Markets · Earnings
Hut 8 sold about 3,100 bitcoin to retire 3.3 million of its shares for about $250 million, then raised its buyback authorization to $1.0 billion, its Nov. 4 filing shows.
Hut 8 turned bitcoin into buybacks. The company sold coins and used the cash to retire 3,338,479 of its own shares for about $250.0 million, using up its original buyback program, and on Nov. 2 its board raised the total authorization to $1.0 billion, its Nov. 4 filing shows [2]. Hut 8, which calls itself an energy infrastructure platform and builds data centers for artificial-intelligence customers, reported third-quarter net income of $189.5 million, mostly unrealized gains on the bitcoin it holds [2].
Hut 8 sold bitcoin to buy back stock. A buyback is a company purchasing its own stock; when the shares are retired, they stop existing, so each remaining share is a larger slice of the company.
The filing ties each tranche to a coin sale. In the third quarter Hut 8 retired 953,802 shares for $74.7 million, "funded with net proceeds of $74.8 million from the sale of approximately 954 Bitcoin" [2]. After the quarter ended it retired 2,384,677 more for $175.3 million, funded by $175.4 million from about 2,148 bitcoin [2]. By Le Coin's arithmetic on those two lines, that is about 3,102 bitcoin sold for $250.2 million of net proceeds, almost all of it spent on stock.
The program began in December 2024 at $250.0 million, "with no expiration date" [2]. With that amount used, the board approved an additional $750.0 million, and the filing says "all other terms of the program remain unchanged" [2]. Hut 8 had 120,037,556 shares outstanding as of Nov. 2 [3].
| Hut 8 buyback tranches | Bitcoin sold (approx.) | Net proceeds | Shares retired | Repurchase cost |
|---|---|---|---|---|
| Third quarter 2026 | 954 | $74.8M | 953,802 | $74.7M |
| After Sept. 30 | 2,148 | $175.4M | 2,384,677 | $175.3M |
| Cumulative under the $250M program | — | — | 3,338,479 | ~$250.0M |
Source: Hut 8 Corp. Form 8-K, Ex. 99.1, Nov. 4, 2026 [2]. Table: Le Coin.
Hut 8 still held plenty of bitcoin at quarter-end. Its quarterly report says the consolidated balance sheet carried about 16,787 bitcoin on Sept. 30: about 8,360 held by Hut 8 and about 8,427 held by American Bitcoin, a bitcoin accumulation company whose results Hut 8 consolidates [3]. The release values those holdings at $697.4 million attributable to Hut 8 and $702.9 million attributable to American Bitcoin [2]. The larger post-quarter sale came after that count, and the filings give no newer one.
The income statement shows how much of the quarter came from bitcoin's price rather than operations.
| Hut 8, three months ended Sept. 30 | 2026 | 2025 |
|---|---|---|
| Total revenue | $71.1M | $83.5M |
| Gain on digital assets (primarily unrealized) | $413.8M | $76.6M |
| General and administrative expense | $99.6M | $25.9M |
| Interest expense | $105.5M | $8.6M |
| Net income (mostly unrealized gains) | $189.5M | $50.6M |
| Net income attributable to Hut 8 Corp. | $131.1M | $50.1M |
| Adjusted EBITDA (non-GAAP) | $33.0M | $30.5M |
Source: Hut 8 Corp. Form 8-K, Ex. 99.1, Nov. 4, 2026 [2]. Table: Le Coin.
Revenue fell 15% to $71.1 million, almost all of it from Compute, at $68.4 million [2]. Net income of $189.5 million, mostly unrealized, rested on a $413.8 million gain on digital assets that the filing calls "primarily unrealized" [2]. Unrealized means the coins were marked up in value on paper, not sold. Adjusted EBITDA, a non-GAAP measure, meaning one not defined by standard accounting rules, was $33.0 million; Hut 8 revised that measure in the second quarter of 2026 to exclude bitcoin's mark-to-market [2].
Hut 8 isn't walking away from bitcoin. It kept about 8,360 coins of its own at Sept. 30, and American Bitcoin held a similar number [3]. The cash from the coins it sold went to shareholders through a smaller share count, not into operating costs [2].
The bigger business is elsewhere. The release leads with data centers: a second 352-megawatt lease at its Beacon Point campus with the same tenant as the first, bringing what the company calls "expected aggregate base-term contract value" across its AI data-center portfolio to about $26.6 billion [2]. It reported about $6.6 billion in unrestricted cash, restricted cash and equivalents, and restricted short-term investments, and closed a four-year $1.07 billion revolving credit facility, a secured credit line it can draw on as needed, with nothing borrowed under it at Sept. 30 [2].
The $1.0 billion is also a ceiling, not a commitment. Hut 8 trades on the Toronto Stock Exchange as well as Nasdaq, and the filing states the limit once: "Under applicable Canadian securities regulations, the number of shares that the Company can repurchase at any time may not exceed 5.0% of the Company's issued and outstanding Common Stock during the preceding 12 month period" [2]. As of Nov. 2 that cap was 6,001,877 shares, "before reducing for any prior repurchases within 12 months" [2].
In Le Coin's view, the line worth watching is where the next dollar of bitcoin goes. Hut 8 has now shown, in a filing, that it turned coins into a smaller share count, and its board has raised the budget for doing so to $1.0 billion. The next quarterly report will show whether the bitcoin count kept falling as the share count did. The Canadian cap counts shares, not dollars, so it sets the pace.
Holding the Corner.
Not financial advice.