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MIAMI - Shares of Hut 8 Corp. (NASDAQ:HUT) jumped 6.7% in trading Monday, as cryptocurrency-related stocks rallied following President Donald Trump’s weekend comments about plans for a strategic crypto reserve, which helped boost Bitcoin prices.
The Bitcoin mining and digital infrastructure company reported fourth quarter revenue of $31.7 million, falling short of analyst estimates of $38.41 million. However, investors appeared to focus more on the broader crypto market sentiment.
For the full year 2024, Hut 8 posted revenue of $162.4 million and net income of $331.4 million. The company’s adjusted EBITDA reached $555.7 million for the year, up significantly from $85.7 million in 2023.
"In 2024, we delivered on our commitment to operational excellence and bottom-line economics, setting the foundation for disciplined growth in 2025," said CEO Asher Genoot.
Hut 8 reported holding 10,171 Bitcoin in its strategic reserve as of December 31, 2024, valued at $949.5 million. The company also highlighted its 12,300 MW development pipeline, with 2,800 MW under exclusivity.
The firm’s energy cost per megawatt-hour decreased 30% YoY to $31.63 in Q4 2024. Hut 8 ended the year with total energy capacity under management of 1,020 megawatts.
Looking ahead, Genoot stated, "We believe our platform model will enable us to strategically allocate capital as we aim to optimize returns, mitigate sector-specific volatility, accelerate speed to market, and deliver innovation at every stage of the development value chain."
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