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Digital Assets | 6 Months Ended
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Jun. 30, 2026
Digital Assets [Abstract] |
Digital Assets | Note 4. Digital assets The following table presents the changes in carrying amount of the Company's digital assets as of June 30, 2026 and June 30, 2025:
(in USD thousands) |  | Amount |
Balance as of December 31, 2024 |  | $ | 949,501 |
Revenue recognized from Bitcoin mined |  |  | 12,338 |
Carrying value of Bitcoin sold |  |  | (3,429 | )
Change in fair value of Bitcoin |  |  | (112,394 | )
Adjustments post carveout of mining operations to ABTC |  |  | (847,244 | )
Foreign currency translation adjustments |  |  | 1,228 |
Balance as of March 31, 2025 |  | $ | — |
Revenue recognized from Bitcoin mined |  |  | 30,285 |
Bitcoin contributed |  |  | 10,000 |
Change in fair value of Bitcoin |  |  | 3,037 |
Balance as of June 30, 2025 |  | $ | 43,322 |
Number of Bitcoin held as of June 30, 2025 |  |  | 404 |
Cost basis of Bitcoin held as of June 30, 2025 |  | $ | 40,285 |
Realized gains on the sale of Bitcoin for the six months ended June 30, 2025 |  | $ | 828 |
Balance as of December 31, 2025 |  | $ | 472,577 |
Revenue recognized from Bitcoin mined |  |  | 62,118 |
Bitcoin purchased |  |  | 61,316 |
Mining revenue earned in prior period received in current period |  |  | 812 |
Bitcoin mining revenue not received |  |  | (646 | )
Change in fair value of Bitcoin |  |  | (117,188 | )
Balance as of March 31, 2026 |  | $ | 478,989 |
Revenue recognized from Bitcoin mined |  |  | 67,015 |
Bitcoin purchased |  |  | 4,000 |
Mining revenue earned in prior period received in current period |  |  | 646 |
Bitcoin mining revenue not received |  |  | (581 | )
Change in fair value of Bitcoin |  |  | (71,178 | )
Balance as of June 30, 2026 |  | $ | 478,891 |
Number of Bitcoin held as of June 30, 2026 |  |  | 8,002 |
Number of Bitcoin pledged to Bitmain as of June 30, 2026 |  |  | 3,090 |
Cost basis of Bitcoin held as of June 30, 2026 |  | $ | 781,928 |
The Company’s digital assets have been or currently are held in segregated custody accounts for the benefit of the Company, held in segregated custody accounts under the Company’s ownership, or held by Bitmain Technologies Delaware Limited (together with its affiliates, "Bitmain") for the Bitcoin pledged in connection with the 2025 Bitmain Purchase Agreement (as defined below) and the 2026 Bitmain Purchase Agreement (as defined below) for miner purchases from them. As discussed in Note 1, Hut 8 contributed only ASIC miners as part of the Transactions. As a result, the Company's entire strategic Bitcoin reserve as of March 31, 2025, included in the carveout financial statements, remained with Hut 8 following the effectiveness of the Transactions. Starting April 1, 2025, the Company began to build its own strategic Bitcoin reserve through Bitcoin mining and at-market Bitcoin purchases. The Company accumulated 8,002 Bitcoin as a standalone entity as of June 30, 2026. The details of Bitcoin are as follows:
|  | Amount |  |  | Number of Digital Assets |
(in USD thousands) |  | June 30, 2026 |  |  | December 31, 2025 |  |  | June 30, 2026 |  |  | December 31, 2025 |
Non-current |  |  |  |  |  |  |  |  |  |  |  |
Bitcoin held in custody |  | $ | 293,949 |  |  | $ | 229,641 |  |  |  | 4,912 |  |  |  | 2,625 |
Total non-current digital assets – held in custody |  |  | 293,949 |  |  |  | 229,641 |  |  |  | 4,912 |  |  |  | 2,625 |
Bitcoin pledged for miner purchase |  | $ | 184,942 |  |  | $ | 242,936 |  |  |  | 3,090 |  |  |  | 2,776 |
Total Bitcoin pledged for miner purchase |  |  | 184,942 |  |  |  | 242,936 |  |  |  | 3,090 |  |  |  | 2,776 |
Total digital assets |  | $ | 478,891 |  |  | $ | 472,577 |  |  |  | 8,002 |  |  |  | 5,401 |
Bitmain Purchase Agreements In November 2024, Hut 8 entered into a purchase agreement with Bitmain Technologies Delaware Limited (together with its affiliates, "Bitmain") to purchase approximately 30,000 Bitmain Antminer S21+ ASIC miners (the "Hut 8 Bitmain Purchase Agreement"). In December 2024, in connection with the Hut 8 Bitmain Purchase Agreement, Hut 8 pledged 968 Bitcoin attributed to the Company at the time into a segregated wallet with Bitmain, which was originally subject to a three-month redemption right from the shipment date of the purchased ASIC miners, whereby Hut 8 had the option to repurchase, with cash, the pledged Bitcoin at a mutually agreed upon fixed price. During the year ended December 31, 2025, Hut 8 amended the redemption period to end during the quarter ending December 31, 2025. This Bitcoin remained with Hut 8 following the effectiveness of the Transactions. Because the pledged Bitcoin with respect to the Hut 8 Bitmain Purchase Agreement remains with Hut 8 and was not part of the assets transferred to the Company on March 31, 2025, it is not included on the Company's Unaudited Condensed Consolidated and Combined Balance Sheets as of June 30, 2026. As of March 31, 2025, Hut 8 pledged 968 Bitcoin attributed to the Company at the time with a fair value of $79.9 million, classified as Digital assets – pledged for miner purchase on the Company’s Unaudited Condensed Consolidated and Combined Balance Sheets. A corresponding liability of $100.9 million was recorded under Miner purchase liability on the Company’s Unaudited Condensed Consolidated and Combined Balance Sheets prior to the effectiveness of the Transactions, reflecting Hut 8’s obligation to either redeem the pledged Bitcoin for cash or put it towards the purchase of ASIC miners by not redeeming the pledged Bitcoin at the end of the redemption period. On August 5, 2025, Hut 8 assigned its option to purchase up to approximately 17,280 Bitmain Antminer U3S21EXPH ASIC miners (collectively, the "Bitmain Miners"), representing a total of approximately 14.86 exahash per second ("EH/s"), to the Company. The Company exercised the option on August 5, 2025 and entered into an On-Rack Sales and Purchase Agreement (the "2025 Bitmain Purchase Agreement") with Bitmain to purchase the Bitmain Miners in one or more tranches for a total purchase price of up to approximately $320.0 million, not including any applicable tariffs, duties, or similar charges. Concurrently with the execution of the 2025 Bitmain Purchase Agreement, the Company purchased 16,299 of the Bitmain Miners, representing a total of approximately 14.02 EH/s, for a total purchase price of approximately $314.0 million, paid through the pledge of 2,234 Bitcoin at a mutually agreed upon fixed price. Such purchase price was reduced by the application of a deposit and certain expenses of approximately $46.0 million previously paid to Bitmain by Hut 8. In September 2025, the Company purchased the remaining 981 Bitmain Miners for a total purchase price of $18.9 million, paid through the pledge of 151 Bitcoin at a mutually agreed upon fixed price, net of certain hosting credits. In October 2025, the Company pledged an additional 391 Bitcoin at a mutually agreed upon fixed price, and Bitmain refunded $46.0 million comprising of Hut 8's deposit and certain expenses. The Bitcoin pledged under the 2025 Bitmain Purchase Agreement has a redemption period of approximately twenty-four months from the applicable pledge date. In February 2026, the Company entered into a Future Sales and Purchase Agreement (the "2026 Bitmain Purchase Agreement") with Bitmain to purchase approximately 11,298 S21 XP ASIC miners, representing a total of approximately 3.05 EH/s, for a total purchase price of approximately $49.4 million. The agreement required an initial payment equal to 80% of the total purchase price, with the remaining 20% due one year following the shipment date. The 80% of the total purchase price was paid through the pledge of 314 Bitcoin at a mutually agreed upon fixed price. The remaining 20% of the purchase price is to be paid through cash, Bitcoin pledged, or a combination of both. The Bitcoin pledged under the 2026 Bitmain Purchase Agreement has a redemption period of approximately twenty-four months from the applicable pledge date. The Company may elect to extend the pledge period for an additional twelve months. As of June 30, 2026, the Company pledged 3,090 Bitcoin to Bitmain with a fair value of $184.9 million, classified as Digital assets – pledged for miner purchase on its Unaudited Condensed Consolidated and Combined Balance Sheets. A corresponding liability of $371.7 million was recorded under Miner purchase liability on the Company’s Unaudited Condensed Consolidated and Combined Balance Sheets, reflecting its obligation to either redeem the pledged Bitcoin for cash or put it towards the purchase of the Bitmain Miners by not redeeming the pledged Bitcoin at the end of the redemption periods. In accordance with FASB ASC Topic 610-20, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets, the Company assessed the transfer of Bitcoin as a nonfinancial asset under ASC 606. Specifically, the Company noted that the Bitcoin pledged to Bitmain under the 2025 Bitmain Purchase Agreement and the 2026 Bitmain Purchase Agreement constitute repurchase agreements under ASC 606. As a result, Bitcoin was not derecognized upon these transfers as both Hut 8 and the Company retain repurchase options. Due to the Company’s redemption rights under the 2025 Bitmain Purchase Agreement and 2026 Bitmain Purchase Agreement, and its continued economic exposure to Bitcoin, the pledged Bitcoin under these agreements is separately classified as Digital assets – pledged for miner purchase on the Company’s Condensed Consolidated and Combined Balance Sheets, which represents restricted Bitcoin. Strategic Bitcoin reserve Starting April 1, 2025, following the effectiveness of the Transactions, the Company began to accumulate its own strategic Bitcoin reserve through Bitcoin mining and at-market purchases, totaling 8,002 Bitcoin as of June 30, 2026.

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