Hut 8

HUT · NASDAQ (also TSX)MinerHigh

USA

BTC held

9,314

as of Jun 30, 2026 · 0.044% of 21M

Value now

$723M

at BTC $77,670

Basic mNAV

13.53×

mkt cap $9.8B as of Aug 28, 2026

Sats per share

7,561

123M shares as of Jun 30, 2026

Cost basis

Average cost per BTC: —
Total invested: —
Unrealized gain: —

Treasury debt

Coatue convertible note (issued June 2024) was converted into 9,715,476 common shares in May 2026 ($158.6M) and is no longer outstanding; Hut 8 states it now carries no general recourse debt at the parent level.$150M
Not convertible: FalconX bitcoin-collateralized term loan (May 1, 2026) that refinanced the 9.0% Coinbase facility, cutting cost to 7.0% and releasing ~3,300 BTC of collateral. Consolidated long-term debt of ~$7.4B is mostly non-recourse project financing for the AI/HPC data-center buildout. · 7.00%$200M · due 2027-04-30

Recent activity

Hut 8's own reserve was 9,314 BTC at June 30, 2026 (down from 10,278 at year-end 2025), while consolidated holdings including majority-owned American Bitcoin totaled 17,316 BTC with a $1,141.5M cost basis (~$1.04B fair value at $59,847/BTC). 2026 activity centered on refinancing (FalconX 7% loan replacing Coinbase 9%) and growing ABTC rather than parent-level BTC purchases.

Risk notes

Q2 2026 net loss of $177.1M was driven by a $134.7M BTC fair-value markdown; the balance sheet carries ~$7.4B of long-term debt (largely non-recourse project financing), 4,850 consolidated BTC are pledged as loan collateral and 3,090 pledged to Bitmain, and value is increasingly tied to its stake in dilution-heavy American Bitcoin.

Sources

Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding HUT securities.