Hut 8's Q2 2025 Earnings Call: Contradictions in Power Strategy, Riverbend Development, and Bitcoin Mining Plans

Revenue and Financial Performance Growth:
- Hut 8 Corp. reported revenue of $41.3 million in Q2 2025, up 17% year-over-year, reflecting a $16.4 million uplift in Bitcoin mining revenue.
- The growth was attributed to investments in infrastructure and ASIC fleet upgrades, plus favorable market conditions for Bitcoin mining.

Asset Commercialization and Contracting:
- Nearly 90% of Hut 8's energy capacity is now commercialized under agreements with terms of 1 year or longer, up from less than 30% at the end of Q2 2024.
- This transformation was driven by strategic agreements with American Bitcoin, Bitmain, and other partners, enhancing revenue predictability and long-term planning.

Power and Infrastructure Development:
- Hut 8's development pipeline spans approximately 10,800 megawatts under diligence and 3,100 megawatts under exclusivity.
- The company's Power First, innovation-driven strategy focuses on optimizing power origination efforts and building AI-ready infrastructure, positioning it for long-term growth.

American Bitcoin and Strategic Spin-off:
- American Bitcoin, a majority-owned subsidiary, has begun contributing 10.2 exahash, with potential to scale into 50 exahash, enhancing Hut 8's Bitcoin mining capacity.
- The strategic spin-off aims to create a dedicated anchor tenant within Hut 8's core infrastructure platform, providing scalable exposure to Bitcoin while maintaining energy and digital infrastructure as core assets.