TL;DR
- Hut 8 Posts Massive Quarterly Loss—But One Revenue Stream Just Exploded
- Google Just Quietly Backed a $7 Billion Bitcoin Miner Deal
- Bitcoin Miners Are Dying? Tell That to These Stocks Up 50%
Hut 8 Corp. recorded a net loss of $279.7 million in the fourth quarter of 2025. The company had reported net income of $152.2 million during the same period in 2023.
The Miami-based Bitcoin miner released its quarterly earnings on Wednesday after markets closed. Revenue for the quarter reached $88.5 million. This compares to $31.7 million in the prior-year quarter.
The company’s compute revenue totaled $81.9 million for the three-month period. This marks an increase from $19.2 million a year earlier. Hut 8 did not disclose its Bitcoin production figures or sales volumes for the quarter.
A $401.9 million loss on digital assets drove the quarterly loss. The company had recorded a $308.2 million gain from digital assets in the same quarter last year.
Hut 8 ended the year with approximately $1.4 billion in cash and Bitcoin reserves. The company also reported access to a $400 million revolving credit facility.
During the quarter, the company signed a 15-year lease for 245 megawatts of AI data center capacity at its River Bend facility in Louisiana. The agreement carries a total value of $7 billion. Google is providing financial backing for the lease payments. The deal supports Hut 8’s move into artificial intelligence and high-performance computing infrastructure.
In February, the company completed the sale of a 310-megawatt natural gas power portfolio. It also launched American Bitcoin Corp. as a separately listed entity focused on accumulating the cryptocurrency.
Data from BitcoinTreasuries.NET shows Hut 8 holds 13,696 Bitcoin
This places it among the larger public holders of the token. Company shares traded down about 4.5% in Wednesday morning trading. The CoinShares Bitcoin Mining ETF, which tracks mining stocks, was up less than 1%.
Stock prices for several large publicly traded Bitcoin miners have increased since Jan. 1. This comes as Bitcoin prices have fallen from roughly $87,500 to about $68,150 during the same period. TeraWulf Inc. shares have risen more than 50% year-to-date. Riot Platforms Inc. and Hut 8 have gained approximately 30% and 29%, respectively.
These stock movements indicate investors may be looking beyond direct Bitcoin price exposure. Company energy assets and data center strategies appear to be playing a larger role in valuations.
In August, TeraWulf signed 10-year colocation leases with AI infrastructure provider Fluidstack. The agreement is valued at $3.7 billion. Google is backing roughly $1.8 billion of the lease obligations and provided debt financing. In return, Google received warrants for about 41 million TeraWulf shares.
Activist investor Starboard Value urged Riot Platforms last week to accelerate its push into high-performance computing and AI data centers. Starboard holds about 12.7 million Riot shares. The firm stated that developing Riot’s Texas site could unlock $9 billion to $21 billion in equity value.
CleanSpark, Core Scientific, HIVE Digital and MARA Holdings have all repurposed portions of their facilities or announced similar high-performance computing plans. Cango Inc. reported selling $305 million worth of Bitcoin on Feb. 9 to help finance its planned expansion into AI and high-performance computing.
