Bitcoin miner Hut 8 reported a significant fourth-quarter net loss of $279.7 million, driven by a $401.9 million loss on digital assets, despite revenue soaring to $88.5 million. The company highlighted a major strategic shift, securing a $7 billion, 15-year AI data center lease backed by Google and selling its natural gas portfolio to focus on infrastructure and a new Bitcoin accumulation vehicle.
Bitcoin mining company Hut 8 posted a fourth-quarter net loss of $279.7 million, reversing a $152.2 million income from the prior year. Revenue for the quarter was $88.5 million, a substantial increase from $31.7 million a year earlier.
The firm’s operating results were heavily impacted by a $401.9 million loss on digital assets. According to its earnings report, compute revenue totaled $81.9 million, up from $19.2 million. Hut 8 ended the year with approximately $1.4 billion in cash and Bitcoin reserves, data showing it holds 13,696 BTC.
Strategically, the company signed a 15-year lease for 245 megawatts of AI data center capacity valued at $7 billion. The agreement includes payments financially backstopped by Google and builds on Hut 8’s expansion into high-performance computing.
It also completed the sale of a 310 MW natural gas portfolio in February and launched American Bitcoin Corp. as a separately listed vehicle focused on Bitcoin accumulation. Shares of Hut 8 were down about 4.5% in Wednesday morning trading.
This reflects a broader trend where mining stocks have gained despite Bitcoin’s price decline. Data shows TeraWulf is up more than 50% this year, while Riot Platforms and Hut 8 have advanced about 30% and 29%, respectively.
The divergence suggests investors may be valuing miners on energy infrastructure and data center strategies more than Bitcoin price exposure. Other miners, including CleanSpark, Core Scientific, HIVE Digital and MARATHON Digital, have repurposed infrastructure or outlined similar AI initiatives.
