Hut 8 Reports $134M Q1 Loss Amid Pivot to Energy Infrastructure and New Bitcoin Subsidiary

The Q1 results include:

Revenue of $21.8 million, down 58% year-over-year Adjusted EBITDA of negative $117.7 million, a 60% decline

CEO Asher Genoot described the quarter as a “deliberate and necessary” investment period, stating that the company expects returns on these initiatives to materialize in coming quarters.

“As reflected in our results, the first quarter was a deliberate and necessary phase of investment,” Genoot said.

Launch of “American Bitcoin” Marks Strategic Shift

Hut 8 also unveiled the launch of American Bitcoin, a new majority-owned subsidiary created through a strategic merger of its ASIC miner assets with American Data Centers, Inc. The new entity is backed by prominent investors including Eric Trump and Donald Trump Jr.

American Bitcoin is positioned as a “pure-play” bitcoin mining firm focused on BTC accumulation, separate from Hut 8’s broader energy infrastructure ambitions.

The move signals Hut 8’s effort to separate high-performance computing and mining operations, while retaining upside exposure to bitcoin price performance via its stake in the new venture.

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