. The rating is also stated as of a date, and ratings move.
17,316 bitcoin carried at $1,036.5 million at June 30, 2026, measured at fair value on Level 1 quoted prices with every movement through profit and loss. The line moved from a $509.3 million gain in FY2024 to a $220.0 million loss in FY2025 and $434.3 million of loss across the first half of 2026 alone. Any covenant, index inclusion test or financing decision keyed to reported earnings inherits that volatility. The holding is now 10.4% of total assets rather than 43%, so the exposure is smaller against the balance sheet than it was and undiminished against the income statement.
All $26.6 billion of base-term contract value rests on capacity that does not yet exist. River Bend is targeted for initial data hall delivery in the second quarter of 2027 and Beacon Point in the third, the latter given for the first time in the second quarter release. Until commencement the company carries construction risk on two gigawatt-scale campuses while earning nothing from either, and the project debt begins paying cash interest on 15 November and November 30, 2026 regardless. The second quarter shows what that costs: $51.2 million of interest expense against $74.9 million of revenue.
On August 3, 2026 the Governor of Texas directed the Public Utility Commission of Texas and ERCOT to conduct a comprehensive verification and audit of all data centers advancing through ERCOT's interconnection process, and stated that any project failing to comply will be denied connection to the Texas grid. ERCOT suspended the Batch Zero Large Load classification notifications due by August 7, 2026 and will seek a good cause exception at the PUCT's open meeting of August 20, 2026. Hut 8 responded on August 10, 2026, reporting approximately 1.5 GW of utility capacity across its Texas sites, that it participated in the PUCT's voluntary data center survey before the directive, and that it will cooperate as the review proceeds.
Whether Beacon Point falls inside the audit's scope is not established here. The directive names projects advancing through the interconnection process and the company reports an executed interconnection agreement with AEP Texas, which may sit past that stage; what is established is that the company places itself within the review. The exposure if it does not pass over is the largest single asset in this file: 1,000 MW of utility capacity in Nueces County carrying $4.25 billion of non-recourse notes and $19.6 billion of base-term contract value, with initial energisation targeted for the first quarter of 2027 and no disclosed slack against that target. None of this appears in any SEC filing, and section 14 already records that ERCOT large load interconnection records could not be retrieved, so the capacity figures rest on company statements and are not corroborated by grid data.
$7.5 billion of project debt is an obligation of its issuers alone, which protects Hut 8 in a failure. It equally ring-fences the cash: each issuer services its own notes, funds its own reserves and amortises from 2028 and 2030 respectively before distributing anything upward, and $6,787.1 million of the proceeds is restricted to construction and debt service by the indentures. Equity holders at the parent are structurally subordinated to $7.5 billion of project claims on the assets generating all the future revenue, and the consolidated balance sheet shows both the claim and the cash without showing which of the two the parent can reach.
The $7.5 billion covers River Bend and Beacon Point Phase 1. The second Beacon Point lease, signed on July 20, 2026 for 352 MW and approximately $9.8 billion of base-term value, has no financing behind it, and the company says only that it is evaluating a range of structures. Two offerings inside one quarter make a third look routine, which is the risk: it is a capital markets transaction that has not happened, on terms nobody has seen, and the campus cannot be built without it.
Power revenue fell from $56.6 million to $23.2 million and Digital Infrastructure from $17.5 million to $9.6 million, both driven by the loss of managed services and colocation contracts including the Ionic agreements terminated in late 2024. The prior year also included $13.5 million of contract termination fees from MARA Holdings, which is not recurring revenue. The businesses funding overhead until the leases commence are contracting.
Bitcoin is held with the same four third-party custodians, Coinbase Custody, NYDIG, Anchorage and BitGo, and a large part of it is encumbered rather than free: at June 30, 2026 the balance sheet showed $290.3 million pledged as collateral and $184.9 million pledged for miner purchases, against $561.3 million held in custody unencumbered. The encumbered share fell over the quarter because refinancing the bitcoin-backed facility with FalconX released about 3,300 bitcoin from collateral. A price fall still reaches collateral calls before it reaches liquidity.
The common stock is registered on Nasdaq and the Toronto Stock Exchange. A dual-listed issuer carries the disclosure obligations of both jurisdictions, and the Canadian filing record was not established here because the registry could not be reached. Nothing in the filings suggests a compliance problem; the point is that one side of the record has not been checked.
Compute revenue of $202.3 million is overwhelmingly bitcoin mining, and the next halving of the block subsidy is expected in 2028. The fair value carried for the holdings has fallen from the $103,647 average realized across 2025 to roughly $68,222 at March 31, 2026 and $59,847 at June 30, 2026. This is the smaller and shrinking half of the story, and the mining assets sit largely inside a separately listed subsidiary.
Each case with its preconditions: what must be true, not what might be.
Construction slips at River Bend, the unnamed tenant renegotiates or walks, and bitcoin falls further. Project equity is impaired inside issuers that keep their own cash, the shrinking services book cannot cover overhead, and the parent funds the gap by issuing stock against 1,000,000,000 authorised shares.
Requires: a delivery failure or tenant default at one campus; continued bitcoin weakness; no third campus contracted.
River Bend commissions during 2027 and begins paying rent, Beacon Point follows, and reported results stay noisy because the bitcoin holding keeps moving them. The equity is valued on contracted megawatts and on how fast the 1,230 MW pipeline converts, with earnings uninformative throughout.
Requires: delivery broadly on schedule; no covenant or reserve breach inside either issuer; the tenant performing.
Both campuses deliver, $1.75 billion of annual NOI arrives against $7.5 billion of self-amortising non-recourse debt, and the pipeline converts on the same template. The company re-rates from a bitcoin miner with a project to an infrastructure owner with investment-grade tenants and the cheapest capital in its peer group.
Requires: River Bend rent commencement in 2027 and Beacon Point thereafter; at least one further campus contracted and financed; the tenant's rating holding.
Hut 8 has done something none of its peers has matched: it financed 949 MW of contracted AI data center capacity with $7.5 billion of investment-grade, fully amortising, non-recourse project debt at just over 6%, inside three months, against leases worth $26.6 billion over their base terms. That is a genuine capital markets achievement and it is the reason the equity is worth $12.5 billion against $317.9 million of revenue in the twelve months to June 30, 2026.
Two things sit awkwardly beside it. The first is that 74% of the contracted book belongs to a tenant the filings will not name, described only by a rating band. The second is that the company's reported results are governed by 17,316 bitcoin, which produced a swing of more than a billion dollars across ten quarters and turned a $460.5 million operating profit into a $322.0 million operating loss without anything happening in the operating business.
The quarter just filed changes the third thing about this company, which is what its balance sheet looks like. Total assets went from $2.6 billion to $10.0 billion in three months and total liabilities from $0.9 billion to $8.2 billion, and both movements are the same $7.5 billion of notes arriving with their proceeds still in the bank. Gross leverage of 4.4 times equity and net leverage of $617.7 million are both true of the same company on the same day, and the honest reading is that the borrowing has been done and the spending has not.
The result is a company whose accounts describe a bitcoin miner and whose contracts describe a data center landlord, with roughly a year before the second starts producing revenue. Anyone reading the income statement to understand this business will reach the wrong conclusion in either direction depending on which quarter they pick.
Three things would change the reading. Rent commencement at River Bend in 2027 would convert the thesis from contracted to realized. Naming the Beacon Point tenant, or disclosing a backstop provider, would let the concentration be assessed rather than accepted. And a third campus financed on the same template would establish that the structure is repeatable rather than a function of one favorable window. Readers should watch delivery milestones, the project issuers' reserve and amortisation tests, and contracted megawatts, and should treat the net loss line as an artefact of bitcoin accounting.
Requested categories with nothing to report. Status reads Covered above, None where a named source was checked and found empty, or Not established where the category was not examined. A category nobody looked at is a gap, not an absence.
| Category | Status | Basis |
|---|---|---|
| Dividends | None | No common dividend has been declared or paid by Hut 8 Corp. since its formation in 2023. |
| Share buybacks | None | A $250.0 million repurchase program was launched on December 4, 2024 and remains disclosed; under Canadian law the company may repurchase 6,159,439 shares through July 20, 2027. Nothing has been bought under it: no treasury stock is carried and the half-year cash flow statement shows no repurchase outflow. The earlier reading that no program is disclosed was wrong, and the correction leads the document log. |
| Preferred stock | None | None issued or outstanding at June 30, 2026. 25,000,000 shares authorised. |
| Convertible debt | None | None is outstanding at June 30, 2026. A convertible note held by a Coatue fund, issued at $150.0 million and carrying interest payable in kind, was outstanding until it converted in May 2026 at its accreted principal of $159.3 million into 9,715,476 shares; the earlier reading that this issuer had no convertible debt at all was wrong, and the correction leads the document log. Both project financings are straight senior secured debt. |
| Analyst price targets | Covered above | Eleven dated 2026 actions from named firms are carried in section 08, with the analyst, the date and the close on the last session before it. The earlier reading that none was located was wrong, and the correction leads the document log. |
| Late filings | None | No NT 10-K or NT 10-Q appears across the 252 filings on this issuer's EDGAR index, nor across the 247 filings of the predecessor entity. |
| Going concern qualification | None | The FY2025 audit report contains no going concern paragraph, and the quarterly report for the period ended June 30, 2026 discloses no substantial doubt. |
| Canadian continuous disclosure record | Not established | The stock is listed on the Toronto Stock Exchange, confirmed from the exchange's own company directory on August 3, 2026, but the Canadian filing registry could not be reached. Also named in what was not checked. |
| Grid interconnection corroboration | Not established | The Texas grid operator's large load interconnection records could not be retrieved. Capacity figures rest on company statements. Also named in what was not checked. |
| Credit ratings on the project notes | Not established | The company reports that the Beacon Point notes are rated Baa2 and priced 20 basis points inside the River Bend issuance spread, and describes both financings as investment grade. No rating agency publication was consulted, so the rating is carried as the company states it and the River Bend rating is not stated anywhere read here. Also named in what was not checked. |
| Securities class action | Not established | Not examined. Federal and state court dockets were not searched. Also named in what was not checked. |
Pricing basis, the tagging scheme, and, importantly, what was not checked.
Two companies have carried the Hut 8 name and both have SEC filing records, so the distinction is set out rather than assumed. This document covers Hut 8 Corp., a Delaware corporation with Central Index Key 0001964789, Commission file 001-41864, whose common stock trades on Nasdaq and the Toronto Stock Exchange under the symbol HUT. It files as a US domestic filer on Forms 10-K, 10-Q, 8-K and DEF 14A.
Its predecessor, Hut 8 Mining Corp., was a British Columbia corporation with Central Index Key 0001731805 and Commission file 001-40487. It filed as a foreign private issuer on Forms 40-F and 6-K from February 2018, was delisted from Nasdaq on December 1, 2023, and terminated its registration by a Form 15 filed on December 11, 2023 under Exchange Act Rules 12g-4(a)(1) and 12h-3(b)(1)(i), reporting one holder of record. That filing states that, effective November 30, 2023, the registrant and its subsidiary amalgamated under a court-approved plan of arrangement under the Business Corporations Act (British Columbia) and the amalgamated company became a wholly owned subsidiary of Hut 8 Corp. Filings before December 2023 sit under the predecessor and are not part of this issuer's own record.
The fiscal year ends 31 December, confirmed from the FY2025 Form 10-K cover. It has not always done so. The company's first annual filing was a transition report on Form 10-KT covering the six months from 1 July to December 31, 2023, which moved the year end from 30 June to 31 December. Financial periods before 2024 are therefore not comparable to later years without stating which basis they are on, and the tables in section 6 label the six-month period explicitly.
Market figures are struck at the close of August 12, 2026, the most recent completed session at the time they were struck, on volume of 4,517,508 shares, about 0.97 times the mean of the nine preceding sessions. The share price is $90.77 and the 52-week range of $20.69 to $140.80 rests on 251 sessions with no gap. The low moved without the company doing anything: $18.68 was an intraday low set on August 8, 2025 and it falls outside a window ending August 12, 2026, so the range now begins at the August 20, 2025 low. The convention was verified by reproducing the previous range exactly before the new one was struck. The session count is stated because a price history keyed to a symbol rather than to an issuer can silently begin at a corporate change, and this issuer has one in recent memory.
| Tag | What it asserts |
|---|---|
| Filed | Stated in an SEC filing or company release, cited by form and date. Also covers a dated official publication by a named non-SEC issuer, with the issuer named in the source line. Used here for the Toronto Stock Exchange company directory. |
| Estimate | Derived or inferred here. The arithmetic is shown. |
| Open | Expected but unconfirmed. Nothing filed either way. |
| Market | Price, volume, float, published targets and ratings, stamped with the close or publication date. A third party's target or rating is market data, attributed to the firm that issued it and never adopted here. Used here for another issuer's published peer comparison. |
| Press | Reported by a named publication that is neither the issuer nor an analyst, cited by outlet and date. Corroborates; never the sole basis for a material claim. |
| Social | Publicly posted by a named account, cited by handle and date. Asserts that the statement was made, never that it is true. |
| Source | Date | What it settles |
|---|---|---|
| Form 10-K, FY2025 | Feb 25, 2026 | Platform structure, sites, FY2024 to FY2025 financials, six-month 2023 comparative |
| Form 10-Q, Q2 2026 | Aug 4, 2026 | Balance sheet at Jun 30, 2026: presentation of both project financings, the 46.37% non-controlling interest in American Bitcoin, the fair value basis and Level 1 classification of the bitcoin, the debt schedule and the Coatue conversion |
| Form 8-K and Exhibit 99.1 | Aug 4, 2026 | Second quarter results, the Baa2 rating on the Beacon Point notes, the 8,660 MW pipeline, the FalconX refinancing, and delivery targets for both campuses |
| Hut 8 Corp., Schedule 13D | Sep 10, 2025 | Hut 8's reported beneficial ownership of American Bitcoin and the share counts it is computed against |
| Form 10-Q, Q1 2026 | May 6, 2026 | Balance sheet at Mar 31, 2026, bitcoin holdings and custodians, Far North disposal |
| Form 8-K and Exhibit 99.1 | Jul 20, 2026 | Beacon Point Phase 2 lease; 949 MW and $26.6bn portfolio figures |
| Form 8-K and Exhibit 99.1 | Jun 5, 2026 | Beacon Point $4.25bn notes pricing; tenant rated AA- or higher; 521-acre site |
| Form 8-K | Jun 10, 2026 | Beacon Point notes closing, 6.129%, due 2042, non-recourse |
| Form 8-K and Exhibit 99.1 | Apr 28, 2026 | River Bend $3.25bn notes pricing, 6.192%, 245 MW critical IT |
| Form 10-KT, transition period | Mar 28, 2024 | Change of fiscal year end from 30 June to 31 December |
| Form 424B3 prospectus | Nov 9, 2023 | Terms of the business combination; predecessor's foreign private issuer status |
| Hut 8 Mining Corp., Form 15-12G | Dec 11, 2023 | Predecessor deregistration and the Nov 30, 2023 plan of arrangement |
| Big Digital Energy, Form 8-K Exhibit 99.1 | Jun 3, 2026 | Third-party peer comparison table reproduced in section 5 |
| Toronto Stock Exchange company directory | Aug 3, 2026 | Current TSX listing of the common stock under the symbol HUT |
The sweep was run against Central Index Key 0001964789 rather than the ticker, and separately against the predecessor's key 0001731805, because the two records do not join. The current issuer's index holds 252 filings from February 7, 2023 to August 4, 2026 and the predecessor's holds 247 from February 22, 2018 to December 11, 2023; both were read in full for form type, and the sweep was re-run on August 5, 2026, on which date nothing further had been lodged. The index returns all 252 in one view and references no continuation file, so the search covered the whole of it. Both spellings of the beneficial-ownership schedules were included: 6 filings carry the legacy prefix and 8 the form the Commission has emitted since December 2024, so a sweep matching only the older spelling would have missed more than half of them, including every filing since October 2025. The fourteen are also not all statements about this company. Thirteen concern Hut 8; the fourteenth is a Schedule 13D that Hut 8 itself filed on September 10, 2025 reporting a 64.5% holding of 585,779,924 shares in American Bitcoin Corp., a separate registrant. An issuer's own index carries the statements it makes about others alongside the statements others make about it, and counting the family without separating the two overstates this register by one.
The only Schedule 13D about Hut 8 is an executive's. Michael Ho reported 6,326,412 shares, 7.1% of the 88,550,105 outstanding at November 30, 2023, filed December 7, 2023 immediately after the business combination that made Hut and US Bitcoin Corp subsidiaries of the company, at which point he became Chief Strategy Officer. Item 4 reserves the right to acquire or dispose and states no plan under any of subsections (a) through (j), so it is the activist schedule carrying an investment purpose. It has never been amended. Filed Schedule 13D, Dec 7, 2023
The passive register turns over quickly and only two holders are above the threshold now. Vanguard Portfolio Management reported 6,308,585 shares, 5.60%, on July 31, 2026 for a June 30, 2026 event date, and Lone Pine Capital 6,185,544 shares, 5.6%, on March 6, 2026. Both of the others that crossed 5% have since fallen well below it: Jane Street from 5.0% in October 2025 to 2.0% at the year end, and the Susquehanna broker-dealer group from 5.3% at September 30, 2025 to 2.7% at March 31, 2026. Coatue Management held 9,149,131 shares in July 2024 and BlackRock 6,738,814 in October 2024, neither restated since. Filed Schedules 13G and 13G/A, Jul 2024 to Jul 2026
Vanguard's line is one holder, not two. The Vanguard Group amended to zero on March 26, 2026, and Vanguard Portfolio Management filed a fresh statement in its place. Read as separate filings that is an exit followed by an entry; read together it is a reporting realignment, and the same pattern appears on TeraWulf's register in this set. Filed Schedule 13G/A, Mar 26, 2026; Schedule 13G, Jul 31, 2026
Only the Vanguard, Susquehanna and BlackRock statements use Exchange Act Rule 13d-1(b), the institutional route. Jane Street and Lone Pine file under Rule 13d-1(c), the passive-investor exemption, so describing the whole register as institutional would overstate what the filings say. Filed Schedules 13G, rule designations as filed
Exhibit lists were enumerated rather than form types alone, which is how the tenant's rating band, the 521-acre site description and the peer comparison in section 5 were reached, all of which sit in exhibits rather than in a filing body. The same approach reached the second quarter release, which is Exhibit 99.1 to an eight-page Current Report whose own body reports only that results were issued. Full-text search was used to find the company named inside other parties' filings, which surfaced the American Bitcoin filings under the former Gryphon Digital Mining registrant.
The Canadian securities filing registry was attempted on August 3, 2026 and could not be queried: it returned a challenge page rather than data. The company's Canadian continuous disclosure record is therefore not established. The Toronto Stock Exchange listing itself was confirmed independently from the exchange's own company directory on the same date, which settles the listing but not the filing record, and the two must not be conflated.
The Texas grid operator's large load interconnection records were attempted on August 3, 2026 and could not be retrieved; the public planning pages returned a challenge page. The 1,000 MW of utility capacity at Beacon Point, the AEP Texas interconnection agreement and the 330 MW at River Bend therefore rest on the company's own statements and are not corroborated by grid data. Louisiana and Texas utility commission records were not examined.
No rating agency publication was consulted, so the Baa2 rating the company reports on the Beacon Point notes, the investment-grade characterisation of both project financings, and the AA- or higher rating attributed to the Beacon Point tenant are reported as the company states them and are not independently verified; no rating is stated anywhere read here for the River Bend notes. Federal and state court dockets were not searched. Exchange short interest reports were not retrieved. No earnings call transcript was read, and the supplemental materials the company says it posts alongside its results were not retrieved.
American Bitcoin's own filings, which sit under Central Index Key 0001755953, were identified but not read. Hut 8's economic interest of 53.63% at June 30, 2026 is established here from Hut 8's own quarterly report; its voting interest is not, because that turns on the rights attaching to American Bitcoin's two classes of common stock and on their counts after the one-for-fifteen reverse split of July 2, 2026, none of which was read from that company's filings.
The balance sheet throughout this document is the one at June 30, 2026, reported in the quarterly report filed on August 4, 2026. Figures after that date are limited to what has been announced on Form 8-K, and nothing has been filed since. Where a comparison reaches back, the comparative is named: the December 31, 2025 balance sheet for balance-sheet items and the same quarter of 2025 for income statement items.
One non-GAAP measure changed definition in the quarter and the change outlasts it. Adjusted EBITDA was redefined to exclude mark-to-market gains and losses on digital assets, with the measure inclusive of them shown separately and prior periods recast. It was $10.4 million against $4.2 million on the new definition and $(94.6) million against $221.2 million on the old. A company whose reported result is governed by a bitcoin price has moved its headline non-GAAP measure to one that excludes that price, so figures either side of the change are not comparable without saying which basis they are on. Neither measure is used anywhere in this document as the basis of a valuation.
Two items are identified and not resolved in this version: one defect, and one adjudication left open for the next revision to decide.
Whether the Beacon Point tenant's rating is a filed fact or market data is not decided here. The Framing banner reports that the tenant is described as a high-investment-grade company rated AA- or higher, and tags it as filed. Two readings of the tagging scheme are available and the document does not choose between them. The rating is stated in a company filing, and a company release is a filed source; the rating is also an unnamed agency's characterisation of a third party, and a third party's characterisation of someone else's facts is market data. Section 8 of this document already notes that it is a rating of the tenant by an unnamed agency as reported by the company, not a rating of Hut 8 or its securities.
What is recorded so the next revision can decide rather than inherit: the surface is the Framing banner, which requires a tag; the tag now carried is filed; the competing tag is market; the agency is not named in any filing read, so no rating body can be cited either way; and the same question governs the same rating where it appears in the growth drivers and risk sections. Nothing is retagged in this revision.
Hut 8's voting interest in American Bitcoin is not established. The economic interest is: outside holders own 46.37% of that company at June 30, 2026, so Hut 8 holds 53.63%, and that is the percentage this document uses. What is not established is how many votes the holding carries. American Bitcoin has two classes of common stock, the Schedule 13D computes its 64.5% against 176,363,237 Class A and 732,224,903 Class B shares outstanding on September 3, 2025 without stating the votes attaching to either, and those counts precede a one-for-fifteen reverse split. Settling it requires American Bitcoin's own filings, which were not read. The gap matters wherever control rather than economics is the question, including whether the minority could outvote the parent on a matter put to that company's stockholders.
Newest first. The original build entry is never removed or rewritten.
A regulatory review of the flagship asset, found off EDGAR. On August 3, 2026 the Governor of Texas directed the PUCT and ERCOT to audit every data center advancing through ERCOT's interconnection process, with non-compliant projects to be denied grid connection; ERCOT suspended Batch Zero Large Load classification notifications due by August 7 and will seek a good cause exception at the PUCT's open meeting of August 20, 2026. The company responded on August 10, reporting approximately 1.5 GW of Texas utility capacity and that it will cooperate as the review proceeds. Nothing has been filed with the SEC on any of it, and the previous sweep of this file established silence from the submissions index alone. It is carried as a new risk here and enters the calendar as a dated catalyst on the PUCT meeting date. Whether Beacon Point falls inside the audit's scope is not established and is not guessed at.
Repriced to the 12 August close. $101.16 → $90.77, up 2.24% on the session against the one before, on volume of 4,517,508 shares, about 0.97 times the mean of the nine preceding sessions. Market capitalization $12,468.9M → $11,188.3M on the unchanged 123,259,468 shares, enterprise value excluding non-controlling interests $13,086.6M → $11,806.0M and including them $13,398.0M → $12,117.4M, price to trailing revenue 39.2× → 35.2×, capitalization per contracted megawatt $13.1M → $11.8M, enterprise value per contracted megawatt $13.8M → $12.4M and $14.12M → $12.77M consolidated, capitalization less bitcoin per contracted megawatt $12.28M → $10.93M and $12.05M → $10.70M consolidated, bitcoin as a share of capitalization 8.3% → 9.3% and 6.5% → 7.3% look-through, capitalization to base-term contract value 0.47× → 0.42×, and to stated stabilised annual net operating income 7.1× → 6.4×.
The 52-week low moved without the company doing anything. $18.68 → $20.69, because the $18.68 intraday low was set on August 8, 2025 and falls outside a 251-session window ending August 12, 2026; the new low was set on August 20, 2025. The high is unchanged at $140.80, set June 2, 2026. The window convention was verified by reproducing the previous range exactly before the new one was struck.
No filing moved. The submissions index was re-read against Central Index Key 0001964789 on August 13, 2026 across the complete index of 252 filings, which does not paginate. Nothing has been filed since the Form 8-K and Form 10-Q of August 4, 2026, and no notification of late filing appears. Balance sheet, share count, capacity, contract values and every figure at June 30, 2026 are unchanged.
The masthead reported a market capitalization the rest of the document had retired. The strip read $12.62bn, which is the 3 August close on the then share count, while section 1 and section 8 both carried $11,390.0M struck on the 4 August close. A reader met two capitalizations for one company on one page. Both are now superseded: $12.62bn → $12,468.9M, on the 123,259,468 shares reported on the quarterly report's cover at July 31, 2026 and the unchanged $101.16 close.
The project financings were described as sitting off the parent balance sheet, and they do not. The framing banner read that both campuses are financed off the parent balance sheet and section 7 opened on two project financings that do not sit on it. The quarterly report for the period ended June 30, 2026 consolidates both in full: Hut 8 DC LLC and Beacon Point DC LLC are indirect wholly owned subsidiaries, their $7.5 billion appears inside loans, notes payable and other financial liabilities, and $6,787.1 million of unspent proceeds appears opposite it as restricted cash. What is ring-fenced is recourse, not accounting. The assumption block in the same section had this right and said only that neither financing appeared on the March 31, 2026 balance sheet, which was true of that date.
The file said there was no convertible debt at all, and there was. A convertible note held by a Coatue fund, issued June 28, 2024 in the principal amount of $150.0 million at 8.00% with a conversion price of $16.395, was outstanding at March 31, 2026, which is the balance sheet the analysis rested on. It converted in May 2026 into 9,715,476 shares, at an accreted principal of $159.3 million rather than at face: the coupon was payable in kind at the company's option and accrued into principal. The three figures were first published here without the accretion, so the division a reader would perform returned 9,149,131 rather than the file's own 9,715,476; the accreted amount is now stated wherever they appear together. The dilution section had named the absence of convertible notes as a reason the ordinary dilution channels were absent, so the error denied a channel that had just fired and accounted for three quarters of the increase in the share count across the half year.
An at-the-market program and a repurchase program were both recorded as absent, and both exist. The null table read that no repurchase program is disclosed. A $250.0 million program was launched on December 4, 2024, and a $1.0 billion at-the-market equity program established on August 22, 2025 had by June 30, 2026 sold 6,121,993 shares for $304.3 million of gross proceeds at a weighted average of $49.71, $120.9 million of it in the first half of 2026. Nothing has been repurchased. The error is the same shape as the one above and compounds it: the section that concluded the ordinary dilution channels were absent had missed the two largest of them, and a reader was told this company does not issue stock into the market while it was doing so.
Two consensus ratings were reported with no service named and no date. A Moderate Buy at an average target of $138.85 over nineteen analysts, and a Strong Buy at $158.76 over seventeen, were carried in the valuation section as the figures two services publish. Neither service was named and neither figure was dated, so neither met the conditions a third party's published figure is reported under here. Both are withdrawn rather than left standing, and the eleven attributed and dated actions in the coverage table are what the section now rests on. No center is struck from them.
One valuation row contradicted the assumption block printed beneath it. Capitalization less bitcoin per contracted megawatt subtracted the consolidated $1,036.5M while the block below said the look-through figure is the one to use against the parent's capitalization. The row now uses it: $12.0M → $12.28M, on look-through bitcoin of $814.4M, with the consolidated reading given beside it.
Every valuation measure now states its consolidation basis, and enterprise value is given on both treatments. Each measure divided a parent-only capitalization by a consolidated term without saying so. Enterprise value excluding non-controlling interests is $13,086.6M and including them $13,398.0M, a difference of $311.4M or 2.4%, which is $13.79M and $14.12M per contracted megawatt. Neither is adopted as the figure: the choice is arguable and the distance between the two is the finding, which is how restricted cash is already treated in the same table.
An open review is recorded rather than a decision taken. Whether the Beacon Point tenant's AA- rating is a filed fact or market data turns on judgment rather than on a label: it is stated in a company filing, and it is also an unnamed agency's characterisation of a third party. Nothing is retagged. The methodology section records what the next revision needs to decide it.
The quarter is worked through the analysis rather than carried as headline figures. Every section that rested on the March 31, 2026 balance sheet now rests on the June 30, 2026 one. Total assets $2,609.7M → $9,975.1M, total liabilities $919.6M → $8,221.1M, total equity $1,690.2M → $1,754.0M with non-controlling interests $310.3M → $311.4M. Shares outstanding 112,594,112 at May 4, 2026 → 123,259,468 at July 31, 2026, market capitalization $11,390.0M → $12,468.9M, price to trailing revenue 48.4× → 39.2× and now struck on the twelve months to June 30, 2026 rather than on FY2025, capitalization per contracted megawatt $12.0M → $13.1M and $10.8M → $12.0M excluding bitcoin, bitcoin as a share of capitalization 9.7% → 8.3%, capitalization to base-term contract value 0.43× → 0.47×, and to stated stabilised annual net operating income 6.5× → 7.1×.
An enterprise value is shown for the first time, at $13,086.6 million. It was withheld because debt and cash came from different dates; they now come from one balance sheet. The figure nets the $6,787.1 million of restricted cash, on the ground that it is the unspent proceeds of the same notes, and the unnetted figure of $19,873.8 million is given beside it because the choice is arguable and the distance between the two is the finding. Net debt is $617.7 million against gross debt of $7,638.4 million.
The bitcoin is carried at fair value on Level 1 quoted prices from the Coinbase exchange, the company's stated principal market. 16,332 bitcoin at March 31, 2026 → 17,316 at June 30, 2026, carrying value $1.11bn → $1,036.5M as the price carried fell from roughly $68,222 to $59,847. The holding is $105.0 million below its $1,141.5 million cost basis, and it is 43% → 10.4% of total assets, the fall coming from the balance sheet growing rather than the position shrinking. The split is 9,314 bitcoin to Hut 8 and 8,002 to American Bitcoin, of which 46.37% belongs to that company's minority, so about 13,605 look through to this company's shareholders.
American Bitcoin is consolidated, and the interest is now quantified. Outside holders own 46.37% at June 30, 2026, so Hut 8 holds 53.63%. The 64.5% carried in the sweep note is Hut 8's own Schedule 13D beneficial ownership as of an event date of September 3, 2025, computed against both classes of that company's stock and never amended. The two are different measures ten months apart and both are reported as what they are. Hut 8's voting interest remains unestablished and replaces the closed item in known limitations.
Beacon Point Phase 2 is contracted and not financed. The $7.5 billion covers River Bend and Phase 1; the 352 MW lease signed on July 20, 2026 has no financing behind it and the company says it is evaluating structures. This is carried as a new risk. Delivery targets are given for both campuses for the first time, River Bend in the second quarter of 2027 and Beacon Point in the third, with initial energisation at Beacon Point in the first. The development pipeline is restated from the annual report's 1,230 MW to the company's 8,660 MW at June 30, 2026, on its own four-stage definitions.
Other figures the quarter moves. Revenue for the quarter $74.9M against $41.3M and $145.9M against $63.1M for the half; net loss $177.1M and $430.3M, of which $138.6M and $434.3M is the digital asset mark; interest expense $9.2M → $51.2M with $27.1M of interest income arriving on the note proceeds and $5.7M capitalized; general and administrative $81.7M → $76.1M. The Far North joint venture sale closed on February 2, 2026, a date the earlier filings gave only as a quarter, for $75.4 million and a half-year gain of $34.7 million. The bitcoin-backed credit facility was refinanced with FalconX in May 2026 at 7.00% against 9.00%, releasing about 3,300 bitcoin from collateral, and $209.7 million of principal was repaid in the quarter.
No reprice. No session has closed since the August 4, 2026 close this file already used: the exchange reports the next session in pre-market and its own daily record carries no later row. The pricing basis, the price and the 52-week range are unchanged, and the market capitalization moves only because the share count does.
Filing sweep re-run to August 5, 2026 against Central Index Key 0001964789, across the complete index of 252 filings, which does not paginate, and separately against the predecessor's 0001731805. Nothing has been lodged since the quarterly report and the results release of August 4, 2026. No notification of late filing appears anywhere on either index. A source line in the register that had run two sentences together without a break is separated; no figure or finding in it changes.
Every price shown beside a third-party action was struck on the action date rather than on the session before it. The price beside a published target is what the firm could see when it struck the figure, so it is the close on the last trading day before the action; a close struck on the action date itself is set after the note is out and sometimes moves because of it. All eleven rows move. Keefe, Bruyette & Woods, 28 July: $101.14 → $104.59. Morgan Stanley, 23 July: $117.67 → $109.86. Compass Point and Benchmark, 22 July: $109.86 → $108.98. Rosenblatt Securities, 21 July: $108.98 → $100.93. Needham & Company, 20 July: $100.93 → $91.45. BTIG, 24 June: $116.10 → $120.51. Loop Capital, 22 June: $121.04 → $124.44. Jefferies, 14 May: $109.37 → $108.32. B. Riley, 13 May: $108.32 → $107.31. Weiss Ratings, 7 May: $101.18 → $108.94.
The convention was visible in the table without being legible as a fault. Read down the old price column and each figure was the close of the day the note landed, so a row's price matched the row above it whenever two actions fell on consecutive days. The column now names the session it comes from, once above the table and again in every row. The largest single correction is the Needham row: the shares rose 10.4% on the day of the note, so the preceding close was $91.45 rather than $100.93.
A count of the set against the price was wrong before the shares moved. The text read that nine of the ten targets sat above the close. Every one of the ten sat above it then, and every one sits above it now.
Second quarter results, filed the same day. The release and the quarterly report for the period ended June 30, 2026 were both filed on August 4, 2026. Revenue $74.9M against $41.3M; net loss $177.1M against net income of $137.5M, including $138.6M of primarily unrealized losses on digital assets; Adjusted EBITDA $10.4M against $4.2M on a definition revised that quarter to exclude the digital asset mark, and $(94.6)M against $221.2M on the measure inclusive of it, with prior periods recast. The headline figures are carried; the statements themselves are not worked through the sections above, and that stands as an open item in methodology in place of the one closed below.
Repriced to the 4 August close. The session ended at 16:00 Eastern, stamped by the exchange, on volume of 6,953,608 shares, about 1.49 times the mean of the nine preceding sessions. $112.08 → $101.16, down 9.74% on the results, capitalization $12,118.5M → $11,390.0M, price to trailing revenue 51.5× → 48.4×, capitalization per contracted megawatt $12.8M → $12.0M and $11.6M → $10.8M excluding bitcoin, bitcoin as a share of capitalization 9.2% → 9.7%, capitalization to base-term contract value 0.46× → 0.43×, and to stated stabilised annual net operating income 6.9× → 6.5×. The 52-week range of $18.68 to $140.80 is unchanged across 251 sessions. The snapshot's share price row named the 31 July close against a price struck on 3 August, and now names the session it comes from.
Filing sweep re-run to August 4, 2026 against Central Index Key 0001964789, across the complete index, which now holds 252 filings and does not paginate. Three filings since the previous sweep: the quarterly report and the results release above, and a Schedule 13G of July 31, 2026. No notification of late filing appears anywhere on the index.
An absence was asserted that is not there. The valuation section and the null table both read that no attributed, dated third-party target or rating had been located. Nineteen analysts cover this issuer and eleven actions are recorded in 2026, the most recent of them on July 28, 2026. The absence was a failure of the search rather than a fact about the company, and a reader was told the coverage did not exist.
Section 08 now carries the eleven 2026 actions with the analyst, the date, the close on that date and the spread they describe. The null row reads Covered above. No target is adopted and no figure elsewhere in this document derives from any of them.
Repriced to the August 3, 2026 close, and the register read rather than counted. The 3 August session closed while this file was being assembled, so the basis moves July 31, 2026 → August 3, 2026 and the price $107.63 → $112.08, up 4.13% on 3.47 million shares against a recent average of 4.25 million. Market capitalization moves $12.12bn → $12.62bn on the unchanged May 4, 2026 share count. The beneficial-ownership family had been swept and counted but not read: thirteen of the fourteen filings concern this company and the fourteenth is this company's own statement about American Bitcoin, the only Schedule 13D about Hut 8 is Michael Ho's at 7.1% from December 2023, and only two holders are above the threshold today. Each is now named with its size, date and the rule its statement is filed under.
Built from the company's filings on EDGAR under Central Index Key 0001964789, swept across its complete index of 250 filings from February 2023 to July 31, 2026, together with the predecessor entity's 247 filings under Central Index Key 0001731805. The load-bearing documents are the FY2025 Form 10-K of February 25, 2026, the first quarter Form 10-Q of May 6, 2026, and the Current Reports of 28 April, 5 June, 10 June and July 20, 2026 with their exhibits. The Form 10-KT of March 28, 2024 establishes the change of fiscal year end, and the predecessor's Form 15 of December 11, 2023 establishes the succession. The Toronto Stock Exchange company directory confirmed the second listing. Big Digital Energy's investor presentation of June 3, 2026 supplied the peer comparison in section 5.
Pricing basis is the close of July 31, 2026, the last completed session before the build date. The market capitalization of $12.12 billion multiplies that price by the 112,594,112 shares reported on the 10-Q cover as of May 4, 2026; the two dates differ and the snapshot says so. Enterprise value is deliberately absent: $7.5 billion of project debt closed after the most recent reported balance sheet.
Structure established. Fifteen sections, provenance tags on every tabled figure and framing item, analyst inference confined to marked assumption blocks. Capacity is carried on two explicit bases, contracted IT and utility, because the company uses both for the same asset. The six-month transition period is labeled as such wherever it appears as a comparative.
Known gaps in this version. The Canadian securities filing registry and the Texas grid operator's large load records both returned challenge pages on August 3, 2026 and could not be queried, so the Canadian disclosure record is not established and no capacity figure is corroborated by grid data. No rating agency publication was consulted, so the investment-grade characterisations and the tenant's AA- rating band are reported as the company states them. Court dockets and short interest were not examined. Hut 8's precise percentage interest in American Bitcoin is not stated because it was not established from the filings read.