Hut 8
HUT on Nasdaq. Hut 8 sells data center capacity and computing power to AI and technology customers. Market value $11.0bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
We don't have this figure for this company.
What you pay for each dollar of net assets: $7.88.
Profit per $100 you pay: $-5.28.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$92.22 a share, 191% above its 1-year low
Over the past year the price has ranged from $31.67 to $140.80.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||
| Revenue | $82m | $162m | $235m |
| Operating margin | |||
| Operating margin | n/a | n/a | n/a |
| Debt to equity | |||
| Debt to equity | n/a | n/a | n/a |
| Shares outstanding | |||
| Shares outstanding | 0.09bn | 0.11bn | 0.12bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 36% more shares since 2023
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $75 million last quarter, up 81% on a year ago.
- A loss of $150 million, after a profit of $137 million a year ago.
- About the same number of shares as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $44m |
| December 2024 | $32m |
| March 2025 | $22m |
| June 2025 | $41m |
| September 2025 | $84m |
| December 2025 | $88m |
| March 2026 | $71m |
| June 2026 | $75m |
| Quarter to | Amount |
|---|---|
| September 2024 | $647,000 |
| December 2024 | $152m |
| March 2025 | -$134m |
| June 2025 | $137m |
| September 2025 | $50m |
| December 2025 | -$280m |
| March 2026 | -$220m |
| June 2026 | -$150m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 426 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Third PointDan Loeb | $152m | 3.3% | Added |
| Oasis ManagementSeth Fischer | $31m | 3.7% | Cut |
Largest holders overall
- Coatue Management$1.1bnNew
- BlackRock$1.1bnAdded
- Vanguard Portfolio Management$719mAdded
- Lone Pine Capital$666mCut
- Vanguard Capital Management$526mAdded
- Morgan Stanley$383mAdded
- Geode Capital Management$353mCut
- State Street$299m
- T. Rowe Price Investment Management$228mAdded
- D. E. Shaw$221mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Vanguard Portfolio ManagementPassive investor5.6%Since 30 June 2026
- Lone Pine Capital LLCPassive investorat least 5.6%(filed with 5 related holders)Since 27 February 2026
- Michael HoInsider or founder5.1%Since 29 September 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: The information set forth in Item 6 of this Amendment No. 1 is incorporated by reference into this Item 4.
Read the filing - G1 Execution Services, LLCPassive investorat least 2.7%−2.6 pts(filed with 3 related holders)Since 31 March 2026
- JANE STREET GROUP, LLCPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Portfolio Management Passive investor | 5.6% | 30 June 2026 | |
Lone Pine Capital LLC Passive investor | at least 5.6% (filed with 5 related holders) | 27 February 2026 | |
Michael Ho Insider or founder | 5.1% | 29 September 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: The information set forth in Item 6 of this Amendment No. 1 is incorporated by reference into this Item 4. Read the filing |
G1 Execution Services, LLC Passive investor | at least 2.7%−2.6 pts (filed with 3 related holders) | 31 March 2026 | |
JANE STREET GROUP, LLC Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $15m, $1m of it under preset trading plans.
- SHATTUCK MAYO A IIIDirectorSold
- Date
- 24 September 2026
- Shares
- 20,000
- Price
- $100.00
- Value
- $2m
- Glennan Sean JosephChief Financial OfficerSold
- Date
- 24 August 2026
- Shares
- 6,445
- Price
- $78.76
- Value
- $507,623
- Semah VictorChief Legal OfficerSold
- Date
- 17 June 2026
- Shares
- 10,000
- Price
- $125.00
- Value
- $1m
- Flinn JosephDirectorSold
- Date
- 12 June 2026
- Shares
- 7,719
- Price
- $117.91
- Value
- $910,162
- Flinn JosephDirectorSold
- Date
- 11 June 2026
- Shares
- 30,500
- Price
- $116.21
- Value
- $4m
- Wilkinson Amy MarieDirectorSold
- Date
- 21 May 2026
- Shares
- 20,000
- Price
- $100.78
- Value
- $2m
- Rickertsen RickDirectorSold
- Date
- 13 May 2026
- Shares
- 17,491
- Price
- $110.00
- Value
- $2m
- Rickertsen RickDirectorSold
- Date
- 11 May 2026
- Shares
- 16,496
- Price
- $105.00
- Value
- $2m
- Semah VictorChief Legal OfficerSoldunder a preset trading plan
- Date
- 4 May 2026
- Shares
- 10,518
- Price
- $76.83
- Value
- $808,098
- Glennan Sean JosephChief Financial OfficerSoldunder a preset trading plan
- Date
- 10 March 2026
- Shares
- 4,625
- Price
- $49.05
- Value
- $226,856
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 24 September 2026 | SHATTUCK MAYO A III Director | Sold | 20,000 | $100.00 | $2m |
| 24 August 2026 | Glennan Sean Joseph Chief Financial Officer | Sold | 6,445 | $78.76 | $507,623 |
| 17 June 2026 | Semah Victor Chief Legal Officer | Sold | 10,000 | $125.00 | $1m |
| 12 June 2026 | Flinn Joseph Director | Sold | 7,719 | $117.91 | $910,162 |
| 11 June 2026 | Flinn Joseph Director | Sold | 30,500 | $116.21 | $4m |
| 21 May 2026 | Wilkinson Amy Marie Director | Sold | 20,000 | $100.78 | $2m |
| 13 May 2026 | Rickertsen Rick Director | Sold | 17,491 | $110.00 | $2m |
| 11 May 2026 | Rickertsen Rick Director | Sold | 16,496 | $105.00 | $2m |
| 4 May 2026 | Semah Victor Chief Legal Officer | Sold under a preset trading plan | 10,518 | $76.83 | $808,098 |
| 10 March 2026 | Glennan Sean Joseph Chief Financial Officer | Sold under a preset trading plan | 4,625 | $49.05 | $226,856 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 11 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On March 25, 2025, the Audit Committee (the “Committee”) of the Board of Directors of Hut 8 Corp. (the “Company”) dismissed Raymond Chabot Grant Thornton LLP (“RCGT”) as the Company’s independent registered public accounting firm.”
From an 8-K filed 31 March 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.