Here’s a bold statement: Hut 8 has just shattered expectations by joining the elite ranks of the top 10 largest public bitcoin holders, boasting a staggering reserve of over 13,000 BTC. But here's where it gets controversial—while the company’s growth is impressive, its stock performance tells a different story. Let’s dive into the details and uncover what this means for the future of bitcoin mining and energy infrastructure.
Over the past year, Hut 8, a prominent bitcoin miner and energy infrastructure firm (ticker HUT), has seen its bitcoin holdings surge by more than 50%. As of September 30, 2025, the company held 13,696 BTC, valued at approximately $1.6 billion, up from 9,106 BTC in the same period in 2024. This remarkable growth propels Hut 8 ahead of competitors like CleanSpark, which holds 13,011 BTC, according to Bitcoin Treasuries' rankings. It also cements Hut 8’s position as the third-largest bitcoin miner by stockpiled BTC, trailing only behind MARA and Riot.
And this is the part most people miss: Hut 8’s success isn’t just about mining bitcoin. In the third quarter, the company generated roughly $70 million in revenue, primarily from its majority-owned subsidiary, American Bitcoin Corp. (ticker ABTC), formed through a partnership with the Trump family. Additionally, its GPU-as-a-Service and cloud computing business lines contributed significantly. The merger of American Bitcoin with Gryphon Digital Mining not only boosted Hut 8’s Nasdaq presence but also more than doubled its total hashrate from ~12.0 exahash-per-second (EH/s) to ~26.8 EH/s, thanks to an additional ~14.8 EH/s.
Like many miners, Hut 8 has been diversifying its portfolio to navigate the increasingly competitive mining landscape. In Q3, the company earned $8.4 million from power generation and managed services, and $5.1 million from colocation services. This strategic shift highlights Hut 8’s commitment to expanding beyond mining into energy and high-performance compute services.
But here’s the controversial part: Despite these impressive achievements, Hut 8’s stock (HUT) has plummeted over 9% to below $50 at press time, according to The Block’s price page. This makes it the fifth-worst daily performer among crypto equities, behind rivals like Canaan, Greenidge, Argo, and Sol Strategies, all of which are down double digits. Does this reflect a broader market sentiment, or is it a temporary dip? We’ll let you decide.
In a recent statement, Hut 8 CEO Asher Genoot emphasized the company’s strength, stating, ‘Supported by a fortress balance sheet, disciplined capital framework, and diversified platform spanning Power, Digital Infrastructure, and Compute, we are executing from a position of strength.’ To further solidify its financial position, Hut 8 launched a new $1 billion at-the-market equity program and a $200 million revolver with Two Prime, replacing a prior ATM program.
Now, here’s a thought-provoking question: As Hut 8 continues to expand its bitcoin reserves and diversify its revenue streams, will its stock performance catch up to its operational success? Or is the market overlooking the long-term potential of this mining giant? Share your thoughts in the comments below.
Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block and also invests in other crypto companies. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block maintains its independence to deliver objective, impactful, and timely information about the crypto industry. For more details, refer to our financial disclosures.
© 2025 The Block. All Rights Reserved. This article is for informational purposes only and should not be considered legal, tax, investment, financial, or other advice.
