Bitcoin miner and energy infrastructure firm Hut 8 (ticker HUT) grew its bitcoin reserve by over 50% over the past year.
The firm held 13,696 BTC worth about $1.6 billion as of the end of Q3 2025 on Sept. 30, up from 9,106 BTC from the period in 2024, according to a release on Tuesday.
This pushes Hut 8 into the top 10 largest publicly traded bitcoin holders, ahead of CleanSpark with 13,011 coins, according to Bitcoin Treasuries’ ranking. It also makes Hut 8 the third-largest bitcoin miner by stockpiled BTC, behind MARA and Riot.
Approximately $70 million of Hut 8’s third-quarter revenue came from bitcoin mining, primarily through its majority-owned subsidiary American Bitcoin Corp. (ticker ABTC) — formed through a partnership with the Trump family — as well as its GPU-as-a-Service and cloud computing business lines.
The American Bitcoin subsidiary, which began trading on Nasdaq following a stock-for-stock merger with Gryphon Digital Mining, also added ~14.8 exahash-per-second (EH/s) to Hut 8’s total hashrate, more than doubling it from ~12.0 EH/s to ~26.8 EH/s.
Like many other miners, Hut 8 has been expanding into energy and high-performance compute services in a bid to diversify from the increasingly competitive mining sector. In Q3, it generated $8.4 million from power generation and managed services and $5.1 million from colocation services.
Notably, Hut 8 also launched a new $1 billion at-the-market equity program and a new $200 million revolver with Two Prime after terminating a prior ATM program.
“Supported by a fortress balance sheet, disciplined capital framework, and diversified platform spanning Power, Digital Infrastructure, and Compute, we are executing from a position of strength,” Hut 8 CEO Asher Genoot said in a statement.
HUT stock is down over 9% at press time to below $50, according to The Block’s price page. The stock is currently the fifth-worst daily performer in The Block’s list of crypto equities, behind rival mining firms Canaan, Greenidge, and Argo, as well as Solana treasury firm Sol Strategies, all down double digits.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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