Hut 8 Reports $83.5M Q3 Revenue While Launching Massive 1.5 GW Development Expansion
Bitcoin mining giant Hut 8 just dropped financial results that would make traditional finance executives sweat—if they understood crypto, that is.
Revenue Rocket
$83.5 million in Q3 revenue isn't just a number—it's a statement. While legacy banks are busy counting their 2% yields, Hut 8 is demonstrating what actual growth looks like in the digital age.
Power Play
The 1.5 gigawatt development push represents more computing power than some small countries. This isn't just expansion—it's domination. They're not asking for permission to build the future of finance.
Market Momentum
While traditional markets worry about interest rates and inflation, crypto infrastructure companies are busy printing their own money—literally. The timing couldn't be more perfect for scaling operations when everyone else is scaling back.
Because nothing says 'we know what we're doing' like investing billions in energy infrastructure while Wall Street analysts still can't decide if Bitcoin is a currency or a commodity.
Hut 8 expands buildout across Louisiana, Illinois, and Texas
Hut 8’s net income exploded to $50.6 million, up from just $0.9 million in Q3 last year. Adjusted EBITDA came in at $109 million, compared to only $6 million in Q3 2024. At the end of the quarter, Hut 8 had 1.02 gigawatts of total capacity under management.
Now, management says it’s aiming to take that number to over 2.5 gigawatts in the years ahead. To do that, four new sites are in play across three U.S. states.
One of them is the 300 MW River Bend location in Louisiana, which was first announced back in August. There’s also a 40 MW facility in Illinois, along with two sites in Texas, one at 180 MW and another beast-sized 1 GW location. The Texas sites haven’t been named yet.
CEO Asher Genoot laid it out in the Q3 report:
“In the third quarter, we reached an inflection point in the scale and maturity of our development flywheel.”
He continued:
“We advanced 1,530 megawatts of capacity from exclusivity into development… Subject to commercialization, this portfolio has the potential to expand our Energy Capacity Under Management to more than 2.5 gigawatts.”
To fund the expansion, Hut 8 opened a $1 billion at-the-market offering. On top of that, they locked in a $200 million revolving credit line from Two Prime.
That helps give them near-term cash to keep pushing the buildout forward. As of now, the company holds 13,696 bitcoin on its balance sheet.
Meanwhile, its mining arm American Bitcoin, which became public in September after merging with Gryphon Digital, is still operating strong.
At quarter-end, it was running about 25 EH/s of hashpower across Hut 8 facilities. American Bitcoin itself holds 3,865 bitcoin in its own treasury.
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