Hut 8 Mining Corp (NASDAQ/TSX: HUT) is a Bitcoin mining and digital infrastructure company originally founded in 2018 in Canada. Originally listed on the Toronto Stock Exchange, Hut 8 cross-listed on NASDAQ and completed a merger with US Bitcoin Corp (USBTC) in November 2023, forming the combined New Hut 8 entity headquartered in Miami. The merger significantly expanded Hut 8’s operations to include multiple mining sites across North America as well as a high-performance computing (HPC) and GPU cloud business.
Background
Hut 8 was one of the first publicly listed Bitcoin mining companies in North America (2018), originally backed by Bitfury Group for its mining hardware supply. The company operated primarily in Alberta, Canada, benefiting from abundant natural gas-generated power. Over 2019–2022 it diversified its facilities and built a significant HODL Bitcoin treasury strategy, holding mined Bitcoin rather than selling it.
US Bitcoin Corp Merger
The combination with US Bitcoin Corp (USBTC) in late 2023 created a diversified digital infrastructure company with:
- Large-scale Bitcoin mining sites across Alberta (Canada), New York, Texas, and Utah
- A GPU-as-a-service and HPC cloud business
- Combined hash rate capacity in the multi-EH/s range
- A joint leadership team under CEO Asher Genoot (USBTC co-founder)
Bitcoin Treasury
Hut 8 has maintained a philosophy of holding Bitcoin on its balance sheet as a reserve asset — meaning its equity provides leveraged exposure to Bitcoin price alongside its operational mining revenue.
Related Terms
Sources
- Hut 8 Website — official corporate site.
- HUT on NASDAQ — stock and financial data.
- Globe and Mail — US Bitcoin Corp Merger — coverage of the 2023 merger.