Hut 8 Expands Buyback Program to $1 Billion Funded by Bitcoin Treasury Sales

Hut 8 has boosted its share repurchase authorization to $1.0 billion, funding the program directly by selling bitcoin holdings. Through early November, cumulative buybacks reached 3,338,479 shares for approximately $250.0 million. In the third quarter, Hut 8 sold about 954 bitcoin to buy 953,802 shares for $74.7 million, followed by an October sale of roughly 2,148 bitcoin to buy 2,384,677 shares for $175.3 million to $175.4 million. Despite third-quarter revenue declining 14.9% to $71.07 million, net income rose to $131 million, supported by $414 million in noncash digital asset gains.