Two companies, one name
The Hut 8 that files with the SEC today is not the Hut 8 that used to trade in Toronto. The 2025 Form 10-K is explicit: Hut 8 Corp. "was incorporated in the State of Delaware on January 27, 2023 for the purposes of effecting the Business Combination". That combination merged Hut 8 Mining Corp., a British Columbia corporation the filing calls Legacy Hut, with U.S. Data Mining Group, Inc., which traded as US BITCOIN and which the company's proxy dates to "its inception in December 2020". The deal closed on 30 November 2023 and the new company began trading on Nasdaq on 4 December 2023. For accounting purposes USBTC was treated as the acquirer, so the reported financial history is largely USBTC's, not Legacy Hut's. Legacy Hut's earlier life is visible in the record too: a 2021 press release filed with the SEC shows Bitfury Holding BV holding around 19% of its shares on the TSX Venture Exchange.
What it owns
Hut 8 describes itself as an energy infrastructure platform rather than a miner, and the numbers follow that framing. As of 31 December 2025 it reported 1,020 megawatts of energy capacity under management, 330 under construction and 1,230 under development, across 19 sites in the United States and Canada. Those include five mining and hosting 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 site under construction in Louisiana where Fluidstack is expected to be the tenant and Google is expected to backstop the lease payments for a fifteen-year term.
The subsidiary that does the mining
Most of the actual hashing now happens inside American Bitcoin Corp., launched in 2025 and listed on Nasdaq as ABTC, of which Hut 8 is the majority owner. Third parties held 39.93% of it at year end. Hut 8's Vega site in Texas hosts roughly 15 exahashes per second across 17,280 machines under a colocation agreement with American Bitcoin. On a consolidated basis the group held 15,679 bitcoin on 31 December 2025, made up of 10,278 held by Hut 8 and 5,401 by American Bitcoin. Listing here is not endorsement.