Mr. Asher Genoot reports

HUT 8 SUBSIDIARY AMERICAN BITCOIN ANNOUNCES GO-PUBLIC TRANSACTION

Hut 8 Corp.'s majority-owned subsidiary, American Bitcoin, has entered into a definitive merger agreement to go public with Gryphon Digital Mining Inc., pursuant to which Gryphon will acquire American Bitcoin in a stock-for-stock merger transaction.

Upon closing, the combined company will operate under the American Bitcoin brand, led by the American Bitcoin board of directors, including Mike Ho, Asher Genoot, Justin Mateen and Michael Broukhim, and management team, including Mike Ho, Matt Prusak and Eric Trump. The combined company is expected to trade on Nasdaq under the ticker symbol ABTC. The transaction is expected to close as early as the third quarter of 2025.

"This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost bitcoin accumulation at scale," said Asher Genoot, chief executive officer of Hut 8. "By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8's balance sheet, while preserving long-term exposure to Bitcoin upside for our shareholders."

Existing stockholders of American Bitcoin are expected to own approximately 98 per cent of the combined company. Immediately following the completion of the transaction, the company will beneficially own a majority of the issued and outstanding capital stock of the combined company.

Following the transaction, Hut 8 will continue to serve as American Bitcoin's exclusive infrastructure and operations partner through a series of long-term commercial agreements expected to generate stable, contracted revenue streams in Hut 8's power and digital infrastructure segments.

Additional transaction information

American Bitcoin has made available on its website a presentation with additional information concerning the transaction.

Supplemental materials and communications

For important news and information regarding the company, including investor presentations and the timing of future investor conferences, visit the investor relations section of the company's website and its social media accounts. The company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

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.

About American Bitcoin

American Bitcoin is a bitcoin accumulation platform focused on building America's bitcoin infrastructure backbone. A majority-owned subsidiary of Hut 8, the company combines Hut 8's proven mining operations, cost-efficient infrastructure development capabilities and disciplined approach to capital allocation with Mr. Trump's commercial acumen, capital markets expertise and commitment to the advancement of decentralized financial systems.

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