Hut 8 Corp (NASDAQ: HUT; TSX: HUT) is back in the spotlight on 2 December 2025, as its share price slides sharply alongside a broader sell‑off in Bitcoin mining stocks — just weeks after reporting record quarterly results and laying out an aggressive AI and power‑infrastructure expansion plan. [1]
At the same time, Wall Street analysts remain overwhelmingly bullish, while several valuation models and legal headlines are flashing caution. That tension is exactly what makes Hut 8 one of the most closely watched crypto‑adjacent stocks on the market right now.
Hut 8 Stock Today: Double‑Digit Drop on 2 December 2025
As of mid‑afternoon trading on December 2, 2025, Hut 8 shares were changing hands around $39 on the Nasdaq, down just over 10% on the day. The stock opened at about $44.6, versus a previous close of $43.6, and has traded in an intraday range of roughly $37–$45.5. [2]
That decline comes on heavy activity: Quiver Quantitative notes that HUT is down about 13% based on its price feed, with approximately $430 million worth of shares trading hands and the ticker ranking among the more frequently searched names on its platform today. [3]
Despite the drop, Hut 8 is still sitting on a big move for the year:
- 52‑week range: about $10.04–$57.29 per share [4]
- Market cap: just over $4.2 billion
- Beta: around 3.4, underlining that HUT is far more volatile than the broader market [5]
Simply Wall St estimates that Hut 8’s share price is up roughly 99% year‑to‑date and about 74% over the past 12 months — even after a roughly 14% decline in the last month. [6]
In other words, today’s sell‑off is happening after a blistering run.
Why HUT Is Under Pressure: Bitcoin, American Bitcoin and Sector Sentiment
Crypto sell‑off hits miners again
InvestorsObserver highlights that Bitcoin miners have come under renewed pressure as Bitcoin fell from around $91,000 on Friday to roughly $84,000 at one point on Monday, sapping enthusiasm for crypto‑linked equities. [7]
The article singles out Hut 8 Corp as a textbook example of this dynamic:
- Hut 8 has expanded beyond mining into high‑performance computing (HPC) and AI infrastructure.
- Unlike some peers that are dialing back mining exposure, Hut 8 has “doubled down” on Bitcoin mining even while building its AI/HPC business. [8]
That mix means HUT still trades very much like a leveraged bet on Bitcoin — which is great in a bull run, and painful when crypto sentiment turns.
According to InvestorsObserver, Hut 8 stock:
- Is up about 112% for the year,
- But has dropped about 14% over the past month, in line with the latest crypto slump. [9]
American Bitcoin crash adds another headache for Hut 8
The latest volatility is also tangled up with American Bitcoin Corp (ABTC), a Hut‑8‑backed miner co‑founded with Eric Trump:
- Hut 8 launched American Bitcoin Corp in March as a majority‑owned mining venture, created out of a company formerly known as American Data Centers. [10]
- In May, Hut 8 announced a transaction to take American Bitcoin public via a merger with Gryphon Digital Mining (GRYP). [11]
Today, that spin‑out is adding fuel to the bearish fire:
- InvestorsObserver notes that American Bitcoin’s stock has fallen about 23.5% over the past month, wiping out an estimated $300 million of Eric Trump’s paper wealth tied to the stake. [12]
- Bloomberg reports that American Bitcoin shares plunged more than 50% in less than 30 minutes on Tuesday, triggering repeated trading halts as speculative crypto names got hit hard. [13]
While ABTC is a separate listing, Hut 8 owns a majority stake (around 64%) and touts the spin‑out as a key part of its mining and infrastructure ecosystem. [14] That means ABTC’s crash not only dents the value of Hut 8’s holdings but also weighs on sentiment around Hut 8’s broader strategic judgment.
Under the Hood: Q3 2025 Results and Growth Pipeline
The irony of today’s slump is that it comes shortly after Hut 8 reported one of the strongest quarters in its history.
Record Q3 2025 driven by Bitcoin and infrastructure
For Q3 2025 (reported 5 November), Hut 8 posted: [15]
- Revenue: about $83.5 million, up roughly 91% year‑over‑year
- Net income: around $50–51 million, compared with under $1 million a year earlier
- Adjusted EBITDA: roughly $109 million, a massive jump versus last year
- Net profit margin: close to 60% for the quarter
Much of that earnings power flowed from:
- Higher Bitcoin prices and Hus 8’s mining operations
- Gains tied to its digital asset holdings, which include a substantial Bitcoin reserve
CoinCentral notes that the company’s Bitcoin holdings reached about 13,696 BTC as of 30 September, with an aggregate value around $1.6 billion at the time. Of that stash, roughly 10,278 BTC sit directly on Hut 8’s balance sheet, while about 3,418 BTC are held by American Bitcoin Corp. [16]
That asset base — effectively a Bitcoin “treasury” — is central to the Hut 8 investment story. CFO Sean Glennan has highlighted that since CEO Asher Genoot took over in early 2024, Hut 8 has generated close to $1 billion in Bitcoin‑related value through appreciation, financing and options strategies. [17]
Massive power and data center expansion
Under Genoot, Hut 8 has been repositioned as an energy‑infrastructure and compute platform, not just a miner:
- In July 2025, the company formally rebranded to better reflect a “power‑first, platform‑driven” model that integrates energy, digital infrastructure and compute at scale. [18]
- Hut 8 now reports through four segments: Power, Digital Infrastructure, Compute (including Bitcoin mining and AI/HPC compute), and Other. [19]
According to its Q2 and Q3 disclosures and subsequent analysis: [20]
- Hut 8 had about 1,020 MW of energy capacity under management as of mid‑2025, with roughly 90% of that contracted.
- It is advancing an additional 1,530 MW of projects from exclusivity into full development.
- The company is evaluating a broader 8,650 MW pipeline of potential sites (5,865 MW under evaluation, 1,255 MW in exclusivity, 1,530 MW under development).
A key flagship is the River Bend facility in Louisiana:
- Planned to launch operations in late 2026
- Initial 300 MW build‑out with the ability to scale up to 1 GW of total capacity
- Envisioned as a major hub for AI and HPC workloads rather than just mining [21]
CoinCentral notes that Hut 8’s big Q3 beat initially sent the stock higher, but the rally was capped by investor disappointment over the lack of a concrete hyperscale AI tenant announcement for River Bend. Analyst Mark Palmer of Benchmark reportedly viewed the post‑earnings pullback as an overreaction, arguing that the market was too focused on short‑term headlines versus long‑term infrastructure value. [22]
What Wall Street and Models Are Saying About HUT Stock
Analyst ratings: still overwhelmingly bullish
On traditional sell‑side metrics, Hut 8 continues to enjoy almost universal support:
- StockAnalysis reports that 14 analysts currently cover HUT, assigning it an average rating of “Strong Buy”.
- Their 12‑month average price target is $45.07, implying about 15% upside from the latest ~$39 share price. [23]
Quiver Quantitative aggregates 8 recent price targets, finding a median target of $62 per share. Individual targets from late 2025 include: [24]
- BTIG: $55 (Buy)
- Rosenblatt: $65 (Buy)
- Canaccord Genuity: $54 (Buy)
- Cantor Fitzgerald: $64 (Overweight)
- Benchmark: $78 (Buy)
- JMP Securities: $65 (Market Outperform)
- Roth Capital: $60 (Buy)
These figures put the Street’s implied upside range roughly in the 40–100% zone from current levels, depending on which target you look at.
Consensus forecasts compiled by StockAnalysis suggest: [25]
- Revenue this year: about $284 million, up ~75% from 2024
- Revenue next year: around $615 million, implying more than a 100% year‑over‑year increase
- EPS this year: about $0.19, down from unusually high 2024 earnings that were boosted by one‑off gains
- EPS next year: roughly $1.38, a substantial step‑up if Hut 8 executes on its build‑out and demand materializes
In short, Wall Street’s base case still assumes strong multi‑year growth across power, infrastructure and compute — with Bitcoin functioning as a turbocharger.
Valuation models: Simply Wall St says “overvalued”
Where things get more nuanced is around valuation.
A detailed breakdown from Simply Wall St, published today (2 December), runs Hut 8 through several lenses: [26]
- Their discounted cash‑flow (DCF) model uses current negative free cash flow (about –$240 million) and forecasts a turn to positive FCF around 2028, rising toward the mid‑hundreds of millions by the mid‑2030s.
- On these cash‑flow projections, they estimate a fair value of about $25.05 per share, significantly below the current market price, leading them to flag HUT as overvalued on a DCF basis.
- On earnings, they note Hut 8 trades on a price‑to‑earnings multiple around the low‑20s, higher than what their proprietary “fair ratio” would imply for this level of risk and growth; again, they label the stock overvalued in their framework.
Simply Wall St also runs a suite of “undervaluation checks” and finds Hut 8 passing only one out of six, reinforcing their view that the stock’s strong price performance has pushed it ahead of fundamentals, at least on their chosen metrics. [27]
Short‑term trading signals: AI trading plans and insider activity
Short‑term models and trading‑focused services are more mixed:
- StockTradersDaily published an AI‑generated trading plan for Hut 8’s TSX listing (HUT:CA) this morning, suggesting a long‑term “strong” rating with a buy zone near 50.15 (CAD) and a target around 69.12, paired with a tight stop. [28] Those levels correspond to a setup that still assumes upside from current prices but is clearly geared toward active traders rather than long‑only investors.
- Quiver Quantitative notes that insiders have executed 4 open‑market transactions over the past six months — all of them sales and none of them buys. [29]
- On the flip side, Quiver’s institutional‑holdings data shows 173 institutional investors increasing their HUT exposure vs. 120 decreasing positions in the latest quarter, with notable additions from firms like Hood River Capital, Jane Street, T. Rowe Price, Driehaus and D.E. Shaw. [30]
That pattern — insider selling but rising institutional interest — fits the profile of a high‑beta, momentum‑driven growth name where professional money is willing to ride volatility, while insiders may be de‑risking after a strong run.
Legal Overhang: Shareholder Rights Investigation
Adding to uncertainty, Halper Sadeh LLC, an investor‑rights law firm, announced on 30 November 2025 that it is investigating whether certain Hut 8 officers and directors breached their fiduciary duties to shareholders. [31]
The firm’s press release:
- Invites long‑term HUT shareholders to contact the firm
- Suggests possible outcomes could include governance reforms, return of funds to the company, or other court‑ordered remedies, depending on what the investigation uncovers [32]
Such announcements are relatively common when stocks are volatile or after large transactions (like spin‑outs or mergers). They do not automatically imply wrongdoing, but they add another layer of risk and can cap valuation multiples while the situation is unresolved.
Bull vs. Bear: How Investors Are Framing Hut 8 After Today’s Drop
The bull case for Hut 8 stock
Supporters of HUT typically emphasize:
- Scale and pipeline: A 1,020 MW contracted platform and 1,530 MW in active development, with a total 8.65 GW pipeline that could make Hut 8 one of North America’s key power and digital‑infrastructure platforms if built out. [33]
- Bitcoin reserve as a strategic asset: Roughly 13,696 BTC held across Hut 8 and American Bitcoin, with management actively monetizing this reserve through appreciation, financing and options strategies. [34]
- AI and HPC demand tailwinds: A multi‑year boom in demand for power‑hungry AI data centers that could make Hut 8’s secured and potential megawatts increasingly valuable assets. [35]
- Street support: A strong‑buy consensus and price targets that, in many cases, imply 40–100% upside from current levels. [36]
- Operating momentum: Back‑to‑back quarters of rapid revenue growth, expanding margins and large reported net income, albeit with a big contribution from digital‑asset revaluations. [37]
From this angle, today’s double‑digit drop looks like volatility within an ongoing re‑rating, rather than the end of the story.
The bear case for Hut 8 stock
Skeptics, and more valuation‑focused models, point to several risks:
- Heavy exposure to Bitcoin: Even with a growing infrastructure business, Hut 8’s profitability and share price are still highly sensitive to Bitcoin prices, which remain notoriously cyclical. [38]
- Quality of earnings: A large portion of recent profits comes from non‑cash digital‑asset gains tied to Bitcoin appreciation, not from recurring cash flows. [39]
- Negative free cash flow and big capex needs: Simply Wall St’s DCF framework highlights significant ongoing investment and negative free cash flow, with true cash profitability not expected (in that model) until several years out. [40]
- Valuation stretch: DCF and earnings‑based valuation checks flag Hut 8 as deeply overvalued versus modeled fair value, even after today’s pullback. [41]
- Execution risk on 1.5+ GW of projects: Turning a vast pipeline into revenue depends on executing large, complex energy and data‑center projects on time and on budget, and on signing anchor AI/HPC tenants at attractive economics. [42]
- Legal and governance uncertainty: The Halper Sadeh investigation — plus the optics of the American Bitcoin/Trump connection and today’s ABTC crash — give critics a narrative around governance and risk management. [43]
Under this lens, HUT looks like a high‑beta, sentiment‑driven story where even strong fundamentals may not fully justify the current valuation if Bitcoin weakens or growth projects stumble.
What to Watch Next for Hut 8 Corp
For investors tracking Hut 8 stock after today’s move, several catalysts and signposts matter:
- Bitcoin price and crypto sentiment
HUT still trades as a leveraged play on Bitcoin; sustained weakness in BTC could pressure both earnings and multiples, while a rebound would likely do the opposite. [44] - American Bitcoin (ABTC) trading
After today’s stunning intraday plunge, how ABTC trades in coming sessions will influence perceptions of Hut 8’s spin‑out strategy, its stake’s value, and the broader “Trump‑crypto” narrative. [45] - Updates on River Bend and other sites
Any announcement of a hyperscale AI/HPC tenant, or concrete power‑sale and colocation contracts at River Bend and other sites, could be a major catalyst for re‑rating — positively if deals are strong, or negatively if they disappoint. [46] - Free‑cash‑flow trajectory
Investors and valuation models will be watching whether Hut 8 can transition from BTC‑driven accounting gains to sustained, positive free cash flow as its infrastructure base expands. [47] - Outcome (or non‑outcome) of legal investigation
Even if Halper Sadeh’s probe ultimately leads nowhere, markets may demand a risk premium while the uncertainty over governance and potential shareholder actions hangs over the stock. [48]
So… Is Hut 8 Stock a Buy After Today’s Drop?
Given everything above, Hut 8 stock on 2 December 2025 is not a sleepy value play — it’s a high‑conviction, high‑volatility bet at the crossroads of:
- Bitcoin mining
- Large‑scale power and digital infrastructure
- AI/HPC data‑center demand
On one side, you have:
- Strong recent financial results,
- A huge long‑term development pipeline,
- A sizable Bitcoin reserve, and
- An almost uniformly bullish group of sell‑side analysts who still see meaningful upside from here. [49]
On the other side, you have:
- A stock that many fundamental models now label overvalued,
- Heavy dependence on a notoriously volatile asset class,
- Ongoing negative free cash flow and high capex needs,
- A bruising day across crypto‑exposed names, and
- A fresh shareholder‑rights investigation plus messy optics around the American Bitcoin spin‑out. [50]
Whether Hut 8 is a buy, hold or avoid after today’s sell‑off ultimately depends on your:
- Risk tolerance (can you stomach Bitcoin‑level volatility?),
- Time horizon (are you thinking in months, or in years through a full AI and crypto cycle?), and
- View on Bitcoin and AI infrastructure demand (do you believe Hut 8 can successfully monetize its pipeline and BTC war chest?).
For risk‑seeking investors who are bullish on both BTC and AI data centers and are comfortable with big swings, Hut 8 remains one of the more leveraged vehicles to that combined theme. For more conservative investors, today’s double‑digit drop may be a reminder that the story, while compelling, comes with substantial downside risk.
Important: This article is for informational and educational purposes only and does not constitute investment advice, a recommendation to buy or sell any security, or a substitute for professional financial guidance. Always do your own research and consider consulting a licensed financial adviser before making investment decisions.
References
1. stockanalysis.com, 2. stockanalysis.com, 3. www.quiverquant.com, 4. stockanalysis.com, 5. stockanalysis.com, 6. simplywall.st, 7. investorsobserver.com, 8. investorsobserver.com, 9. investorsobserver.com, 10. investorsobserver.com, 11. investorsobserver.com, 12. investorsobserver.com, 13. www.bloomberg.com, 14. coincentral.com, 15. www.prnewswire.com, 16. coincentral.com, 17. coincentral.com, 18. www.hut8.com, 19. stockanalysis.com, 20. stockanalysis.com, 21. coincentral.com, 22. coincentral.com, 23. stockanalysis.com, 24. www.quiverquant.com, 25. stockanalysis.com, 26. simplywall.st, 27. simplywall.st, 28. news.stocktradersdaily.com, 29. www.quiverquant.com, 30. www.quiverquant.com, 31. www.barchart.com, 32. www.barchart.com, 33. stockanalysis.com, 34. coincentral.com, 35. coincentral.com, 36. stockanalysis.com, 37. www.prnewswire.com, 38. investorsobserver.com, 39. www.google.com, 40. simplywall.st, 41. simplywall.st, 42. coincentral.com, 43. www.barchart.com, 44. investorsobserver.com, 45. www.bloomberg.com, 46. coincentral.com, 47. simplywall.st, 48. www.barchart.com, 49. stockanalysis.com, 50. simplywall.st
