The company also announced a new AI energy leasing deal as it continues to diversify into adjacent high-performance computing applications.
Investors appeared to disregard Hut 8's reported first quarter 2026 net loss of more than $253 million on Wednesday, lifting the shares of the Bitcoin mining company by more than 33%.
Hut 8 attributed the loss to a reduction in the market value of its Bitcoin (BTC) holdings, which fell from a high of over $126,000 apiece in October to a low of $60,000 in February.
Revenue for the quarter totaled more than $71 million, down by about 22% from the previous period's $88.4 million, according to Hut 8’s earnings report. Analysts had forecast $78.5 million, according to FactSet.
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