Hut 8

We are incredibly excited to announce a $150 million strategic investment from Coatue to partner in building a next generation AI infrastructure platform. This investment will accelerate growth in our data center portfolio and provides access to Coatue's extensive network of companies and relationships across energy, data centers, and AI. “We are committed to supporting innovators advancing AI and believe that compute capacity is crucial to unlocking significant growth across the ecosystem. We believe that Hut 8 is well-positioned to accelerate new compute capacity and can capitalize on the opportunity it will bring.” - Philippe Laffont, Founder & Portfolio Manager of Coatue “We are thrilled to be partnering with Coatue, given the firm’s deep expertise and long track record of investments in the AI ecosystem. We believe this partnership will allow us to unlock significant opportunities and connectivity to the broader space as we enter this next phase of growth." - Asher Genoot, CEO of Hut 8 Read the full release here: https://ow.ly/jxX050SnWxP. A presentation with additional information is available on our website here: https://ow.ly/c2fZ50So6Iq

Hut 8 has executed definitive agreements for a 205 MW greenfield site in West Texas, expanding our energy infrastructure platform to approximately 1.3 gigawatts.   This transaction marks several firsts, including: - The first transaction to convert from our previously announced development pipeline of 1,100 MW of energy capacity under exclusivity; - The first time a large data center load has been approved under the complex regulatory framework in this particular market, a testament to the expertise, diligence, and creativity of our corporate development organization; and - The first project to be announced following our investment from Coatue to support the buildout of our next generation energy infrastructure platform.   Stay tuned for more, and read the full release here: https://ow.ly/qp1I50SxitA

June highlights - Secured $150M investment from Coatue to support buildout of AI infrastructure - Achieved near-term visibility to conversion of opportunities in development pipeline - Initiated optimization of existing assets for Bitcoin mining and AI workloads - Configured 512 NVIDIA H100 GPUs and continued data center suite fit-out for AI vertical Ongoing initiatives - Convert opportunities in 1,100 MW pipeline of energy under exclusivity - Commercialize AI vertical (revenue generation expected in H2 2024) - Advance miner fleet upgrade discussions with suppliers Read our full June Operations Update here: https://ow.ly/zUiZ50Sv03m

“It’s like building a tricycle versus a Ducati.” As the Bitcoin mining industry joins the race to build AI infrastructure, CEO Asher Genoot explains how the complexity of designing and building data centers for AI workloads may make the pivot unviable for some miners. Newly backed by Coatue, a leading technology investor with deep expertise in the AI ecosystem, we are more excited than ever to leverage our significant expansion pipeline, differentiated approach to sourcing energy, and track record of quickly and cost-efficiently building power infrastructure to build a leading AI infrastructure platform. Watch the full clip from last month's Consensus by CoinDesk below.

Hut 8 is set to join the broad-market Russell 3000 Index on July 1, 2024 as part of FTSE Russell, An LSEG Business's annual reconstitution. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to the data as of the end of December 2023, about $10.5 trillion in assets are benchmarked against the Russell U.S. indexes.   “Our inclusion in the Russell Indexes is another important milestone for Hut 8, as it will help enhance the Company’s liquidity and visibility. We believe the impact of the inclusion, together with our recently announced and ongoing growth initiatives, will continue to drive us toward our north star of maximizing shareholder value" - Asher Genoot, CEO.   Read the full release here: https://ow.ly/3lXU50SqqxJ

CEO Asher Genoot joined BNN Bloomberg to discuss our recently announced investment from Coatue as we partner to build a next generation AI infrastructure platform.    “How we think about the opportunity is that it increases our total addressable market and allows us to be a much larger company tackling two sectors with growth opportunities and capital that wants to invest in those ecosystems […] We saw Coatue as a strategic investor […] Aside from the investment, they bring their rolodex, credibility, and support in scaling and growing our platform to be at the intersection of bringing power to AI GPU compute.”   Watch the full interview here: https://ow.ly/75hX50SpZC5

Hear Hut 8 CEO Asher Genoot discuss how the supply-demand imbalance in the data center space is unlocking a new market opportunity in a sector historically dominated by incumbents in the clip below from last month's Consensus by CoinDesk. "Today you're in a dynamic where instead of having 5 to 8 years to build net new data centers, people needed data centers yesterday...if you can supply that demand, there's customers."

CEO Asher Genoot joined Jacob Orosz on M&A Talk to discuss lessons learned from the merger of Hut 8 Mining Corp. and US Bitcoin Corp. Click the link below to listen the full podcast, which includes insights on the strategic rationale for the transaction, post-merger integration program, and Hut 8's growth strategy.

“We are incredibly proud of the team behind Salt Creek for relentlessly challenging the status quo in site development. Building greenfield projects in remote locations while navigating supply chain challenges and labor shortages is always a challenge. Nonetheless, the dedication and creative approach to problem solving demonstrated by our team allows us to overcome these obstacles, accelerate our speed to market, and continually drive reductions in our cost of development” - Tim D'Agostino, Vice President, Operations. Located in Culberson County, Texas, the 63 MW Salt Creek project was the first greenfield Bitcoin mining site developed by Hut 8 Corp. following the merger of Hut 8 Mining Corp. and US Bitcoin Corp.

Hut 8’s Annual Meeting of Stockholders will be held on June 21, 2024 at 10:00 a.m. Eastern Time at https://lnkd.in/gTepgzhi. If you hold your shares through a brokerage firm, bank, broker-dealer or other similar organization, please follow their instructions to vote. If you are a stockholder of record, you can vote online, by telephone, by mail, or during the meeting. To vote online, please visit http://www.proxyvote.com and enter the 16-digit control number for your shares located on the Notice of Internet Availability of Proxy Materials or proxy card. For proxy mailings, voting procedures or other inquiries, contact Morrow Sodali at 1-888-777-2059 (North America), 1-289-695-3075 (international), or assistance@morrowsodali.com.