Hut 8 shares fall roughly 6% after second-quarter revenue miss
Quarterly filing showed more than $7 billion in cash was mostly restricted, with only $233.6 million unrestricted, as CEO Asher Genoot highlighted an 8.7 GW development pipeline and American Bitcoin strategy.
Hut 8 shares fell roughly 6% after the Bitcoin miner reported a mild second-quarter revenue miss. A quarterly filing submitted on Aug. 4 showed that, as of June 30, Hut 8 had more than $7 billion in cash, restricted cash and cash equivalents, but only $233.6 million was unrestricted and available for general corporate use. The remaining $6.8 billion, or 96.7% of the total, was restricted, mainly for construction of the River Bend and Beacon Point projects and for debt repayment. CEO Asher Genoot said the company's development pipeline reached 8.7 GW and that future Bitcoin exposure is expected to come primarily through majority-owned American Bitcoin.
- Restricted cash: Cash set aside for specified uses such as construction or debt service and not freely available for general corporate purposes.
- GW: Gigawatts, a measure of power capacity used here to describe the scale of Hut 8's development pipeline.
- American Bitcoin: Hut 8's majority-owned vehicle that CEO Asher Genoot said is expected to be the primary source of the company's future Bitcoin exposure.