TL;DR
- A wallet linked to Hut 8 transferred 1,966 BTC, worth approximately $161 million, to exchanges and other addresses over seven days.
- On-chain analysts traced the transactions to Coinbase Prime custody wallets, although the transfers do not confirm that the company sold its Bitcoin.
- Hut 8 had reported holdings of 10,278 BTC before the transfers, and its CEO previously indicated that the company’s Bitcoin exposure would primarily shift to American Bitcoin.
Hut 8 transferred approximately 1,966 BTC, worth $161 million, from wallets linked to the company to exchanges, over-the-counter (OTC) trading desks, and other addresses over the past seven days.
The transactions were identified by on-chain analysts who traced the funds to Coinbase Prime custody addresses attributed to Hut 8 by Arkham.
The funds first moved through an intermediary address before being distributed to multiple destinations. By the end of the transfers, that wallet held less than 0.005 BTC.
HUT 8 MOVES $146.10M BTC, TREASURY DATA REMAINS OUTDATED
Bitcoin treasury company Hut 8 moved 1,783 BTC ($146.10M) to another wallet over the past day.
That wallet transferred 1,147.866 BTC ($94.13M) to exchanges, OTC desks and other addresses in the past 24 hours, bringing its… https://t.co/xTY4nC8ALT pic.twitter.com/Q8915ZgDrb
— Onchain Lens (@OnchainLens) October 16, 2026
Although some of the funds reached trading platforms, the transfers do not confirm that Hut 8 sold its Bitcoin. They could also involve hedging transactions, collateral arrangements, or custody changes.
Hut 8 Moves Nearly 2,000 BTC From Its Custody Wallets
According to Onchain Lens, the initial transactions included transfers of 243.5 BTC and 42 BTC to an intermediary address.
On October 15, two additional transfers of 263.79 BTC and 654.21 BTC were recorded, with a combined value of approximately $75 million.
Further transfers of 674.21 BTC and 190.79 BTC followed. The funds were then distributed in transactions ranging from 20 to 200 BTC.
Lookonchain identified 1,589 BTC, worth approximately $130 million, sent to several exchanges over two days.
Meanwhile, Onchain Lens calculated that the intermediary address had moved 1,966.64 BTC ($161.26 million) over seven days.
Before these transactions, Hut 8 held 10,278 BTC, valued at approximately $845.6 million. According to an on-chain estimate, the recent transfers represented around 15% of those reserves.
The company has not yet released an official explanation regarding the destination of the funds.
The Company Prepares Changes to Its Bitcoin Exposure
During its second-quarter earnings presentation, the company’s CEO, Asher Genoot, indicated that its Bitcoin exposure would primarily be maintained through American Bitcoin.
During that period, the company reported a net loss of $177.1 million, including $138.6 million in unrealized losses related to digital assets.
The company is also expanding its artificial intelligence infrastructure operations. It recently signed a $9.8 billion lease agreement for a data center campus in Texas.
On the stock market, the company’s shares fell 10.5% on October 14, from $83.61 to $74.87, during a broad selloff in semiconductor and artificial intelligence stocks. The following day, the shares recovered some of their losses and closed at $76.09.
For now, blockchain records confirm that the funds left the identified addresses, but they do not establish whether Hut 8 sold its holdings or simply reorganized the custody of its Bitcoin.
