TLDR Hut 8 increased its bitcoin holdings to 13,696 BTC worth $1.6 billion, up 50% from 9,106 BTC in Q3 2024 The company ranks 10th among public bitcoin holders and third among mining companies behind MARA and Riot American Bitcoin merger doubled hashrate from 12.0 EH/s to 26.8 EH/s while generating $70 million in Q3 [...] The post Hut 8 (HUT) Stock: Miner Joins Top 10 Bitcoin Holders With $1.6 Billion Stash appeared first on Blockonomi.TLDR Hut 8 increased its bitcoin holdings to 13,696 BTC worth $1.6 billion, up 50% from 9,106 BTC in Q3 2024 The company ranks 10th among public bitcoin holders and third among mining companies behind MARA and Riot American Bitcoin merger doubled hashrate from 12.0 EH/s to 26.8 EH/s while generating $70 million in Q3 [...] The post Hut 8 (HUT) Stock: Miner Joins Top 10 Bitcoin Holders With $1.6 Billion Stash appeared first on Blockonomi.

Hut 8 (HUT) Stock: Miner Joins Top 10 Bitcoin Holders With $1.6 Billion Stash

2025/11/05 19:37
3 min read
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TLDR

  • Hut 8 increased its bitcoin holdings to 13,696 BTC worth $1.6 billion, up 50% from 9,106 BTC in Q3 2024
  • The company ranks 10th among public bitcoin holders and third among mining companies behind MARA and Riot
  • American Bitcoin merger doubled hashrate from 12.0 EH/s to 26.8 EH/s while generating $70 million in Q3 mining revenue
  • Clear Street raised price target from $33 to $60 citing 1.6GW development pipeline and computing infrastructure positioning
  • HUT stock dropped 9% to below $50 despite analyst upgrade

Hut 8 released third-quarter results Tuesday showing substantial growth in its bitcoin reserves. The company now holds 13,696 BTC valued at approximately $1.6 billion as of September 30.

This represents a 50% increase from Q3 2024 when holdings stood at 9,106 BTC. The growth places Hut 8 among the largest public bitcoin holders globally.

According to Bitcoin Treasuries data, Hut 8 now ranks 10th among publicly traded companies. The miner surpassed CleanSpark’s 13,011 BTC to claim the spot.

Hut 8 Corp. (HUT)Hut 8 Corp. (HUT)

Among mining operations specifically, Hut 8 holds the third-largest bitcoin stockpile. Only MARA and Riot maintain larger reserves.

American Bitcoin Boosts Mining Capacity

The Trump family-backed American Bitcoin Corp contributed heavily to Q3 performance. The majority-owned subsidiary generated most of Hut 8’s $70 million in mining revenue.

American Bitcoin recently completed a stock-for-stock merger with Gryphon Digital Mining. The deal brought the subsidiary to Nasdaq and expanded Hut 8’s operations.

The merger added 14.8 exahash-per-second to total mining power. Hut 8’s hashrate more than doubled from 12.0 EH/s to 26.8 EH/s.

Higher hashrate translates to greater mining efficiency and more bitcoin rewards. The increased capacity positions Hut 8 competitively in the mining sector.

Revenue Diversification Beyond Mining

Hut 8 continues expanding into complementary business lines. Power generation and managed services brought in $8.4 million during Q3.

Colocation services added another $5.1 million to quarterly revenue. GPU-as-a-Service and cloud computing operations also contributed to overall performance.

The company secured new financing tools during the quarter. A $1 billion at-the-market equity program replaced a previous arrangement.

Hut 8 also established a $200 million revolver with Two Prime. These moves provide capital flexibility for future growth initiatives.

CEO Asher Genoot highlighted the company’s financial strength in a statement. He referenced the balance sheet supporting operations across power, infrastructure, and computing segments.

Analyst Outlook and Stock Movement

Clear Street increased its HUT price target to $60 from $33. The firm maintained a Buy rating on shares.

The analyst expects contract signings and execution through 2026. Clear Street values Hut 8’s 1.6GW pipeline under development.

The updated target reflects Hut 8’s American Bitcoin stake and development projects. Clear Street views the company as an emerging high performance computing infrastructure platform.

HUT stock fell more than 9% Tuesday to below $50. The decline made it the fifth-worst performer among tracked crypto equities.

Rival miners Canaan, Greenidge, and Argo posted larger losses. Solana treasury firm Sol Strategies also dropped double digits.

The post Hut 8 (HUT) Stock: Miner Joins Top 10 Bitcoin Holders With $1.6 Billion Stash appeared first on Blockonomi.

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