#Hut8 Reports $134M Loss While Pivoting to Integrated Energy Strategy


Bitcoin miner Hut 8 posted a $134.3 million net loss in Q1 2025 as the company undergoes a strategic transformation phase.


Revenue dropped 58% year-over-year to $21.8 million, while adjusted EBITDA fell 60% to negative $117.7 million.


CEO Asher Genoot described Q1 as a "deliberate and necessary phase of investment" with returns expected to become visible in coming quarters.


The company highlighted the launch of American $BTC, a majority-owned subsidiary formed through strategic contributions to a venture backed by #EricTrump and Donald Trump Jr.


Q1 saw a 79% increase in hash rate and a 37% improvement in fleet efficiency following a major ASIC upgrade completed in April.


Hut 8 reported holding 10,264 $BTC valued at $847.2 million as of March 31, 2025.


The company's shares on Nasdaq closed up 11.93% to $14.17 on Thursday as $BTC crossed above the $100,000 mark.

image
May 09, 2025 at 2:17 PM
21
3