Hut 8 (HUT) reported a fourth-quarter web loss Wednesday of $279.7 million, from revenue of $152.2 million a yr earlier.
Income for the quarter ended Dec. 31 was $88.5 million, in contrast with $31.7 million in the identical interval a yr earlier.
In its earnings report launched Wednesday, Hut 8 mentioned compute income for the three-month interval totaled $81.9 million, up from $19.2 million a yr earlier. The corporate didn’t disclose quarterly Bitcoin (BTC) manufacturing or gross sales figures.
Working outcomes have been affected by a $401.9 million loss on digital belongings within the quarter, in contrast with a $308.2 million improve a yr earlier.
Hut 8 mentioned it ended the yr with about $1.4 billion in money and Bitcoin reserves and as much as $400 million in revolving credit score capability.
Throughout the quarter, the corporate signed a 15-year lease for 245 megawatts of AI information middle capability at its River Bend campus valued at $7 billion. The settlement contains funds financially backstopped by Google and builds on Hut 8’s broader growth into AI and high-performance computing infrastructure.
The corporate additionally accomplished the sale of a 310 MW pure fuel portfolio in February and mentioned it launched American Bitcoin Corp. as a individually listed automobile centered on Bitcoin accumulation.
In accordance with BitcoinTreasuries.NET information, Hut 8 holds 13,696 BTC, rating it among the many bigger public Bitcoin holders. Shares have been down about 4.5% eventually look in Wednesday morning buying and selling. Trade tracker CoinShares Bitcoin Mining ETF (WGMI) was up lower than 1%.
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AI and infrastructure initiatives stoke mining shares beneficial properties
At the same time as Bitcoin has fallen to about $68,150 from about $87,500 firstly of the yr, per CoinGecko information, shares of many of the greatest publicly traded Bitcoin miners by market capitalization have posted year-to-date beneficial properties.
TeraWulf is up greater than 50% this yr, whereas Riot Platforms and Hut 8 have superior about 30% and 29%, respectively, in response to information from BitcoinMiningStock.io.
The divergence suggests traders could also be valuing miners not solely on Bitcoin worth publicity, however more and more on their power infrastructure and information middle methods.
In August, TeraWulf signed 10-year colocation leases with AI infrastructure supplier Fluidstack valued at $3.7 billion. Google is backing about $1.8 billion of the lease obligations and offering debt financing, receiving warrants for about 41 million WULF shares, or about 8% of the corporate.
Final week, activist investor Starboard Worth urged Riot Platforms to hurry up its push into high-performance computing and AI information facilities, saying Texas-based improvement may unlock $9 billion to $21 billion in fairness worth. Starboard holds about 12.7 million Riot shares.
Different miners are additionally repositioning towards AI-linked infrastructure. CleanSpark, Core Scientific, HIVE Digital and MARA Holdings have repurposed parts of their infrastructure or outlined comparable AI and high-performance computing initiatives.
Cango mentioned it bought $305 million value of Bitcoin on Feb. 9, partially to finance its deliberate growth into AI and HPC.
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