# EDGAR Filing Document

**Accession Number:** 0001964789
**File Stem:** 0001104659-25-122052
**Filing Date:** 2025-12
**Character Count:** 52096
**Document Hash:** e6af6d143413af614fab11d218a74aa0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-122052.hdr.sgml**: 20251217

**ACCESSION NUMBER**: 0001104659-25-122052

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20251217

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251217

**DATE AS OF CHANGE**: 20251217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hut 8 Corp.
- **CENTRAL INDEX KEY:** 0001964789
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 922056803
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41864
- **FILM NUMBER:** 251579451

**BUSINESS ADDRESS:**
- **STREET 1:** 1101 BRICKELL AVENUE, SUITE 1500
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33131
- **BUSINESS PHONE:** 305-224-6427

**MAIL ADDRESS:**
- **STREET 1:** 1101 BRICKELL AVENUE, SUITE 1500
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33131

?xml version='1.0' encoding='ASCII'? Hut 8 Corp._December 17, 2025

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#### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): December 17 , 2025

## Hut 8 Corp. (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-41864** | **92-2056803** |
| **(State or other Jurisdiction ofincorporation)** | **(Commission File Number)** | **(IRS EmployerIdentification No.)** |

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| | |
|:---|:---|
| **1101 Brickell Avenue, Suite 1500, Miami, Florida**  | **33131** |
| **(Address of Principal Executive Offices)**  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code: (305) 224-6427**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading** | &nbsp;&nbsp;**Name of each exchange on which registered** |
| &nbsp;&nbsp;Common Stock, par value $0.01 per share | &nbsp;&nbsp;HUT | &nbsp;&nbsp;The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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#### Item 8.01 Other Events.
On December 17, 2025, Hut 8 Corp., a Delaware corporation (the "Company"), issued a press release (the "Press Release") announcing that it entered into a 15-year lease agreement with a subsidiary of Fluidstack Ltd. ("Fluidstack") for 245 megawatts of IT capacity at the Company's River Bend data center campus in Louisiana, along with certain related transactions, including a financial backstop provided by Google LLC for all rent and certain other financial obligations under the lease agreement (the "Transactions"). A copy of the Press Release is included herewith as Exhibit 99.1 and is incorporated herein by reference.

On December 17, 2025, the Company also released an investor presentation regarding the Transactions (the "Investor Presentation"). A copy of the Investor Presentation is included herewith as Exhibit 99.2 and is incorporated herein by reference.

#### Item 9.01 Financial Statements and Exhibits.

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| | |
|:---|:---|
| **Exhibit No.** | **Description.** |
| 99.1 | [Press Release, dated December 17, 2025](hut-20251217xex99d1.htm) |
| 99.2 | [Investor Presentation, dated December 17, 2025](hut-20251217xex99d2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  | **HUT 8 CORP.** | **HUT 8 CORP.** | **HUT 8 CORP.** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| Date: December 17, 2025 |  |  |  |
|  | By: | /s/ Victor Semah | /s/ Victor Semah |
|  |  | Name: | Victor Semah |
|  |  | Title: | Chief Legal Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

Hut 8 Signs 15-Year, 245 MW AI Data Center Lease at River Bend Campus with Total Contract Value of $7.0 Billion

15-year 245 MW IT lease valued at $7.0 billion over the base term and up to $17.7 billion if all renewal options are exercised

Google providing a financial backstop covering obligations for the 15-year base lease term

Hut 8 to implement an institutional-grade execution model designed to de-risk project delivery with blue-chip counterparties—Entergy (NYSE: ETR), J.P. Morgan (NYSE: JPM), Goldman Sachs (NYSE: GS), Vertiv (NYSE: VRT), and Jacobs (NYSE: J)

![Graphic](hut-20251217xex99d1003.jpg)

**MIAMI, FL, December 17, 2025** – Hut 8 Corp. (Nasdaq, TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases, today announced that it has signed a 15-year, $7.0 billion lease (the "Agreement") with Fluidstack for 245 megawatts (MW) of IT capacity at its River Bend data center campus in Louisiana (the "Transaction"). The Agreement grants Fluidstack a Right of First Offer (ROFO) for up to an additional 1,000 MW of IT capacity at future expansion phases of the campus, subject to the expansion of power at the site.

**Transaction Highlights**

- **Lease Structure:** Triple net (NNN) lease.

**Base-Term Contract Value:** Total contract value of $7.0 billion over a 15-year base lease term, inclusive of a 3.0% annual base rent escalator.<br>

- **Counterparty Financial Support:** Google, a subsidiary of Alphabet Inc. (S&P: AA+, Moody's: Aa2), is providing a financial backstop, which covers the lease payments and related pass-through obligations.

**NOI Contribution:** Expected cumulative NOI contribution of $6.9 billion over the base lease term, translating to an expected average annual NOI contribution of $454 million.<br>

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**Upside Economics:** Three 5-year renewal options increase potential contract value to approximately $17.7 billion; the Agreement grants Fluidstack a ROFO for up to an additional 1,000 MW of IT capacity at future expansion phases of the campus.<br>

- **Delivery Timeline:** Initial data hall at River Bend scheduled for completion and commissioning in Q2 2027, with additional data halls scheduled to come online over the balance of 2027.

**Project-level Financing:** Up to 85% loan-to-cost (LTC) expected to be funded by J.P. Morgan, as lead left loan underwriter, and Goldman Sachs & Co. LLC, both of whom are expected to serve as loan underwriters, subject to the negotiation and execution of terms and definitive transaction agreements and customary closing conditions.<br>

- **Operational Structure:** Hut 8 and Fluidstack expect to execute an Operations Services Agreement for ongoing data center operations, backed by an additional Google backstop of payment obligations.

**Asher Genoot, CEO of Hut 8,** said: "River Bend reflects the strength of Hut 8's power-first, innovation-driven development model, validated by the world-class counterparties we are executing alongside. This Agreement is the result of disciplined, patient execution as we focused on securing the right transaction, not just the first. Together with the State of Louisiana, Entergy, J.P. Morgan, Goldman Sachs, Vertiv, and Jacobs, we expect to deliver next-generation AI and high-performance computing infrastructure at scale, and we are committed to applying the same rigor and long-term focus as we advance commercialization across our broader development pipeline."

**Scalable, Partnership-Driven Execution Model**

Hut 8 is developing River Bend through a scalable, partnership-driven execution model designed to de-risk project delivery. The Company has built a model around what it believes to be realistic, rigorously developed timelines, a comprehensive and integrated plan across the project lifecycle, and a roster of blue-chip partners aligned to defined functions of execution. This framework is designed to be repeatable as the Company scales across its broader development pipeline.

**Asher Genoot, CEO of Hut 8**, said: "Our execution model for River Bend brings the rigor and discipline that have long defined Hut 8's approach to digital infrastructure development to a new category of infrastructure. By integrating industry-leading counterparties throughout the project lifecycle, we are strengthening delivery certainty and positioning River Bend to set a new standard for how next-generation AI infrastructure is designed and developed."

J.P. Morgan (NYSE: JPM), as lead left loan underwriter and active loan structurer, and Goldman Sachs & Co. LLC (NYSE: GS) are expected to serve as loan underwriters in the project-level financing. The parties have reached commercial agreement on certain high-level terms for the financing, which is expected to provide 85% LTC. The closing of the financing remains subject to the negotiation and execution of terms and definitive transaction agreements and customary closing conditions.

**Noah Wintroub, Global Chairman of Investment Banking for J.P. Morgan**, said: "River Bend demonstrates how, when Hut 8 brings together the combination of innovative thinking, an aligned team, and institutional discipline to a rapidly evolving sector, it translates into real, enduring value. We're proud to bring the full power of J.P. Morgan to bear for this project, Hut 8, and our communities to help them succeed. This project highlights our commitment to playing a role in helping America build the critical infrastructure needed to compete, while also creating jobs and investing in a region that is vital to our nation's future."

Jacobs Solutions (NYSE: J), a global Solutions Provider, and professional services firm, is engaged as EPCM (Engineering, Procurement and Construction Management) partner, in collaboration with Vertiv (NYSE: VRT), a global leader in critical infrastructure.

**Bob Pragada, CEO of Jacobs**, said: "Jacobs brings decades of global expertise in delivering complex infrastructure for Advanced Facilities to some of the most discerning clients in the world, and this partnership represents the next chapter in that work. Working within Hut 8's development framework, we will apply our

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End-to-End EPCM and program management expertise to execute with precision and predictability, keeping Safety, quality and timelines tightly aligned. Our collaboration with Hut 8 reflects the shared discipline and ambition needed to deliver a project we believe will become the benchmark for AI infrastructure."

**State Partnerships and Economic Impact**

Hut 8 is developing River Bend in collaboration with key Louisiana stakeholders. Working with Entergy Louisiana (NYSE: ETR), Hut 8 secured an initial 330 MW of utility capacity for the campus, supporting the initial River Bend lease, with the potential to scale by up to an additional 1,000 MW of utility capacity. At that breadth, River Bend is expected to rank among the largest data center campuses globally and among the largest private capital projects in Louisiana's history.

**Governor Jeff Landry of Louisiana** said: "Hut 8's investment in River Bend demonstrates that Louisiana has the resources, leadership, and vision to compete for the most consequential opportunities in the world. By aligning with Hut 8's power-first approach to digital infrastructure development, we will bring thousands of jobs and billions of dollars of investment into our economy, positioning Louisiana at the forefront of an industry that will define the decades ahead."

**Phillip May, President and CEO of Entergy Louisiana**, said: "Louisiana continues to win. Hut 8's investment in River Bend builds on our track record of attracting global-scale projects in the industries of the future. As the campus grows, it will further cement Louisiana's position as a national leader in energy and innovation, creating thousands of jobs and reaffirming our ability to compete and win on the global stage."

At the peak of construction, Hut 8 anticipates approximately 1,000 construction workers on-site. Once operational, the campus is expected to create 75 or more direct new jobs in West Feliciana Parish and 190 or more indirect and induced jobs, for a total of 265 or more potential new jobs across the Capital Region. Employment is expected to expand significantly as future phases of the campus are developed.

**Secretary Susan Bourgeois of LED** said: "River Bend demonstrates that Louisiana's economic strategy is delivering results. This project will generate high-wage jobs and create pathways for Louisianans to build long-term careers in the industries of the future. It's a clear example of how aligning policy, partnership and people translates into lasting opportunity."

**President Kenny Havard of West Feliciana Parish** said: "For West Feliciana Parish, River Bend is a generational opportunity. It will create thousands of construction jobs, high-wage permanent positions, and new tax revenues that will strengthen our schools, healthcare, and public services for generations. We are grateful that Hut 8 chose our parish and is working with us to ensure the project reflects our community's values and aspirations. River Bend puts West Feliciana firmly on the map as part of the global AI economy, and we are proud to play our role in it."

**Development Pipeline Update**

In conjunction with the Transaction, Hut 8 has introduced a new category to its development framework: Energy Capacity Under Construction. This designation applies to sites where Hut 8 has executed a definitive offtake agreement and commenced construction activities. Projects in this category will transition into Energy Capacity Under Management once commercialized. The Transaction advances 330 MW of utility capacity from River Bend to Energy Capacity Under Construction.

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| | | |
|:---|:---|:---|
| **Stage** | **Description** | **Utility Capacity** <br>As of December 17, 2025 |
| **Energy Capacity Under Diligence** | Sites identified for large-load use cases such as high-performance computing and Bitcoin mining, industrial applications such as next-generation manufacturing, and other energy-intensive technologies. At this stage, Hut 8 assesses site potential by engaging with utilities, landowners, and other stakeholders to evaluate critical factors, including power availability, infrastructure readiness, fiber connectivity, and overall commercial viability. | 5,685 MW |

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| | | |
|:---|:---|:---|
| **Energy Capacity Under Exclusivity** | Sites where Hut 8 has secured a clear path to ownership through either: (1) an exclusivity agreement that prevents the sale of designated power and/or land capacity to another party or (2) a tendered interconnection agreement, confirming a viable path to securing power and infrastructure for deployment. | 1,255 MW |
| **Energy Capacity Under Development** | Sites where Hut 8 is actively investing in development and commercialization by executing definitive land and/or power agreements, advancing site design and infrastructure buildout, and engaging with prospective customers. | 1,230 MW |
| **Energy Capacity Under Construction** | Sites where Hut 8 has executed a definitive offtake agreement and commenced construction activities. | 330 MW |
| **Subtotal** | **Subtotal** | **8.500 MW** |
| **Energy Capacity Under Management** | Commercialized capacity. | 1,020 MW |
| **Total** | **Total** | **9,520 MW** |

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**Conference Call**

The Company will host a conference call on Wednesday, December 17, 2025 at 12:00 p.m. ET to discuss the Transaction. Investors can join the live webcast at https://hut8.zoom.us/webinar/register/WN_FY30DzemQ3C4cS9Cw_TFQA.

**Non-GAAP Financial Measures**

This press release includes a non-GAAP financial measure, expected net operating income (NOI) contribution, which the Company defines as expected lease revenue for a particular lease less any non-reimbursable operating expenses attributable to the leased property. The Company's management team uses expected NOI contribution to measure the expected operating performance of a particular lease. Operating income is the GAAP measure most directly comparable to expected NOI contribution. In evaluating expected NOI contribution, you should be aware that in the future the Company may incur non-reimbursable lease operating expenses that are not currently known. The Company's presentation of expected NOI contribution should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. Expected NOI contribution has important limitations as an analytical tool and you should not consider expected NOI contribution in isolation or as a substitute for analysis of results as reported under GAAP. For example, expected NOI contribution excludes the impact of selling, general and administrative expenses and depreciation and amortization, which have real economic effect and could materially impact the Company's consolidated financial results. Other companies, including Real Estate Investment Trusts, may calculate expected NOI contribution differently than the Company does and, accordingly, the Company's expected NOI contribution may not be comparable to similar measures published by such companies. No reconciliation of expected NOI contribution is included in this press release because the Company is unable to quantify certain amounts that would be required to be included in operating income without unreasonable efforts as such quantification would imply a degree of precision that would be confusing or misleading to investors.

**Additional Transaction Information and Upcoming Communications**

Hut 8 has made available on its website an investor presentation with further details regarding the Transaction.

For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company's website, hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

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**About Hut 8**

Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of Energy Capacity Under Management, 330 megawatts of Energy Capacity Under Construction, and 1,230 megawatts of Energy Capacity Under Development, and across 19 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas; five high performance computing data centers in British Columbia and Ontario; four power generation assets in Ontario; one non-operational site in Alberta; three sites under development in Texas and Illinois; and one site under construction in Louisiana. For more information, visit hut8.com and follow us on X at @Hut8Corp.

**Cautionary Note Regarding Forward-Looking Information**

This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company's AI data center lease at River Bend, the total lease contract value over the lease term with and without extensions, the Company's plan to implement and institutional-grade execution model designed to de-risk the project, expected NOI contribution of the lease, the potential extension of the lease term for up to three additional terms of five years each, Google's commitment to backstop of the lease payments and related pass-through obligations under the lease, the anticipated delivery timeline for the site, the Company's anticipated financing plan for the project, the potential execution of an additional Operations Services Agreement backed by an additional Google backstop of payment obligations, the Company's potential expansion plans for the River Bend site, the Company's development pipeline, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "allow", "believe", "estimate", "expect", "predict", "can", "might", "potential", "predict", "is designed to", "likely," or similar expressions.

Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, risks relating to the construction of new data centers, including cost overruns, delays, supply chain issues, permitting or regulatory hurdles, unexpected technical challenges, and dependency on contractors; risks relating to the financing of new data centers, including the potential dilutive impact of equity issuances (if any), access to capital markets, timing and cost of financing, and market conditions such as increases in interest rates, declining equity valuations, volatility in credit markets, or tightening lending standards; risks impacting our ability to expand the power capacity at the River Bend campus, such as limitations of transmission and/or generation resources; failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in

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Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at sec.gov and SEDAR+ profile at sedarplus.ca.

**Contacts**

Hut 8 Investor Relations<br>Sue Ennis<br>ir@hut8.com

Hut 8 Public Relations<br>Gautier Lemyze-Young

media@hut8.com

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## Exhibit 99.2

#### Exhibit 99.2

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 17, 2025 River Bend Data Center Campus Transaction  |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclaimer Cautionary Note Regarding Forward-Looking Information This presentation includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward looking information"). All information, other than statements of historical facts, included in this presentation that address activities, events or developments Hut 8 Corp. ("Hut 8" or the "Company") expects or anticipates will or may occur in the future, including statements relating to the Company's AI data center lease at River Bend, the total lease contract value over the lease term with and without extensions, the Company's plan to implement and institutional-grade execution model designed to de-risk the project, expected NOI contribution of the lease, the potential extension of the lease term for up to three additional terms of five years each, Google's commitment to backstop of the lease payments and related pass-through obligations under the lease, the anticipated delivery timeline for the site, the Company's anticipated financing plan for the project, the potential execution of an additional Operations Services Agreement backed by an additional Google backstop of payment obligations, the Company's potential expansion plans for the River Bend site, the Company's development pipeline, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "allow", "believe", "estimate", "expect", "predict", "can", "might", "potential", "predict", "is designed to", "likely," or similar expressions. In addition, any statements in this presentation that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this presentation, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, risks relating to the construction of new data centers, including cost overruns, delays, supply chain issues, permitting or regulatory hurdles, unexpected technical challenges, and dependency on contractors; risks relating to the financing of new data centers, including the potential dilutive impact of equity issuances (if any), access to capital markets, timing and cost of financing, and market conditions such as increases in interest rates, declining equity valuations, volatility in credit markets, or tightening lending standards; risks impacting our ability to expand the power capacity at the River Bend campus, such as limitations of transmission and/or generation resources; failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at sec.gov and SEDAR+ profile at sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this presentation as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking statements included in this presentation should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and Hut 8's future decisions and actions will depend on management's assessment of all information at the relevant time. The forward-looking statements contained in this presentation are made as of the date of this presentation, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date of preparation. No Offer or Solicitation This presentation is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the "Securities Act") or in a transaction exempt from the registration requirements of the Securities Act. Non-GAAP Financial Measures This presentation includes a non-GAAP financial measure, expected net operating income (NOI) contribution, which the Company defines as expected lease revenue for a particular lease less any non-reimbursable operating expenses attributable to the leased property. The Company's management team uses expected NOI contribution to measure the expected operating performance of a particular lease. Operating income is the GAAP measure most directly comparable to expected NOI contribution. In evaluating expected NOI contribution, you should be aware that in the future the Company may incur non-reimbursable lease operating expenses that are not currently known. The Company's presentation of expected NOI contribution should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. Expected NOI contribution has important limitations as an analytical tool and you should not consider expected NOI contribution in isolation or as a substitute for analysis of results as reported under GAAP. For example, expected NOI contribution excludes the impact of selling, general and administrative expenses and depreciation and amortization, which have real economic effect and could materially impact the Company's consolidated financial results. Other companies, including Real Estate Investment Trusts, may calculate expected NOI contribution differently than the Company does and, accordingly, the Company's expected NOI contribution may not be comparable to similar measures published by such companies. No reconciliation of expected NOI contribution is included in this press release because the Company is unable to quantify certain amounts that would be required to be included in operating income without unreasonable efforts as such quantification would imply a degree of precision that would be confusing or misleading to investors. Third Party Information This presentation includes market and industry data which was obtained from various publicly available sources and other sources believed by Hut 8 be true. Although Hut 8 believes it to be reliable, it has not independently verified any of the data from third party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. Hut 8 does not make any representation as to the accuracy of such information. Notice Regarding Logos and Trademarks All logos, trademarks, and brand names used throughout this presentation belong to their respective owners. Hut 8 |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hut 8 River Bend Transaction |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hut 8 4 River Bend data center: Preliminary rendering |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hut 8 5 Transaction overview: Base-term lease Note: (1) See Disclaimer for additional information on non-GAAP financial measure, expected NOI contribution; (2) Subject to the negotiation and execution of terms and definitive transaction agreements and customary closing conditions (see page 7) Data Center Campus River Bend West Feliciana Parish, Louisiana Lease Structure Triple net (NNN) Annual Base Rent Escalator 3.0% Base-Term Contract Value1 Expected Average Annual NOI Contribution1 Q2 2027 Target Initial Delivery and Commissioning Project-Level Leverage (LTC)1,2 Up to 85% Tenant Guarantor Base Lease Term 15 years Agreement includes three 5-year renewal options 245 MW 330 MW utility capacity with 1.35 PUE Contracted IT Capacity Hut 8 Build Cost per MW1 Potential Expansion Capacity ROFO Backstopped by Google, a subsidiary of Alphabet Inc. (S&P : AA+, Moody's: Aa2) $9–11M $454M $1.85M per MW $7.0B $17.7B if all renewal options are exercised 1,000 MW Subject to power expansion |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hut 8 6 Transaction overview: Upside economics Note: (1) See Disclaimer for additional information on non-GAAP financial measure, expected NOI contribution Upside potential is driven by embedded renewal options and a ROFO for future expansion phases totaling up to 1,000 MW Base Case Base-Term Lease (15 Years) Upside Case Extended Lease (30 Years) Expansion Case Expansion Capacity ROFO Description 15-year triple-net colocation lease with Fluidstack, backstopped by Google Assumes Fluidstack exercises three embedded 5-year renewal options under the same financial and term structure Right of first offer (ROFO) for up to 1,000 MW of additional IT capacity, subject to power expansion at the site Status Executed Embedded contractual option Embedded contractual option Total Contracted IT Capacity 245 MW 245 MW Up to 1,000 MW Term 15 years 30 years (cumulative) - Expected NOI Contribution1 $6.9B $17.5B (cumulative) - Implied Average Annual Expected NOI1 $454M $580M - |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hut 8 7 NYSE: GOOGL \| MKT CAP1: $3,724B \| S&P: AA+ \| MOODY'S: Guarantor, a subsidiary of Alphabet Inc., to deliver a financial backstop that covers the lease payments and related pass-through obligations NYSE: ETR \| MKT CAP1: $42B \| S&P: BBB+ \| MOODY'S: Baa2 Delivers scalable power supply for the site: 330 MW of initial utility capacity supporting 245 MW of IT capacity, with the potential to scale by up to an additional 1,000 MW of IT capacity NYSE: JPM \| MKT CAP1: $861B \| S&P: A \| MOODY'S: A1 Expected to serve as lead left loan underwriter and active loan structurer for project-level financing, expected to provide, together with Goldman Sachs & Co. LLC, up to 85% LTC2 NYSE: VRT \| MKT CAP1: $60B \| S&P: BB+ \| MOODY'S: Ba1 Co-developer of the custom infrastructure solution designed to enable rapid buildout of AI infrastructure; dedicated manufacturing and supply chain network NYSE: GS \| MKT CAP1: $278B \| S&P: BBB+ \| MOODY'S: A2 Expected to serve as a loan underwriter for project-level financing, expected to provide, together with J.P. Morgan, up to 85% LTC2 NYSE: J \| MKT CAP1: $16B \| S&P: BBB- \| MOODY'S: Baa2 Global engineering, procurement, and construction management (EPCM) and program management partner enables disciplined, on-schedule project construction and delivery Project delivery driven by a scalable, institutional-grade execution model A Tier I consortium mitigates critical risk vectors across the project lifecycle Note: (1) As of December 16, 2025; (2) Subject to the negotiation and execution of terms and definitive transaction agreements and customary closing conditions Aa2 |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hut 8 8 SITE & LAND CONTROL UTILITY POWER INFRASTRUCTURE SITE POWER INFRASTRUCTURE FIBER & NETWORK CONNECTIVITY Large, controlled land position with secured water access enables significant expansion Power-dense utility region with generation and transmission infrastructure capable of supporting gigawatt-scale load Near-term power availability enables initial lease with a structured path up to 1.3 GW of utility capacity Resilient, low-latency national fiber connectivity suitable for mission-critical HPC workloads Location West Feliciana Parish, LA RTO/ISO Midcontinent Independent System Operator (MISO) Initial Utility Capacity 330 MW available July 1, 2026 Campus Access Up to five diverse campus entrances Owned Acreage 627 acres; potential expansion to 2,988 acres 35 acres added to parcel in Q4 2025 Local Power ~3.7 GW across four nearby generation facilities Expansion Utility Capacity Potential to scale to up to 1,000 MW Performance & Latency 10–70 ms RTD (Round-Trip Delay) Water Riparian rights; adjacent to Mississippi River Transmission Entergy Louisiana Transmission Infrastructure Upgraded line capacity of ~1,045 MVA Geographic Reach Connection to East and West Coast hubs River Bend data center campus overview Strategically located site with the potential to support more than 1 GW of utility capacity for HPC computing infrastructure WIP== PHASE 1 OWNED (592 ACRES) PHASE 2 OWNED (35 ACRES) PHASE 3 UNDER OPTION (2,361 ACRES) 230 kV 500 kV 69 kV T-LINE TAP RIVER BEND NUCLEAR 1,035.9 MW BIG CAJUN II 1,902.9 MW VENTRESS SOLAR 300 MW BIG CAJUN I 492.8 MW RIVER BEND RIVER BEND SWITCHYARD & SUBSTATION LOS ANGELES SAN FRANCISCO SACRAMENTO RENO SAN JOSE FRESNO SALT LAKE CITY DENVER AMARILLO FORTH WORTH DALLAS JACKSON PENSACOLA TALLAHASSEE JACKSONVILLE SAVANNAH CHARLESTON WILMINGTON RICHMOND ATLANTA NASHVILLE LOUISVILLE INDIANAPOLIS CHICAGO RIVER BEND CLEVELAND PITTSBURGH IAD |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hut 8 9 Rigorous, Power-First Site Origination and Development Deep, Proactive Stakeholder Engagement Patient, Disciplined Commercialization Innovation-Driven, Institutional-Grade Execution We applied a systematic approach to identify the potential of the Louisiana market, later validated by Meta's investment, and secured a prime site through deep grid and generation analysis We engaged proactively with the Governor's Office, Louisiana Economic Development (LED), and West Feliciana Parish to align incentives and advance community and economic impact We maintained financial discipline to secure a counterparty and transaction that optimizes long-term economics and shareholder value creation We co-developed an industrialized critical infrastructure platform engineered for rapid, capital-efficient delivery Working with Entergy Louisiana, we assumed key interconnection and development functions typically managed by the utility to materially accelerate originally quoted power delivery We continued to build our partnership with Entergy Louisiana to secure scalable, long-term capacity for the campus, demonstrating our ability to operate at a utility level We secured a long-term lease with a high-quality tenant, validating our ability to deliver mission-critical infrastructure at scale to blue-chip counterparties We structured a scalable, institutional-grade execution model that integrates Tier I counterparties across the project lifecycle to address key execution risks River Bend exemplifies Hut 8's power-first development model Our approach is designed to unlock long-term value through power-first, innovation-driven execution |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hut 8 10 DIMENSION RIVER BEND TRANSACTION EXPECTED IMPACT COUNTERPARTIES Tenant Profile Fluidstack High-quality tenant at the forefront of AI research & development Lease Structure Triple net (NNN) Superior return profile relative to modified-gross structures Lease Term & Renewal 15 years + three 5-year renewal options Long-duration lease with committed payments Pricing Structure Fixed base rent with 3% annual escalator Inflation protection and predictable long-term yield Counterparty Financial Support Financial backstop Secure, predictable cash flows supported by creditworthy backing Equity-Linked Consideration No equity or warrants issued No equity dilution required to secure transaction N/A Project-level Leverage Up to 85% LTC1 non-recourse financing High LTC reduces equity requirements and enhances capital efficiency Cost of Debt SOFR + 2251 basis points Efficient cost of capital consistent with investment-grade offtake Development Contract Model Design-build guaranteed maximum price EPCM contract Insight into predictable development economics Scalability & Expansion ROFO for up to 1,000 MW of additional IT capacity Scalable growth with reduced execution risk River Bend reflects a focus on patient, disciplined commercialization Holistic, multi-dimensional framework for structuring high-value transactions and mitigating execution risk Note: (1) Subject to the negotiation and execution of definitive transaction agreements and customary closing conditions |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hut 8 11 Clearing and rough grading of data center footprint Delivery of Entergy 230 kV breakers Construction of Entergy permanent access road Delivery of T-line poles Critical sitework at River Bend is underway Construction of switchyard Preparation for installation of transmission line conductors Grading and preparation for substation construction Onsite coordination with Entergy in preparation for data center buildout |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hut 8 Development Platform |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hut 8 13 Description Commercialized capacity Sites where Hut 8 has executed a definitive offtake agreement and commenced construction activities Sites where Hut 8 is actively investing in development and commercialization by executing definitive land and/or power agreements, advancing site design and infrastructure buildout, and engaging with prospective customers Sites where Hut 8 has secured a clear path to ownership through either: (1) an exclusivity agreement that prevents the sale of designated power and/or land capacity to another party or (2) a tendered interconnection agreement, confirming a viable path to securing power and infrastructure for deployment Sites identified for large-load use cases. At this stage, Hut 8 assesses site potential by engaging with utilities, landowners, and other stakeholders to evaluate critical factors, including power availability, infrastructure readiness, fiber connectivity, and overall commercial viability Hut 8's development platform consists of Energy Capacity Under Management and Development Pipeline capacity Hut 8's development platform spans nearly 10 GW Includes 1,020 MW1 of Energy Capacity Under Management and a Development Pipeline of 8,500 MW2 Note: (1) Includes 310 MW of power generation assets Hut 8 expects to sell to TransAlta in early Q1 2026, subject to customary closing conditions including regulatory approval; (2) Excludes 1,000 MW of potential expansion capacity at River Bend, for which Fluidstack holds a ROFO under the River Bend lease Energy Capacity Under Management Energy Capacity Under Construction Energy Capacity Under Development Energy Capacity Under Exclusivity Energy Capacity Under Diligence Development Platform 1,020 MW1 330 MW 1,230 MW 1,255 MW2 5,685 MW 9,520 MW DEVELOPMENT PIPELINE In conjunction with the River Bend transaction, Hut 8 has introduced a new category to its development framework: Energy Capacity Under Construction. The River Bend transaction advances 330 MW of utility capacity from River Bend from Energy Capacity Under Development to Energy Capacity Under Construction Hut 8 Development Platform as of December 17, 2025 |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hut 8 14 Following the River Bend transaction, Hut 8 continues to advance 1,230 MW of remaining Capacity Under Development across three sites Site 01 River Bend 330 MW Louisiana (MISO) Site 02 1,000 MW Texas (ERCOT) Site 03 180 MW Texas (ERCOT) Site 04 50 MW Illinois (PJM) Site 04 50 MW Site 03 180 MW Site 01. River Bend 330 MW Alpha 50 MW Vega 205 MW King Mountain 280 MW Salt Creek 63 MW Site 02 1,000 MW Drumheller1 42 MW Medicine Hat 67 MW Vancouver II 0.5 MW Vancouver I 0.3 MW Vaughan 0.6 MW Kelowna 1.1 MW Mississauga 0.9 MW Iroquois Falls2 120 MW Kingston2 120 MW North Bay2 35 MW Kapuskasing2 35 MW The River Bend transaction advances 330 MW from development to construction Note: As of December 17, 2025; (1) Site currently shut down; (2) One of four sites comprising the 310 MW portfolio of power generation assets Hut 8 expects to sell to TransAlta in early Q1 2026, subject to customary closing conditions including regulatory approval  |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hut 8 15 Hut 8 has 1,020 MW under management across 15 sites today APPLICATION ASSETS SCALE Natural Gas Power Generation Iroquois Falls1 Ontario 120 MW Kingston1 Ontario 120 MW North Bay1 Ontario 35 MW Kapuskasing1 Ontario 35 MW 310 MW Tier I Data Centers: ASIC Compute King Mountain Texas 280 MW Vega Texas 205 MW Medicine Hat Alberta 67 MW Salt Creek Texas 63 MW Alpha New York 50 MW Drumheller2 Alberta 42 MW 710 MW Retail Colocation Kelowna British Columbia 1.1 MW Mississauga Ontario 0.9 MW Vaughan Ontario 0.6 MW Vancouver I British Columbia 0.3 MW Vancouver II British Columbia 0.5 MW 3.4 MW Note: As of December 17, 2025; (1) One of four sites comprising the 310 MW portfolio of power generation assets Hut 8 expects to sell to TransAlta in early Q1 2026, subject to customary closing conditions including regulatory approval; (2) Site currently shut down |

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| &nbsp;&nbsp;![GRAPHIC](hut-20251217xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Relations Public Relations ir@hut8.com media@hut8.com |

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