Hut 8 Raises Share Buyback Authorization by $750 Million to $1 Billion
Key Facts
Hut 8 raised its total authorized share buyback from $250 million to $1.0 billion in November 2026, after its board added $750 million to the program. The company announced the decision with its third-quarter results, saying the increase expands the overall limit on purchases. The authorization does not mean the company will spend the additional amount or buy shares worth that sum. The program does not require the company to purchase a specified number or value of shares. Hut 8 said it may amend, suspend or terminate the program at any time.
Company data show that purchases under the program had already come close to the previous cap before the increase was announced. In the third quarter, Hut 8 repurchased and canceled 953,802 shares for $74.7 million. It funded the transaction with net proceeds of $74.8 million from the sale of about 954 bitcoin. After the quarter ended and through Nov. 4, the company bought and canceled an additional 2,384,677 shares for $175.3 million. Cumulative purchases thus rose to 3,338,479 shares worth about $250 million.
The additional purchases after the quarter ended were also funded by bitcoin sales, according to a Hut 8 disclosure. The company used net proceeds of $175.4 million from the sale of about 2,148 bitcoin to fund the share purchases. Including third-quarter transactions and those made afterward through Nov. 4, the disclosure shows that funding for the purchases was linked to proceeds from cryptocurrency sales. This means that the new $1 billion authorization alone does not describe the volume executed to date; disclosed actual purchases remained at about $250 million through that date. The additional amount approved by the board represents available authorization under the program, with execution still subject to company policy.
Hut 8 reported third-quarter 2026 revenue of $71.1 million, compared with $83.5 million in the same period of 2025. The revenue decline puts the buybacks in the context of the company's quarterly results, alongside the announced expansion of the authorization. The company launched the original buyback program on Dec. 4, 2024. The November decision therefore raises the total limit for the existing program; it does not announce a new one. The disclosure did not specify a commitment to buy a particular amount under the expanded authorization.
HUT closed at $45.95 on Nov. 5, 2026, according to EL7 data. The closing price came after the November announcement raising the authorization, but does not establish that the company made new purchases in that trading session. The closing price is also separate from the value of shares the company said it had repurchased through Nov. 4. The disclosed program figures relate to specific execution periods: the third quarter, followed by the period through Nov. 4. The $1.0 billion authorization sets the program's approved limit.
The company's data center project plans include target delivery dates extending into 2028. Hut 8 is targeting delivery of the first data hall at River Bend in the second quarter of 2027. It is also targeting the first delivery at Beacon Point Phase 1 in the third quarter of 2027. The company is targeting delivery of the first hall at Beacon Point Phase 2 in the second quarter of 2028. These dates set out a disclosed timeline for its projects alongside the expanded share buyback authorization.