Hut 8 pops after reporting Q2 earnings
Bitcoin miner Hut 8 released second-quarter earnings today, missing analysts’ expectations on revenue but beating on earnings per share.
Shares rose over 4% in early trading.
The company’s revenue for the quarter was $41.3 million, below analysts’ expectations of $48.59 million, according to Bloomberg. Meanwhile, adjusted earnings per share stood at $1.18, compared to analysts’ expectations of $0.09.
Asher Genoot, CEO of Hut 8, told Sherwood News that this quarter underscored the strength of the company’s power-first, innovation-driven strategy.
“We delivered strong financial results while continuing to challenge legacy models in digital infrastructure design and development. The energization of our Vega site, which features a proprietary new Tier 1 data center form factor, is a clear signal of where we’re headed as we strive to redefine the future of energy and digital infrastructure,” Genoot said.
Hut 8 also added to its bitcoin reserve, growing its stash to 10,667 bitcoin, up from 10,273 bitcoin, worth roughly $1.1 billion.
Eric Trump-backed American Bitcoin, a subsidiary of Hut 8, announced yesterday that Gryphon Digital Mining stockholder voting has started “for a special meeting to be held on August 27, 2025.”
“In addition to completing an oversubscribed private placement and advancing toward a Nasdaq listing, American Bitcoin is now a dedicated anchor tenant for our Power and Digital Infrastructure segments. More broadly, this shift reflects the growing depth of our institutional partnerships, with marquee counterparties such as BITMAIN, Macquarie, Coinbase, and Anchorage each playing a central role in our execution this quarter,” Genoot said in the press release.
In May, American Bitcoin announced it was merging with Gryphon Digital Mining and will trade on the Nasdaq under the ticker “ABTC.”
