Crypto
crypto
Yaël Bizouati-Kennedy

Hut 8 surges on solid earnings

Bitcoin’s mining company Hut 8 released fourth-quarter and full-year earnings this morning, reporting strong year-over-year revenue growth. The company’s revenue for the full year was $162.4 million, compared to $96 million in 2023. This includes a $7.3 million increase in bitcoin mining revenue. The stock is up about 5% following the good news, but remains down about 25% year to date.

The company’s strategic bitcoin reserve crossed the 10,000 mark at the end of 2024, growing its stash to 10,171 bitcoin as of December 31, an 11% increase from 2023. The company also bought more bitcoin in January — its reserve now holds 10,208 bitcoin.

While this makes Hut 8 the sixth-largest corporate bitcoin holder, it is still far behind the ultimate stasher, Strategy, which holds 499,096 bitcoin.

“We believe we are well-positioned to meet the continued and rising demand for energy capacity from applications like AI while building a platform positioned to fuel the world’s most transformative technologies for decades to come,” CEO Asher Genoot said in the press release.

While the overall number of bitcoin the company held grew, the number of bitcoin mined in 2024 decreased to 1,184, compared to 2,138 produced in 2023.

Just like fellow miner Riot Platforms, the company noted the skyrocketing costs of mining: in 2024, it spent $37,958 per bitcoin in Q4, more than double the $17,771 spent per bitcoin in Q4 2023.

Hut 8 Reports Fourth Quarter and Full Year 2024 Results

Hut 8 Reports Fourth Quarter and Full Year 2024 Results

The company’s strategic bitcoin reserve crossed the 10,000 mark at the end of 2024, growing its stash to 10,171 bitcoin as of December 31, an 11% increase from 2023. The company also bought more bitcoin in January — its reserve now holds 10,208 bitcoin.

While this makes Hut 8 the sixth-largest corporate bitcoin holder, it is still far behind the ultimate stasher, Strategy, which holds 499,096 bitcoin.

“We believe we are well-positioned to meet the continued and rising demand for energy capacity from applications like AI while building a platform positioned to fuel the world’s most transformative technologies for decades to come,” CEO Asher Genoot said in the press release.

While the overall number of bitcoin the company held grew, the number of bitcoin mined in 2024 decreased to 1,184, compared to 2,138 produced in 2023.

Just like fellow miner Riot Platforms, the company noted the skyrocketing costs of mining: in 2024, it spent $37,958 per bitcoin in Q4, more than double the $17,771 spent per bitcoin in Q4 2023.

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crypto
Sage D. Young

Hyperliquid reclaims all-time high

HYPE, the native token powering perpetuals exchange Hyperliquid and its underlying blockchain, rebounded to reclaim its all-time high previously set at the start of the month.

Treasury firms Hyperliquid Strategies and Hyperion DeFi have also rallied as the token increased double digits in the last 24 hours to trade as high as $76.70, rising past its record price set nearly two weeks ago, according to CoinGecko. In the interim between all-time highs, HYPE pulled back to around $53.

The token has several tailwinds, the first coming from ETF flows. Since their inception in May, HYPE ETFs have yet to record negative weekly outflows, posting a cumulative total net inflow of $171.8 million, per SoSoValue.

The second comes from Hyperliquid spending basically everything it earns in fees to buy HYPE, a mechanism embedded into the protocol’s codebase.

The venue’s buyback funding mechanism is set to add a new source of yield. Validators of the network activated “AQAv2,” which means stablecoin deployers will share about 90% of reserve yield revenue on their supply within the protocol.

Around $6.1 billion of Circle’s USDC resides in Hyperliquid, per DefiLlama. Accrual begins on August 26 and the first payment is made on October 3, the network announced in its Discord channel last week.

A substantial amount of capital is riding on different positions of HYPE. In total, a move down to under $53 would result in the liquidation nearly 1.8 million HYPE worth of leveraged long positions on the on-chain perps venue, or $131.7 million, data from CoinGlass shows. For the upside, a climb above $100 results in the liquidation of more than 3 million worth of leveraged HYPE short positions, or $221.5 million.

HYPE’s rebound to all-time high comes after Michael Selig, chair of the Commodity Futures Trading Commission, defended his agency’s decision to approve regulated perpetuals, or futures contracts without expiration dates, CNBC reported on Monday.

Last month, the CFTC approved bitcoin perpetual futures trading in the US through regulated prediction markets firm Kalshi and an affiliate of centralized exchange Coinbase.

“Perps are highly likely to become lightly regulated and thus approved in the US,” said David Pakman, head of venture investments at CoinFund.

“We expect to see perps for many different types of assets, from commodities to equities,” Pakman told Sherwood News.

Yaël Bizouati-Kennedy
6/16/26
Bitcoin is “caught between flow deterioration and macro relief”

Bitcoin symbol in a window
crypto
Sage D. Young

Crypto market snaps back as sentiment lifts, with altcoins from ethereum to XRP soaring

The market capitalization of the crypto industry has jumped around $83.2 billion in the last 24 hours, with privacy-focused token Zcash and worldcoin, the native cryptocurrency of the network backed by OpenAI CEO Sam Altman, leading market gains, jumping over 22%.

But the last 24 hours have been good across the board:

“Investors have been eager to see some positive signs around the Iranian conflict ending, coupled with hopeful outlooks around the CLARITY act, both breathing some life into assets,” Kairos Research cofounder Ian Unsworth told Sherwood News.

Simon Shockey, a crypto strategist at crypto wallet infrastructure firm Privy, said the upswing stems from several things converging. He pointed to how alt markets broadly were “very oversold” following the bug found in Zcash that shook confidence.

Friday, Zcash founder Zooko Wilcox said Anthropic didn’t find any more serious bugs with the Zcash protocol after Shielded Labs requested the AI firm run a security audit of the network with Mythos.

Shockey added that the pool of willing sellers has dwindled. “Even if structurally, AI is a much more compelling and asymmetric bet in the eyes of allocators, many of these crypto assets have simply run out of marginal sellers despite some shorter-term narrative-driven pumps. The only people left to sell at this point are the teams themselves and VCs.”

“Net-net: oversold conditions plus exhausted seller bases plus a macro backdrop that’s stabilized equals a snapback, especially in names that have real usage or community conviction behind them,” Shockey told Sherwood.

Yaël Bizouati-Kennedy
6/15/26
Bitcoin hits highest level in 2 weeks following news of Iran deal

Bitcoin crossed $66,500 Monday morning as the broad crypto market welcomed the return of a risk-on mood.

Price Of Bitcoin Reaches New High, As Inflation Rises At Level Not Seen In 30 Years
Yaël Bizouati-Kennedy
6/12/26
The second half of the year might be more auspicious for bitcoin

“Winter is over. Welcome back to crypto Spring,” one analyst declared.

Bitcoin

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