The repurchases were funded with the sale proceeds, the company said, and third-quarter revenue fell to $71.1 million from $83.5 million. All but about $2.6 million of it came from the compute segment that houses the AI cloud business.
Hut 8 Corp. sold about 2,148 bitcoin after its third quarter closed and spent the $175.4 million in net proceeds buying back its own shares. The Miami company disclosed the sale on Wednesday in third-quarter results that put revenue at $71.1 million for the three months to September 30, down from $83.5 million a year earlier, and said the repurchases were “funded with net proceeds of $175.4 million from the sale of approximately 2,148 Bitcoin.”
The post-quarter buying covered 2,384,677 shares for $175.3 million, on top of 953,802 shares for $74.7 million during the quarter itself. Together that is 3,338,479 shares for about $250.0 million, which exhausts the program Hut 8 launched on December 4, 2024, at exactly that size. The board approved a further $750.0 million on November 2, taking the total authorization to $1.0 billion. Canadian rules cap repurchases at 5.0% of shares outstanding over any 12 months, and the release puts the maximum still available on November 2 at 6,001,877 shares.
Hut 8 also sold about 954 bitcoin during the quarter for $74.8 million in net proceeds, so the two disposals together account for roughly 3,100 coins. At September 30 the company reported bitcoin worth $697.4 million attributable to Hut 8 and a further $702.9 million attributable to American Bitcoin. Those coins come out of a business whose production cost moves with network difficulty, which MiningPool reported was 5.92% higher between October 16 and October 22 as the seven-day average hashrate passed 1 zettahash.
Almost all of the quarter's revenue came from one place. The compute segment, which covers ASIC compute, AI cloud and traditional cloud, brought in $68.4 million, leaving about $2.6 million for everything else. Power revenue fell to $1.3 million from $8.4 million and digital infrastructure revenue to $1.4 million from $5.1 million, declines of roughly 85% and 73%. Compute itself was down about 2% from $70.0 million a year earlier.
The release does not break out self-mining revenue separately and gives no hashrate figure, so the mining business sits inside the compute line and cannot be sized from the segment numbers.
Net income of $189.5 million, against $50.6 million a year earlier, included $413.8 million of gains on digital assets that the release describes as primarily unrealized. The comparable figure a year earlier was $76.6 million. Net income attributable to Hut 8 Corp. was $131.1 million. Adjusted EBITDA, a non-GAAP measure that excludes those marks, was $33.0 million against a recast $30.5 million; including the digital-asset mark-to-market it was $350.3 million. Operating income was $318.2 million against $72.7 million, and interest income of $61.8 million was set against $105.5 million of interest expense. Cipher Mining reported a comparable pattern a day earlier, with its net income resting mainly on a non-cash warrant gain while adjusted EBITDA turned negative.
The quarter's largest announcement was a second lease at Beacon Point covering 352 megawatts of IT capacity, which Hut 8 values at about $9.8 billion of base-term contract value and about $655.0 million of expected average annual net operating income on a triple-net, take-or-pay basis. That takes the campus to about $19.6 billion of contract value and about $1.3 billion of expected annual net operating income, and the whole AI data center portfolio to about $26.6 billion of expected base-term contract value.
None of it produces revenue soon. River Bend's first data hall is targeted for the second quarter of 2027, Beacon Point's first phase for the third quarter of 2027 and its second phase for the second quarter of 2028. Of the 7,859 megawatts Hut 8 counts in its development pipeline, 1,330 were under construction at September 30, split between 330 megawatts at River Bend and 1,000 at Beacon Point, while 6,480 were under diligence or exclusivity.
Chief executive Asher Genoot said the company expects “these projects to be funded entirely at the project level, without requiring equity issuance or recourse debt at the parent.” Hut 8 closed a $1.07 billion four-year senior secured revolver, undrawn at quarter end, and reported about $6.6 billion of cash, cash equivalents and short-term investments. That total combines unrestricted and restricted balances, so it does not measure what the parent can deploy.
The company has also agreed to buy two West Texas sites carrying up to 230 megawatts of utility capacity for up to $180.0 million. Hut 8 said the purchase could close as early as the fourth quarter, subject to power approvals it does not yet hold.
