Hut 8 Posts $131 Million Net Income in Q3, Holds 16,787 Bitcoin

November 4: According to the third-quarter 10-Q filing that bitcoin mining company Hut 8 submitted to the U.S. SEC, the company's total Q3 revenue was $71.07 million, down about 14.9% year over year; net income attributable to Hut 8 was $131 million, compared with $50.11 million in the same period last year, with diluted earnings per share of $0.98; net loss attributable for the first nine months was $239 million. As of September 30, Hut 8 (on a consolidated basis, including its subsidiary American Bitcoin) held 16,787 bitcoin with a carrying value of about $1.4 billion, of which 3,090 were pledged to Bitmain; in the third quarter, fair value gains on bitcoin were about $414 million, and realized gains from selling bitcoin were about $39.94 million.