Mr. Asher Genoot reports

HUT 8 REBRANDS TO ALIGN EXTERNAL POSITIONING WITH POWER-FIRST, PLATFORM-DRIVEN BUSINESS MODEL

Hut 8 Corp. has completed a corporate rebrand that aligns the company's external positioning with its strategic focus on energy and digital infrastructure through an integrated platform model focused on disciplined capital allocation, operational rigour and relentless performance optimization.

"Our new brand enables us to more clearly express what has always set Hut 8 apart: a power-first, innovation-driven approach to developing, commercializing and operating next-generation digital infrastructure," said Asher Genoot, chief executive officer of Hut 8. "Since our merger of equals, we have scaled with discipline across each layer of our platform, institutionalized the broader business and executed with the rigour we believe is required to deliver outsized long-term value for our investors. Our new brand embeds our platform-driven strategy into our external positioning and sharpens how we articulate our business model, structural advantages and approach to long-term value creation to the market."

The company's rebrand follows over a year of disciplined strategic, operational and capital markets execution under new leadership, which has solidified Hut 8's position as a power-first, innovation-driven developer of energy and digital infrastructure. Since the merger of Hut 8 Mining Corp. with U.S. Data Mining Group Inc. (U.S. Bitcoin Corp.) in November, 2023, the company has:

• Expanded its energy infrastructure platform to 1,020 megawatts under management across 15 sites as of March 31, 2025, which includes scaled behind-the-meter operations at King Mountain (280 MW) and Vega (205 MW);
• Built a high-velocity, utility-scale power origination pipeline spanning approximately 10,800 MW of capacity as of March 31, 2025, a more than threefold increase from 3,000-plus MW as of the end of Q2 2024, including approximately 2,600 MW under exclusivity, anchored by a power-native team led by former executives and team members from some of North America's largest generation owners, utilities, energy investment firms, infrastructure developers and trading desks;
• Advanced AI (artificial intelligence) data centre development opportunities comprising 430 MW of total capacity, including River Bend, a 592-acre campus in Louisiana where site work is under way;
• Designed and commercialized a next-generation Tier I data centre form factor for ASIC (application-specific integrated circuit) compute at Vega, which features a proprietary, rack-based, direct-to-chip liquid cooling system designed by Hut 8 to support ASIC deployments at densities of up to 180 kilowatts per rack, with initial customer discussions supporting the viability of this architecture for future iterations of liquid-cooled infrastructure to meet emerging HPC (high-performance computing) workloads and next-generation AI data centre design;
• Restructured its bitcoin mining business into a stand-alone entity through the launch of American Bitcoin Corp., creating a dedicated bitcoin accumulation vehicle that can scale independently without diverting capital from the company's core power and digital infrastructure businesses;
• Scaled lower volatility, contracted businesses, executing an ASIC co-location agreement with Bitmain at Vega, ASIC co-location and managed services agreements with American Bitcoin, and five-year capacity contracts with the Ontario Independent Electricity System Operator (IESO) for 310 MW of power generation assets;
• Executed innovative, dilution-sensitive financings, including: (i) an upsized Coinbase credit facility, increased from $65-million to $130-million, with a fixed interest rate of 9.0 per cent, compared with a stated interest rate ranging from 10.5 per cent to 11.5 per cent between the quarter ended Dec. 31, 2023, and the quarter ended March 31, 2025; (ii) a bitcoin-backed call option structure used to finance the company's purchase of machines from Bitmain; (iii) a covered-call program that generated more than $20-million in net proceeds from premiums on bitcoin held in reserve in fiscal year 2024; and (iv) an at-the-market (ATM) equity offering program, through which $275.5-million in net proceeds has been raised at a weighted average price of $28.23 per share as of March 31, 2025;
• Deepened institutional alignment, supporting growth in institutional ownership from approximately 12 per cent at the end of Q1 2024 to approximately 55 per cent at year-end 2024, marked by milestones such as a strategic investment from Coatue, the conversion of the company's Anchorage loan to equity, the onboarding of a Big 4 audit firm, and the hiring of seasoned veterans from the power and digital infrastructure sectors;
• Realigned its reporting structure to provide a clearer, more comprehensive view of how each layer of the company's platform -- power, digital infrastructure and compute -- contributes to growth, profitability and value creation in the context of the overall business.

The Hut 8 name remains unchanged, reflecting the company's continued alignment with the legacy of technical innovation that defines its namesake. Named for the building at Bletchley Park where Alan Turing led foundational work in computer science and artificial intelligence during the Second World War, the company carries forward that legacy today at the intersection of energy and technology.

The rebrand does not impact Hut 8's existing relationships, agreements and operations. The company's updated website is now live.

About Hut 8 Corp.

Hut 8 is an energy infrastructure platform integrating power, digital infrastructure and compute at scale to fuel next-generation, energy-intensive use cases such as bitcoin mining and high-performance computing. Hut 8 takes a power-first, innovation-driven approach to developing, commercializing and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. The company's platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five bitcoin mining, hosting and managed services sites in Alberta, New York and Texas, five high-performance computing data centres in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta.

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