Hut 8 Posts $189.5M Q3 Net Incomey on Unrealized Crypto Gains Despite Revenue Slump

Hut 8 reported a third-quarter net income of $189.5M, driven by $413.8M in primarily unrealized digital asset gains, despite revenue of $71.1M missing analyst expectations of $75.9M. The company sold 3,102 BTC to fund $250M in share repurchases and expanded its energy capacity under exclusivity to 3,180 MW, with 1,330 MW of AI data center capacity under construction.