Hut 8 is a Nasdaq-listed energy infrastructure platform focused on Bitcoin mining and high-performance computing. It reported a net loss of 134.30 million USD in the first quarter of 2025. The revenue for the quarter was 21.80 million USD, down 58% year-over-year, and adjusted EBITDA was negative 117.70 million USD, a decline of 60%. The company stated that the first quarter's performance reflected a heavy investment phase in its transition to a comprehensive energy infrastructure provider. CEO Asher Genoot said that this investment phase is necessary and planned, with returns expected in the coming quarters. The company launched a subsidiary, American Bitcoin, focused on Bitcoin mining and accumulation, strategically supported by Hut 8's ASIC mining machines and backed by investors including Eric Trump and Donald Trump Jr. In the first quarter, Hut 8's hashrate grew by 79%, and mining machine efficiency improved by 37%, mainly due to the ASIC mining machine upgrade completed in early April. As of March 31, 2025, the company held 10,264 Bitcoins, valued at 847.20 million USD. Influenced by Bitcoin prices surpassing 100,000 USD, Hut 8's stock price rose 11.93%, closing at 14.17 USD.

Hut 8, a Nasdaq-listed energy infrastructure platform focused on bitcoin mining and high-performance computing, reported a net loss of $134.3 million for the first quarter of 2025.The net loss came alongside a quarterly revenue of $21.8 million, a 58% year-over-year decline, and an adjusted EBITDA of negative $117.7 million, which is a 60% drop. The company said Q1 results reflect a period of heavy investment as it pursues transformation into an integrated energy infrastructure provider."As reflected in our results, the first quarter was a deliberate and necessary phase of investment," said Asher Genoot, CEO of Hut 8. "We believe the returns on this work will become increasingly visible in the quarters ahead.”The company highlighted the launch of American Bitcoin, a majority-owned subsidiary formed through a strategic contribution of Hut 8’s ASIC miners to American Data Centers, Inc., a company backed by investors including Eric Trump and Donald Trump Jr.Rebranded into American Bitcoin, the subsidiary is a "pure-play" bitcoin miner focused on mining and bitcoin accumulation."The streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing," the company said.According to the Q1 results, the quarter also saw a 79% increase in hashrate and a 37% improvement in fleet efficiency, driven by a major ASIC fleet upgrade completed in early April.Meanwhile, Hut 8 owned a reserve of 10,264 Bitcoin valued at $847.2 million as of March 31, 2025.Hut 8's shares on the Nasdaq exchange closed up 11.93% to $14.17 on Thursday as bitcoin price crossed above the $100,000 resistance line the same day.

Hut 8 reported a net loss of 134 million USD in the first quarter, advancing its Bitcoin mining and energy infrastructure transformation.