Bitcoin miner and energy infrastructure firm Hut 8 (NASDAQ: HUT) has officially joined the ranks of the world’s top 10 publicly traded Bitcoin holders, after expanding its reserves by more than 50% in the past year.
Hut 8 Corp.
As of September 30, 2025, the company held 13,696 BTC, valued at roughly $1.6 billion, up from 9,106 BTC in the same period last year, according to a company release on Tuesday. The growth puts Hut 8 ahead of rival miner CleanSpark, which holds 13,011 BTC, based on data from Bitcoin Treasuries. It now stands as the third-largest Bitcoin miner by holdings, behind Marathon Digital (MARA) and Riot Platforms (RIOT).
Hut 8’s financial momentum was largely driven by its bitcoin mining operations, which contributed about $70 million in third-quarter revenue. Most of that came from its majority-owned subsidiary American Bitcoin Corp. (ABTC) — a company created through a partnership with the Trump family. ABTC, which began trading on Nasdaq following its merger with Gryphon Digital Mining, added roughly 14.8 exahash per second (EH/s) to Hut 8’s total hashrate. This more than doubled Hut 8’s mining capacity from 12.0 EH/s to 26.8 EH/s.
Beyond mining, Hut 8 is diversifying its revenue streams through GPU-as-a-Service, cloud computing, power generation, and colocation services. In the third quarter, the company earned $8.4 million from power generation and managed services, and another $5.1 million from colocation operations — reflecting a broader industry trend of miners expanding into digital infrastructure and energy markets.
The company also announced a new $1 billion at-the-market (ATM) equity program and a $200 million revolving credit facility with Two Prime, following the termination of a previous ATM program.
“Supported by a fortress balance sheet, disciplined capital framework, and diversified platform spanning Power, Digital Infrastructure, and Compute, we are executing from a position of strength,” said Asher Genoot, Hut 8’s CEO, in a statement.
Despite the strong operational updates, HUT shares traded down over 9%, falling below $50 at press time. It ranked among the day’s weakest crypto-related stocks, alongside mining peers Canaan, Greenidge, and Argo, as well as Sol Strategies, a Solana-focused treasury firm—all of which posted double-digit declines.
Hut 8’s steady expansion underscores the shifting landscape of Bitcoin mining, where firms are increasingly blending traditional energy expertise with digital asset operations to stay resilient in a volatile market.
