Mr. Asher Genoot reports

HUT 8 AND ERIC TRUMP LAUNCH AMERICAN BITCOIN TO SET A NEW STANDARD IN BITCOIN MINING

Hut 8 Corp. has formed American Bitcoin Corp., a majority-owned subsidiary of Hut 8 focused exclusively on industrial-scale bitcoin mining and strategic bitcoin reserve development. The launch of American Bitcoin follows the strategic contribution of substantially all of Hut 8's ASIC (application-specific integrated circuit) miners to and in exchange for a majority interest in American Data Centers Inc., a company formed by a group of investors including Eric Trump and Donald Trump Jr. In connection with the transaction, American Data Centers was subsequently renamed and relaunched as American Bitcoin.

Going forward, all bitcoin mining operations previously reported under Hut 8's compute segment will remain under its compute segment but operate through the American Bitcoin brand. Initially, American Bitcoin's results will be consolidated within the company's financial statements for reporting purposes. Hut 8 will serve as American Bitcoin's exclusive infrastructure and operations partner through a series of long-term commercial agreements that will generate stable, contracted revenue streams in Hut 8's power and digital infrastructure segments.

American Bitcoin aims to become the world's largest, most efficient pure-play bitcoin miner while building a robust strategic bitcoin reserve. The transaction combines Hut 8's proven mining operations, cost-efficient infrastructure development capabilities and disciplined approach to capital allocation with Eric Trump's commercial acumen, capital markets expertise and commitment to the advancement of decentralized financial systems.

"It is a great honour to partner with Hut 8, a recognized leader in the bitcoin space, as we launch American Bitcoin," said Eric Trump, co-founder of American Bitcoin. "By combining Hut 8's proven operational excellence in data centres with our shared passion for bitcoin and decentralized finance, we are poised to strengthen our foundation and drive significant future growth."

"From the start, we've backed our conviction in bitcoin -- personally and through our businesses," said Donald Trump Jr. "But simply buying bitcoin is only half the story. Mining it on favourable economics opens an even-bigger opportunity. We're excited to bring investors into that equation through a platform engineered to execute on this thesis and deliver real, tangible participation in bitcoin's growth."

"The launch of American Bitcoin marks a pivotal evolution in our platform strategy," said Asher Genoot, chief executive officer of Hut 8. "By carving out our mining business into a stand-alone entity, which will raise its own capital, we align each segment of the business with its respective cost of capital. The transaction creates two focused yet complementary businesses, each purpose-built for its respective mandate. It evolves Hut 8 toward more predictable, financeable, lower-cost-of-capital segments and establishes American Bitcoin as a pure-play mining platform built for exahash growth, bitcoin production and operating leverage."

Key terms:

• Transaction structure -- Hut 8 contributed the majority of its wholly owned ASIC miners to American Data Centers in exchange for 80 per cent of the company. Upon completion of the transaction, American Data Centers was renamed and relaunched as American Bitcoin.
• Leadership team -- American Bitcoin's initial leadership team will consist of three members: Mike Ho, executive chairman; Matt Prusak, chief executive officer; and Eric Trump, chief strategy officer.
• Board of directors -- American Bitcoin's board of directors will initially consist of four members: Mr. Ho, Mr. Genoot, Justin Mateen and Michael Broukhim.
• Select commercial agreements -- Hut 8 will be the exclusive provider of ASIC co-location services and managed services to American Bitcoin. Hut 8 will also provide day-to-day management services to American Bitcoin through a shared services agreement.

Additional transaction information

The company has made available on its website a presentation with additional information concerning the transaction. Additional information is available in the Form 8-K that the company will file with the United States Securities and Exchange Commission.

Conference call

The company will host a conference call on Tuesday, April 1, 2025, at 8:30 a.m. ET to discuss the transaction.

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. The company takes a power-first, innovation-driven approach to developing, commercializing and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Hut 8'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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