# Hut 8 Revenue Falls 14.9% as October Bitcoin (BTC) Sales Fund Buybacks By John Kim Canonical URL: https://www.tokenpost.com/news/business/48909 Published: 2026-11-05T00:46:58.000Z Updated: 2026-11-05T00:46:58.000Z Section: Business > Hut 8 generated $175.4 million in net proceeds and spent $175.3 million on repurchases. Its board raised the total buyback authorization to $1 billion in November. Hut 8 sold about 2,148 Bitcoin in October, generating $175.4 million in net proceeds, and repurchased 2,384,677 shares for $175.3 million at an average price of $73.49 per share. The company reported the transactions with its third-quarter results on Wednesday, Nov. 4. Revenue for the quarter ended Sept. 30 fell 14.9% from a year earlier to $71.07 million. Hut 8 attributed the decline mainly to the sale of its Ontario power generation assets and lower hosting revenue. The computing business generated $68.43 million, down 2.3%. Bitcoin mining revenue declined by $2.6 million as average revenue per Bitcoin fell to about $71,087 from $114,121. Higher production partly offset the decrease: Hut 8 mined about 891 Bitcoin, up from 578 a year earlier. Power revenue was $1.26 million, while digital infrastructure revenue was $1.38 million. Net income attributable to Hut 8 rose to $131 million from $50.11 million a year earlier. Diluted earnings were 98 cents per share. The company recorded $414 million in noncash digital asset gains as Bitcoin rose from about $59,847 to $83,415 during the quarter. Interest expense totaled $106 million, mainly due to higher construction financing for River Bend Phase I and Beacon Point Phase I. As of Sept. 30, Hut 8 had 8,569 megawatts of energy capacity reserves, with 1,330 MW under construction and 710 MW under management. Projects under construction included 330 MW at River Bend and 500 MW each at Beacon Point’s first and second phases. Hut 8 also sold about 954 Bitcoin during the third quarter for $74.8 million in net proceeds. It repurchased 953,802 shares for $74.7 million at an average of $78.32 per share. Earlier in October, [a Hut 8-linked wallet deposited 1,589 BTC at exchanges](). In November, Hut 8’s board approved an additional $750 million in share repurchase authorization, lifting the total from $250 million to $1 billion. ## Links in this article - [a Hut 8-linked wallet deposited 1,589 BTC at exchanges](https://www.tokenpost.com/news/investing/35313)