TL;DR
- Hut 8 has grown its bitcoin reserve to 13,696 BTC, pushing it into the top 10 largest publicly traded bitcoin holders.
- The company generated roughly $70 million in Q3 2025 revenue from bitcoin mining, primarily via its Trump-backed subsidiary American Bitcoin.
- Hut 8 also more than doubled its mining hashrate after merging with Gryphon Digital Mining, increasing from ~12 EH/s to ~26.8 EH/s, signaling strong operational expansion.
Hut 8, a major bitcoin miner and digital infrastructure firm, has significantly increased its cryptocurrency holdings over the past year. The company reported holding 13,696 BTC worth around $1.6 billion as of September 30, 2025, up from 9,106 BTC in Q3 2024. This growth moves Hut 8 ahead of CleanSpark and into the top 10 publicly traded bitcoin holders, according to Bitcoin Treasuries rankings, while also making it the third-largest miner by BTC reserves, trailing only Marathon Digital and Riot Platforms.
Revenue Growth Driven By Mining Operations
Approximately $70 million of Hut 8’s Q3 revenue came from bitcoin mining, largely through its majority-owned subsidiary American Bitcoin Corp., formed in partnership with the Trump family. This segment benefited from a stock-for-stock merger with Gryphon Digital Mining, which added 14.8 exahash-per-second (EH/s) to Hut 8’s mining capacity. The total hashrate more than doubled from 12.0 EH/s to 26.8 EH/s, reinforcing Hut 8’s competitive edge in the mining industry.
Diversification Into Energy And Compute Services
Beyond mining, Hut 8 has expanded its operations into energy generation, GPU-as-a-Service, cloud computing, and colocation services. In Q3 2025, these segments contributed $8.4 million from power and managed services and $5.1 million from colocation, reflecting a strategic shift to diversify revenue streams. Additionally, Hut 8 announced a $1 billion at-the-market equity program and a $200 million revolving credit facility, strengthening its balance sheet and providing capital flexibility for further growth.
Hut 8 CEO Asher Genoot emphasized the company’s strong positioning, citing a “fortress balance sheet” and a diversified platform spanning power, digital infrastructure, and compute. Despite these operational successes, HUT stock fell over 9%, trading below $50, making it one of the worst-performing crypto equities for the day, alongside rivals like Canaan, Greenidge, Argo, and Sol Strategies.
With its expanded bitcoin reserves and diversified operations, Hut 8 is positioning itself for long-term growth, maintaining a robust presence in both the cryptocurrency and digital infrastructure markets.
