Hut 8 finishes 2025 strong despite difficult year for Bitcoin miners

The Hut 8 Bitcoin (BTC) mining company expanded its credit facility with crypto exchange company Coinbase to $200 million, building on momentum from 2025 and strong stock performance, setting it apart among players in the struggling mining industry.

Hut 8 will use the funds for “general corporate purposes,” according to an amended filing with the United States Securities and Exchange Commission (SEC).

The credit expansion follows Hut 8’s $7 billion agreement with AI cloud platform Fluidstack in December to deliver 245 megawatts (MW) of energy for an AI data center over a 15-year term.

The agreement is one of the biggest deals of its kind between a crypto-native company and an AI infrastructure provider.

Hut 8’s stock gained over 134% over the last year and is trading at about $51.27 at the time of this writing, according to Yahoo Finance.

The company had a momentous year marked by diversification into AI, high-performance computing, and expanding its Bitcoin mining operations through majority ownership in American Bitcoin, a mining and crypto treasury company, while the broader mining industry faced operational and economic headwinds.

The stock performance of Hut 8 over a 1-year period. Source: Yahoo Finance

Related: Bitcoin mining’s 2026 reckoning: AI pivots, margin pressure and a fight to survive

Mining firms struggle, but Hut 8 and American Bitcoin continue accumulating BTC

Bitcoin miners experienced one of the harshest profit margin environments in history during 2025 due to the reduced block subsidy after the April 2024 halving, which slashed it from 6.25 BTC per block to 3.125 BTC, rising energy costs, and macroeconomic pressures.

Miners also felt the squeeze from US President Donald Trump’s tariffs, which impacted hardware prices and created fears of equipment shortages due to supply chain issues from geopolitical tensions between the US and China.

China is one of the biggest manufacturers of application-specific integrated circuits (ASICs), the machines used to mine Bitcoin and other proof-of-work (PoW) cryptocurrencies.

Bitcoin treasury companies ranked by BTC holdings. Source: BitcoinTreasuries

Hut 8 is ranked as number 9 out of the top 100 Bitcoin treasury companies, with 13,696 BTC in its corporate treasury, valued at over $1.2 billion at the time of this writing, according to BitcoinTreasuries.Net.

American Bitcoin is ranked as number 20 and has 5,098 BTC, valued at about $458 million, data from BitcoinTreasuries shows.

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