Hut 8 reported $74.9 million in revenue for Q2 2026, nearly doubling its $41.3 million result from the same period a year ago. Instead, shares fell roughly 5% after the company also reported a $177.1 million net loss for the quarter.
The gap between the revenue headline and the market reaction is mostly explained by one line item: $138.6 million in unrealized losses on digital assets. Hut 8 holds Bitcoin on its balance sheet, the price moved against them, and accounting rules require they mark that down even if they haven’t sold a single coin.
The numbers behind the miss
Hut 8’s Compute segment did the heavy lifting, generating $72.5 million of that $74.9 million total.
Shares dropped approximately 5.18% following the earnings release. Analysts had been expecting results that the reported figures couldn’t quite reach.
American Bitcoin: separating the mining business
One of the more strategically interesting pieces of Hut 8’s story right now is what’s happening with its American Bitcoin subsidiary. CEO Asher Genoot has been clear that future Bitcoin exposure for shareholders will flow primarily through that entity rather than the parent company.
American Bitcoin is moving toward a public listing via a merger with Gryphon Digital Mining, with trading under the ABTC ticker expected to begin in September 2025. After the transaction closes, Hut 8 shareholders would retain an 80% stake in the new public entity.
American Bitcoin held approximately 3,865 BTC as of late October 2025, giving it a meaningful treasury position that will define much of its early public market identity.
The AI data center pivot is the real long game
Hut 8’s AI data center development pipeline stood at approximately 8,375 MW as of May 2026.
The flagship deal is a 15-year lease at the Beacon Point campus, contracted at $9.8 billion with what Hut 8 describes as a high-investment-grade hyperscaler client.
Beyond Beacon Point, Hut 8 has secured a $3.25 billion bond issuance to fund its River Bend AI campus, with that facility expected to come online in Q2 2027. The bond is described as non-dilutive, meaning existing shareholders don’t get washed out to raise the capital.