Mr. Asher Genoot reports

HUT 8 ANNOUNCES NEW ATM AND STOCK REPURCHASE PROGRAMS

Hut 8 Corp. has provided three capital market updates:

1. The company has entered into a controlled equity offering sales agreement with the sales agents named therein, pursuant to which it may offer and sell, under the prospectus supplement (as defined below), shares of its common stock, par value one cent per share, having an aggregate offering price of up to $500.0-million from time to time pursuant to an at-the-market program.
2. The company launched a $250.0-million stock repurchase program with respect to the common stock.
3. Under the terms of the company's convertible note purchase agreement with Coatue Tactical Solutions Lending Holdings AIV 3 LP, Coatue has consented to the launch of the stock repurchase program and elected not to require the registration of the common stock underlying its convertible note in connection with Hut 8's filing today of a shelf registration statement on Form S-3ASR with the Securities and Exchange Commission.

"The launch of the ATM program and stock repurchase program have equipped the business with two powerful tools that we believe bolster our ability to navigate the volatile markets in which we operate," said Asher Genoot, chief executive officer of Hut 8. "These tools support a robust, integrated capital strategy, reinforcing our pro-active approach to treasury management.

"We believe the three capital market updates announced today send a clear message to shareholders: Our key investors continue to believe in us, and the flexibility provided by the ATM program and stock repurchase program strengthens our ability to pursue ambitious growth objectives with confidence while maintaining a relentless focus on driving sustainable shareholder returns."

The company intends to use the net proceeds from any sales of common stock under the ATM program for growth initiatives, including the acquisition or development of power and digital infrastructure assets such as data centres, as well as the purchase of bitcoin as a strategic reserve asset. Net proceeds may also be allocated to other capital expenditures and investments, working capital, the repurchase of outstanding securities, the repayment of indebtedness, and other general corporate purposes. Pursuant to the sales agreement, sales of the common stock under the ATM program may be made in the United States by any method deemed to be an at-the-market offering as defined in Rule 415 of the Securities Act of 1933, as amended, or by any other method permitted by law, including by sales made directly on or through the Nasdaq Global Select Market. The company may in the future make sales of the common stock under the sales agreement in Canada to or through Canadian affiliates of the sales agents named therein, subject to certain terms and conditions set forth therein, including the filing of a prospectus in each of the provinces and territories of Canada qualifying the common stock in at-the-market offerings under applicable Canadian securities laws.

Sales under the ATM program will be made pursuant to a prospectus supplement, dated Dec. 4, 2024, to the base prospectus contained in the registration statement, each filed by the company with the SEC for the offering to which this communication relates. Before investing, prospective investors should read the prospectus and the prospectus supplement (including the documents incorporated by reference therein), and other documents the company has filed with the SEC, for more complete information about the company and the ATM program, including the risks associated with investing in the common stock. Copies of the prospectus and the prospectus supplement may be obtained from Cantor Fitzgerald & Co., attention: capital markets, 110 East 59th St., New York, N.Y., 10022, or by e-mail at prospectus@cantor.com or from Keefe, Bruyette & Woods Inc. by e-mail at kbwsyndicatedesk@kbw.com or by telephone at 1-800-966-1559. You may also obtain these documents free of charge when they are available by visiting EDGAR.

The stock repurchase program has been introduced as part of the company's capital management plan. Under the stock repurchase program, the company may repurchase up to 4,683,936 shares of common stock (representing 5.0 per cent of the current issued and outstanding common stock) in the next 12 months. The company expects that any repurchases will be made through the facilities of Nasdaq at prevailing market prices in accordance with applicable securities laws.

The ATM program and stock repurchase program do not require the company to sell or purchase any minimum number of shares of the common stock. The timing and extent to which the company may sell or repurchase common stock will depend upon, among other things, market conditions, share price, liquidity, regulatory requirements and other factors, and sales and repurchases of common stock may be commenced or suspended by the company at any time without prior notice to its stockholders.

About Hut 8 Corp.

Hut 8 is an energy infrastructure operator and bitcoin miner with self-mining, hosting, managed services and traditional data centre operations across North America. Headquartered in Miami, Fla., Hut 8's portfolio comprises 20 sites: 10 bitcoin mining, hosting and managed services sites in Alberta, New York and Texas, five cloud and co-location data centres in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta.

We seek Safe Harbor.