Hut 8 Posts $189.5 Million in Q3 Net Income on Digital-Asset Gains

Hut 8 posted $189.5 million in third-quarter net income, with a primarily unrealized $413.8 million gain on digital assets exceeding earnings as revenue fell from a year earlier.

Revenue for the three months ended Sept. 30 was $71.1 million, down from $83.5 million in the year-earlier quarter. The digital-asset gains were larger than the company’s net income.

As of Sept. 30, Hut 8 had 3,180 megawatts of energy capacity under exclusivity and 1,330 megawatts under construction. Its development pipeline totaled about 7,859 megawatts across diligence, exclusivity, development and construction stages, which represent different levels of project maturity. Hut 8’s development pipeline was also the focus of earlier coverage.

The company also announced a second 352-megawatt IT lease at Beacon Point. CEO Asher Genoot said, “Partner conviction has deepened, with our tenant at Beacon Point doubling its contracted capacity at the campus.”