Hut 8 Corp. plans to develop four new sites across the United States. The expansion positions the Company to meet growing demand from energy-intensive use cases while scaling and diversifying its platform across strategic energy markets. Upon commercialization of the sites, Hut 8 expects its platform to exceed 2.5 gigawatts of capacity under management across 19 sites. In connection with the expansion, Hut 8 is reclassifying 1,530 megawatts (MW) of capacity related to these sites from Capacity Under Exclusivity into a new category: Capacity Under Development.
“This expansion marks a defining step in Hut 8’s evolution into one of the largest energy and digital infrastructure platforms in the world,” said Asher Genoot, CEO of Hut 8. “By advancing more than 1.5 gigawatts of capacity from exclusivity into development, we position ourselves to more than double the scale of our platform and address accelerating demand across energy-intensive use cases. In addition to driving scale, this expansion is designed to broaden our geographic footprint as we seek to capture opportunities in markets where we see energy demand rising most rapidly. Importantly, it represents just the first phase of execution against a multi-gigawatt energy origination pipeline that underpins our long-term growth trajectory.”
Expansion Sites: 1,530 MW of Capacity Under Development
The expansion sites range in scale from 50 MW to 1,000 MW of utility capacity, each selected for near-term power access and the potential to support commercialization across a range of advanced technologies. Guided by its first-principles approach to digital infrastructure, Hut 8 is actively advancing design and commercialization initiatives with prospective customers. Where appropriate, the sites will incorporate next-generation architecture that enables rapid, capital-efficient deployment and the flexibility to support a range of customer requirements. The sites detailed below comprise the 1,530 MW of capacity that has advanced from exclusivity into Capacity Under Development.
Development Pipeline Update
In conjunction with the launch of this expansion, Hut 8 has introduced a new category to its development framework: Capacity Under Development. This designation applies to late-stage projects that have advanced beyond exclusivity, where Hut 8 is actively investing in site development and commercialization by executing definitive land and power agreements, advancing site design and infrastructure buildout, and engaging with prospective customers. Projects in this category, including those announced today, will transition into Capacity Under Management once commercialized.
Investment and Partnerships
The expansion is expected to be financed through a disciplined capital strategy, with optionality across multiple funding sources. As of August 25, 2025, Hut 8 has assets and available financing arrangements supporting up to $2.4 billion in liquidity, including cash, Bitcoin, credit, and the Company’s at-the-market (ATM) equity program. Core elements include:
- Strategic reserve assets: 10,278 Bitcoin with a market value of approximately $1.2 billion as of August 25, 2025, providing a liquid asset base that can be actively managed to provide excess liquidity capacity through collateralized loans and generate yield through right-way-risk activities, such as covered call options.
- Non-dilutive growth capital: A new revolving credit facility of up to $200 million with Two Prime and an upsized, repriced $130 million credit facility with Coinbase, together providing $330 million of liquidity at a weighted average cost of capital of 8.4%.
- Equity flexibility: A new $1 billion ATM equity program. As of August 22, 2025, in connection with the launch of this program, Hut 8 terminated its prior ATM program with 40% of capacity unutilized, underscoring the Company’s disciplined approach to equity issuance. Shares under the prior program were issued at an average price of $27.83 per share, with just $21.1 million, or 4% of total program capacity, issued between February 1, 2025 and retirement.
- Project-level financing: Indicative interest from banking partners to provide project-level financing for data center developments, structured around specific customer profiles and counterparties.
“The strength of our balance sheet has been a critical differentiator in demonstrating our ability to minimize execution risk and deliver at scale to prospective customers,” said Asher Genoot, CEO of Hut 8. “Building on that foundation, our updated ATM program and new credit facility with TwoPrime expand liquidity and optionality as we seek to maximize risk-adjusted returns. Together, they reinforce a balance sheet that supports disciplined investment, capital efficiency, and long-term value creation.”
