# Hut 8's Q3 Net Income Attributable to Company Rises as Revenue Falls

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/52423
Published: 2026-11-09T16:38:43.000Z
Updated: 2026-11-09T16:38:43.000Z
Section: Business

> Net income attributable to Hut 8 reached $131.071 million, while revenue declined to $71.071 million. A $413.789 million digital-asset gain shaped the quarter's results.

Hut 8 Corp.'s third-quarter net income attributable to the company rose despite lower revenue, as a large gain on digital assets showed how Bitcoin (BTC) prices can shape a miner's reported earnings.

For the quarter ended Sept. 30, 2026, revenue fell to $71.071 million from $83.510 million a year earlier. Net income attributable to Hut 8 increased to $131.071 million from $50.109 million.

The quarter included a $413.789 million gain on digital assets. Bitcoin rose from about $59,847 to about $83,415 over the period measured in the filing, increasing the reported value of Hut 8's holdings. Those prices describe the historical quarter, not Bitcoin's current trading level.

Changes in Bitcoin's fair value can move Hut 8's reported net income without reflecting a change in its core operating performance. The distinction matters this quarter because the digital-asset gain was larger than the net income attributable to the company, while revenue declined from a year earlier.

Hut 8 also used Bitcoin sales to fund share repurchases. During the quarter, it sold about 954 Bitcoin and bought back 953,802 shares for $74.7 million. The quarterly Bitcoin sales and share repurchases were followed by another round of transactions in October.

In October, Hut 8 sold about 2,148 Bitcoin for $175.4 million in net proceeds. It repurchased 2,384,677 shares for $175.3 million that month. Those transactions occurred after the Sept. 30 quarter-end and are separate from the quarterly revenue and net income figures.

Hut 8 CEO Asher Genoot described the quarter as an expansion of the company's power strategy. “In the third quarter, we executed our power-first strategy at greater scale,” Genoot said. Hut 8 also closed a $1.07 billion revolving credit facility and advanced 1,300 megawatts of energy capacity to exclusivity, bringing capacity in that category to 3,180 megawatts.

In November, Hut 8's board approved an additional $750 million in share repurchase authorization, raising the total authorization to $1 billion.