Reserve built through low-cost production and strategic at-market purchase Purchased Bitcoin to support innovative financing model for fleet upgrade MIAMI, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today announced the purchase of approximately 990 Bitcoin.

The aggregate purchase price of the acquired Bitcoin was approximately $100 million, or an average of approximately $101,710 per Bitcoin. Combined with the Bitcoin held prior to this purchase, Hut 8’s strategic Bitcoin reserve now totals 10,096 Bitcoin with a market value of more than $1 billion as of December 18, 2024. Based on publicly available information, the Company believes this positions it as one of the ten largest corporate owners of Bitcoin in the world.

The 10,096 Bitcoin held in reserve were acquired through low-cost production and the strategic at-market purchase announced today for a realized average cost of $24,484 per Bitcoin. The purchased Bitcoin will play a central role in an innovative financing model for the Company’s previously announced fleet upgrade. Figure 1.

Fundamentals-driven operating strategy focused on driving significant and scalable cost advantage in building a strategic Bitcoin reserve Hut 8’s strategic Bitcoin reserve bolsters the Company’s capital strategy by serving as a flexible asset that.