Hut 8 insider raises $58 million through a hedge his company restricts

Hut 8 began in bitcoin mining. It now calls itself an energy and computing infrastructure company. [C25][C25] Results release, about Hut 8an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologiesHut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm [C24][C24] Results release, highlightsClosed $7.5 billion of fully amortizing investment-grade project financing across two offerings in a single quarter, each on a non-dilutive basis and without recourse to Hut 8 Corp.Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm Its value rests on AI data centers it is still building. It has leased 949 megawatts of computing space, worth about $26.6 billion over the base terms. [C18][C18] Results release, headline949 MW of contracted IT capacity, approximately $26.6 billion of expected aggregate base-term contract value, more than $1.75 billion of expected average annual NOI, and $7.5 billion of investment-grade project financing secured to dateHut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm It expects more than $1.75 billion a year of net operating income from them. It has $7.5 billion of project loans to build them. [C18][C18] Results release, headline949 MW of contracted IT capacity, approximately $26.6 billion of expected aggregate base-term contract value, more than $1.75 billion of expected average annual NOI, and $7.5 billion of investment-grade project financing secured to dateHut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm The first data halls at River Bend and Beacon Point are due in mid-2027. A second Beacon Point lease, worth about $655 million a year, starts in the second quarter of 2028. [C19][C19] Results release, highlightsFacilities representing 1,330 MW of utility capacity in active construction across River Bend and Beacon Point, targeted for initial data hall delivery in Q2 2027 and Q3 2027, respectively.Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm [C51][C51] Form 10-Q, Beacon Point Phase 2is expected to generate average annual NOI of approximately $655.0 million.Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm [C52][C52] Form 10-Q, Beacon Point Phase 2Initial delivery is expected to start in Q2 2028.Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm

Today's business is small. Second-quarter revenue was $74.9 million. The net loss was $177.1 million, including $138.6 million of mostly paper losses on its bitcoin. [C20][C20] Results release, financial resultsRevenue for the three months ended June 30, 2026 was $74.9 million, compared to $41.3 million in the prior-year periodHut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm [C21][C21] Results release, financial resultsNet loss for the three months ended June 30, 2026 was $177.1 million, compared to net income of $137.5 million in the prior-year period. Net loss for the period included $138.6 million of primarily unrealized losses on digital assetsHut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm This quarter the company changed its adjusted EBITDA measure to leave out bitcoin price swings. On the new basis it was $10.4 million. On the old basis it was a loss of $94.6 million. [C45][C45] Results release, Adjusted EBITDA definitionBeginning with the three months ended June 30, 2026, the Company has revised its definition of Adjusted EBITDA to exclude mark-to-market gains and losses on digital assetsHut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm [C22][C22] Results release, financial resultsAdjusted EBITDA for the three months ended June 30, 2026 was $10.4 million, compared to $4.2 million in the prior-year period.Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm [C46][C46] Results release, financial resultsAdjusted EBITDA inclusive of digital assets mark-to-market for the three months ended June 30, 2026 was $(94.6) million, compared to $221.2 million in the prior-year period.Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm Both versions add back $51.2 million of stock-based pay. Interest expense was $51.2 million, or about $24.1 million after $27.1 million of interest income. That is more than twice the new adjusted EBITDA. [C47][C47] Results release, reconciliationStock-based compensation expense 51,239 7,640Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm [C48][C48] Results release, statement of operationsInterest expense (51,160 ) (8,396 )Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm [C57][C57] Results release, statement of operationsInterest income 27,085 —Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm

Its $8.1 billion of cash and bitcoin is mostly money raised for building. At June 30 its free cash was $233.6 million, against $6.79 billion set aside for projects. The project loans do not reach the parent company. [C23][C23] Results release, balance sheetapproximately $8.1 billion in unrestricted cash, restricted cash and cash equivalents, and Bitcoin holdings, including $7.6 billion attributable to Hut 8 and $497.2 million attributable to American Bitcoin, as of June 30, 2026.Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm [C49][C49] Form 10-Q, cash reconciliationCash $ 233,579 $ 216,251 Restricted cash and cash equivalents 6,787,147 6,101Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm [C24][C24] Results release, highlightsClosed $7.5 billion of fully amortizing investment-grade project financing across two offerings in a single quarter, each on a non-dilutive basis and without recourse to Hut 8 Corp.Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm In the first half it used $32.8 million in operations and spent $616.2 million on equipment and buildings. That is a cash burn of about $649 million. [C55][C55] Form 10-Q, cash flow statementNet cash used in operating activities ( 32,845 ) ( 82,636 )Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm [C56][C56] Form 10-Q, cash flow statementPurchases of property and equipment ( 616,182 ) ( 108,699 )Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm Its loans total about $7.64 billion against $7.02 billion of cash, both free and set aside. So net debt is about $618 million, many times its yearly adjusted EBITDA. [C61][C61] Form 10-Q, balance sheetLoans, notes payable, and other financial liabilities, current portion 234,705 199,926Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm [C62][C62] Form 10-Q, balance sheetLoans, notes payable, and other financial liabilities, less current portion 7,403,736 210,235Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm [C49][C49] Form 10-Q, cash reconciliationCash $ 233,579 $ 216,251 Restricted cash and cash equivalents 6,787,147 6,101Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm [C22][C22] Results release, financial resultsAdjusted EBITDA for the three months ended June 30, 2026 was $10.4 million, compared to $4.2 million in the prior-year period.Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm

A $200 million bitcoin-backed loan comes due in April 2027. It faces margin calls if bitcoin falls. A $35.1 million note, at 15.25%, is due April 8, 2027. [C50][C50] Form 10-Q, liquidityIn May 2026, we entered into a $200.0 million Bitcoin-collateralized term loan with FalconX, maturing in April 2027 and bearing a fixed interest rate of 7.00%. The facility is structured with an initial collateral ratio of 143%, with margin call and liquidation thresholds at 130% and 105%, respectively.Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm [C65][C65] Form 10-Q, debt tableTZRC Secured Promissory Note December 6, 2022 April 8, 2027 15.25 % 35,104 49,589Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm In September the company added a $1.07 billion credit line, with JPMorgan as agent. It was unused at closing. [C37][C37] Form 8-K, Item 1.01On September 24, 2026 (the “Closing Date”), Hut 8 Corp. (the “Company”) entered into a Credit AgreementHut 8 Form 8-K on its $1.07 billion revolving credit agreement, filed September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_8k.htm [C13][C13] Form 8-K, Item 1.01The Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount of up to $1,070.0 million outstanding at any timeHut 8 Form 8-K on its $1.07 billion revolving credit agreement, filed September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_8k.htm [C14][C14] Form 8-K, Item 1.01JPMorgan Chase Bank, N.A. as administrative agent and collateral agentHut 8 Form 8-K on its $1.07 billion revolving credit agreement, filed September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_8k.htm [C15][C15] Form 8-K, Item 1.01As of the Closing Date, no amounts were outstanding under the Credit Agreement.Hut 8 Form 8-K on its $1.07 billion revolving credit agreement, filed September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_8k.htm The finance chief said the line lets it pay for projects during building, before it picks long-term project loans. [C66][C66] Press release, chief financial officergiving us the ability to fund projects through development while we determine the optimal timing and structure for long-term, non-recourse financing as they de-riskHut 8 press release on the revolving credit facility, Exhibit 99.1 to Form 8-K, September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_ex99-1.htm From March 31, 2027 it must keep liquidity of at least 40% of that line. Liquidity counts free cash plus the unused line, so the test is easy to meet while the line stays unused. If it fails, the company may sell new shares to fix it. [C58][C58] Credit agreement, Exhibit 10.1, Section 6.09Permit Liquidity as of the last day of any fiscal quarter beginning with the fiscal quarter ending March 31, 2027, to be less than (i) at any time prior to the Stabilization Date, 40% of the aggregate Revolving Facility CommitmentsHut 8 credit agreement, Exhibit 10.1 to Form 8-K, September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_ex10-1.htm [C60][C60] Credit agreement, Exhibit 10.1, definitions“ Liquidity ” shall mean, at any time, an amount equal to: (a) the Unrestricted Cash Amount at such time plus (b) an amount equal to (i) the Revolving Facility Commitments in effect at such time minus (ii) the Revolving Facility Credit Exposure at such time.Hut 8 credit agreement, Exhibit 10.1 to Form 8-K, September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_ex10-1.htm [C64][C64] Credit agreement, Exhibit 10.1, Section 6.09the Borrower shall have the right (the “ Cure Right ”) to issue Equity Interests (including pursuant to a block trade or other public or private issuance) and designate the net cash proceeds thereof as “ Cure Proceeds ”Hut 8 credit agreement, Exhibit 10.1 to Form 8-K, September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_ex10-1.htm It has also sold new shares, 2,101,363 in the first half. About 1.9 million old warrants at $53.45 had about 0.2 years left at June 30. No filing says how many were used. [C53][C53] Form 10-Q, statement of equityIssuance of common stock – at-the-market offering, net of issuance costs 2,101,363 21 120,099Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm [C54][C54] Form 10-Q, warrantsOutstanding as of June 30, 2026 1,895 $ 53.45 0.2Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm

Ho runs strategy, sits on the board and is chief executive of American Bitcoin, the mining company it controls. [C26][C26] Form 10-K, related party transactionsMichael Ho, Chief Strategy Officer and director of the Company and Chief Executive Officer and director of American BitcoinHut 8 annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926019392/hut-20251231x10k.htm [C12][C12] Form 4, reporting personChief Strategy OfficerForm 4 for Michael Ho, Hut 8 director and chief strategy officer, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112496/xslF345X06/tm2626636-1_4seq1.xml The shares rose from $87.09 on September 15 to $106.64 on September 22. They fell back to $92.75 by September 29, about 13%. Core Scientific fell about 13% over the same days. [C29][C29] IEX closing pricesHUT closed at $87.09 on September 15, 2026 (IEX)IEX closing prices for HUT and CORZ, September 15 to September 29, 2026Open source ↗https://iextrading.com/trading/market-data/ [C30][C30] IEX closing pricesHUT closed at $106.635 on September 22, 2026 (IEX)IEX closing prices for HUT and CORZ, September 15 to September 29, 2026Open source ↗https://iextrading.com/trading/market-data/ [C31][C31] IEX closing pricesHUT closed at $92.745 on September 29, 2026 (IEX)IEX closing prices for HUT and CORZ, September 15 to September 29, 2026Open source ↗https://iextrading.com/trading/market-data/ [C32][C32] IEX closing pricesCORZ closed at $18.80 on September 22, 2026 (IEX)IEX closing prices for HUT and CORZ, September 15 to September 29, 2026Open source ↗https://iextrading.com/trading/market-data/ [C33][C33] IEX closing pricesCORZ closed at $16.33 on September 29, 2026 (IEX)IEX closing prices for HUT and CORZ, September 15 to September 29, 2026Open source ↗https://iextrading.com/trading/market-data/ Director Mayo Shattuck sold 20,000 shares at $100 the same week, under a trading plan set up in June. [C27][C27] Form 4, Table ICommon Stock, par value $0.01 per share 09/24/2026 S (1) 20,000 D $ 100 89,408 DForm 4 for Mayo A. Shattuck III, Hut 8 director, filed September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000196478926000040/xslF345X06/form4.xml [C28][C28] Form 4, footnoteThe sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 25, 2026.Form 4 for Mayo A. Shattuck III, Hut 8 director, filed September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000196478926000040/xslF345X06/form4.xml

Ho's company, Springtide Creek, holds the shares and signed the contract. It got $58,326,600 up front. [C1][C1] Schedule 13D/A, Item 6On September 29, 2026, Springtide Creek Ltd ("Springtide"), a British Virgin Islands company wholly owned and controlled by the Reporting Person, entered into a prepaid variable share forward transaction (the "VPF") with JPMorgan Chase Bank, National Association (the "Bank") covering 1,500,000 shares of Common Stock (the "Forward Shares")Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C2][C2] Schedule 13D/A, Item 6Pursuant to the VPF, Springtide will receive an upfront cash payment (the "Prepayment Amount") equal to $58,326,600.00. The Prepayment Amount represents approximately 41.93% of the current market value of the underlying shares on the execution date, and represents the value of the underlying shares at the VPF's Floor Price of $40.00 per share of Common Stock, as discounted 6.85% for the time value of money over the term of the agreement.Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml The filing says that is about 41.93% of the shares' market value that day. It equals their value at a $40 floor, less a 6.85% discount for time. [C2][C2] Schedule 13D/A, Item 6Pursuant to the VPF, Springtide will receive an upfront cash payment (the "Prepayment Amount") equal to $58,326,600.00. The Prepayment Amount represents approximately 41.93% of the current market value of the underlying shares on the execution date, and represents the value of the underlying shares at the VPF's Floor Price of $40.00 per share of Common Stock, as discounted 6.85% for the time value of money over the term of the agreement.Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml The contract ends on May 17, 2027, based on the average price over three days. [C5][C5] Schedule 13D/A, Item 6At the maturity of the VPF on May 17, 2027, the contract will be settled by the delivery of a variable number of shares of Common Stock (or, at Springtide's election, an equivalent amount of cash)Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C36][C36] Schedule 13D/A, Item 6based on the volume-weighted average price of the Issuer's Common Stock over a three-day valuation periodMichael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml At or below $40, he hands over all 1.5 million shares. Between $40 and $221, he hands over shares worth $40 each, about $60 million. Above $221, he also gives up the gain over $221. [C6][C6] Schedule 13D/A, Item 6(i) if the Settlement Price is less than or equal to the Floor Price, Springtide will deliver all 1,500,000 shares; (ii) if the Settlement Price is greater than the Floor Price but less than or equal to the Cap Price, Springtide will deliver a number of shares equal to the 1,500,000 shares multiplied by a fraction, the numerator of which is the Floor Price and the denominator of which is the Settlement PriceMichael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C3][C3] Schedule 13D/A, Item 6The Master Confirmation also establishes a Cap Price of $221.00 per share of Common Stock.Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml Handing over shares is the default. He can pay cash only if he signs that he has no inside information, and JPMorgan can void that choice in some cases. [C43][C43] Master confirmation, settlement termsDefault Settlement Method: Physical Settlement.Master confirmation for the prepaid variable share forward with JPMorgan, Exhibit 99.4 to Schedule 13D Amendment No. 1, September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/tm2626636d2_ex99-4.htm [C42][C42] Master confirmation, settlement termsany election by Counterparty specifying Cash Settlement shall not be effective to require Cash Settlement unless Counterparty delivers to JPMorgan, concurrent with such election, a representation signed by CounterpartyMaster confirmation for the prepaid variable share forward with JPMorgan, Exhibit 99.4 to Schedule 13D Amendment No. 1, September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/tm2626636d2_ex99-4.htm

Here is what each side gives and gets. Ho gets $58.3 million now and protection below $40. He gives up gains above $221. [C2][C2] Schedule 13D/A, Item 6Pursuant to the VPF, Springtide will receive an upfront cash payment (the "Prepayment Amount") equal to $58,326,600.00. The Prepayment Amount represents approximately 41.93% of the current market value of the underlying shares on the execution date, and represents the value of the underlying shares at the VPF's Floor Price of $40.00 per share of Common Stock, as discounted 6.85% for the time value of money over the term of the agreement.Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C3][C3] Schedule 13D/A, Item 6The Master Confirmation also establishes a Cap Price of $221.00 per share of Common Stock.Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml In between he keeps the upside, because he always hands over about $60 million worth of shares and keeps the rest. [C6][C6] Schedule 13D/A, Item 6(i) if the Settlement Price is less than or equal to the Floor Price, Springtide will deliver all 1,500,000 shares; (ii) if the Settlement Price is greater than the Floor Price but less than or equal to the Cap Price, Springtide will deliver a number of shares equal to the 1,500,000 shares multiplied by a fraction, the numerator of which is the Floor Price and the denominator of which is the Settlement PriceMichael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C1][C1] Schedule 13D/A, Item 6On September 29, 2026, Springtide Creek Ltd ("Springtide"), a British Virgin Islands company wholly owned and controlled by the Reporting Person, entered into a prepaid variable share forward transaction (the "VPF") with JPMorgan Chase Bank, National Association (the "Bank") covering 1,500,000 shares of Common Stock (the "Forward Shares")Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml JPMorgan gets shares worth about $60 million if the price ends between $40 and $221. It gets more above $221 and less below $40. It paid $58.3 million, and the shares are pledged to it. [C2][C2] Schedule 13D/A, Item 6Pursuant to the VPF, Springtide will receive an upfront cash payment (the "Prepayment Amount") equal to $58,326,600.00. The Prepayment Amount represents approximately 41.93% of the current market value of the underlying shares on the execution date, and represents the value of the underlying shares at the VPF's Floor Price of $40.00 per share of Common Stock, as discounted 6.85% for the time value of money over the term of the agreement.Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C6][C6] Schedule 13D/A, Item 6(i) if the Settlement Price is less than or equal to the Floor Price, Springtide will deliver all 1,500,000 shares; (ii) if the Settlement Price is greater than the Floor Price but less than or equal to the Cap Price, Springtide will deliver a number of shares equal to the 1,500,000 shares multiplied by a fraction, the numerator of which is the Floor Price and the denominator of which is the Settlement PriceMichael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C4][C4] Schedule 13D/A, Item 6Springtide pledged the Forward Shares to secure its obligations under the contract and retains ownership and voting rights in the Forward Shares during the term of the pledge.Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml Ho's filing calls the deal a forward sale contract, an obligation to sell. [C44][C44] Form 4, Table IIForward Sale Contract (obligation to sell)Form 4 for Michael Ho, Hut 8 director and chief strategy officer, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112496/xslF345X06/tm2626636-1_4seq1.xml

The company issues no shares and gets no money. JPMorgan protects itself by selling shares within Rule 144 volume limits. [C9][C9] Master confirmation, initial share priceat which JPMorgan (or any of its affiliates) establishes its initial hedge of such Transaction by selling Shares in transactions conforming to the volume and manner of sale conditions described in Rule 144(e), (f) and (g) under the Securities ActMaster confirmation for the prepaid variable share forward with JPMorgan, Exhibit 99.4 to Schedule 13D Amendment No. 1, September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/tm2626636d2_ex99-4.htm Ho's sale notice lists up to 1.5 million shares, worth $139,065,000 when filed, through J.P. Morgan Securities. That is a ceiling, and the bank picks the amount and timing. [C10][C10] Form 144Common Stock J.P. Morgan Securities LLC 270 Park Avenue, 10th Floor New YorkForm 144 for Michael Ho, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000196858226001020/xsl144X01/primary_doc.xml [C11][C11] Form 1441500000 139065000 123259468 09/29/2026 NASDAQForm 144 for Michael Ho, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000196858226001020/xsl144X01/primary_doc.xml [C9][C9] Master confirmation, initial share priceat which JPMorgan (or any of its affiliates) establishes its initial hedge of such Transaction by selling Shares in transactions conforming to the volume and manner of sale conditions described in Rule 144(e), (f) and (g) under the Securities ActMaster confirmation for the prepaid variable share forward with JPMorgan, Exhibit 99.4 to Schedule 13D Amendment No. 1, September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/tm2626636d2_ex99-4.htm 1.5 million shares is about 1.2% of the 123,259,468 shares outstanding. The contract covers about 24% of Ho's 6,326,412 shares. He made no other trades in the stock in the 60 days before the filing. [C11][C11] Form 1441500000 139065000 123259468 09/29/2026 NASDAQForm 144 for Michael Ho, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000196858226001020/xsl144X01/primary_doc.xml [C34][C34] Schedule 13D/A, Item 5based on 123,259,468 shares of common stock ("Common Stock") outstanding as of July 31, 2026Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C7][C7] Schedule 13D/A, cover page, rows 11 and 1311 Aggregate amount beneficially owned by each reporting person 6,326,412.00 12 Check if the aggregate amount in Row (11) excludes certain shares (See Instructions) 13 Percent of class represented by amount in Row (11) 5.13 %Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C8][C8] Schedule 13D/A, Item 5Except as related to the VPF (as defined below), the Reporting Person has not effected any transactions in the shares of Common Stock of the Issuer in the 60 days prior to this Amendment No. 1.Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml

At $92.75 the shares are worth about $11.4 billion. That is about 6.5 times the more than $1.75 billion a year of income the company expects from its leases. [C31][C31] IEX closing pricesHUT closed at $92.745 on September 29, 2026 (IEX)IEX closing prices for HUT and CORZ, September 15 to September 29, 2026Open source ↗https://iextrading.com/trading/market-data/ [C34][C34] Schedule 13D/A, Item 5based on 123,259,468 shares of common stock ("Common Stock") outstanding as of July 31, 2026Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C18][C18] Results release, headline949 MW of contracted IT capacity, approximately $26.6 billion of expected aggregate base-term contract value, more than $1.75 billion of expected average annual NOI, and $7.5 billion of investment-grade project financing secured to dateHut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm But that income comes only after the data halls are built, and it must first pay the $7.5 billion of project loans. So the ratio flatters the shares. [C24][C24] Results release, highlightsClosed $7.5 billion of fully amortizing investment-grade project financing across two offerings in a single quarter, each on a non-dilutive basis and without recourse to Hut 8 Corp.Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm Until then the parent runs on its free cash, the credit line, bitcoin and share sales. Its adjusted EBITDA does not cover its net interest. [C49][C49] Form 10-Q, cash reconciliationCash $ 233,579 $ 216,251 Restricted cash and cash equivalents 6,787,147 6,101Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm [C13][C13] Form 8-K, Item 1.01The Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount of up to $1,070.0 million outstanding at any timeHut 8 Form 8-K on its $1.07 billion revolving credit agreement, filed September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_8k.htm [C53][C53] Form 10-Q, statement of equityIssuance of common stock – at-the-market offering, net of issuance costs 2,101,363 21 120,099Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm [C22][C22] Results release, financial resultsAdjusted EBITDA for the three months ended June 30, 2026 was $10.4 million, compared to $4.2 million in the prior-year period.Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm [C48][C48] Results release, statement of operationsInterest expense (51,160 ) (8,396 )Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm [C57][C57] Results release, statement of operationsInterest income 27,085 —Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm

The best case for staying calm is the structure. Ho kept the gains between the $40 floor and $221, a range from far below today's price to more than double it. [C2][C2] Schedule 13D/A, Item 6Pursuant to the VPF, Springtide will receive an upfront cash payment (the "Prepayment Amount") equal to $58,326,600.00. The Prepayment Amount represents approximately 41.93% of the current market value of the underlying shares on the execution date, and represents the value of the underlying shares at the VPF's Floor Price of $40.00 per share of Common Stock, as discounted 6.85% for the time value of money over the term of the agreement.Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C3][C3] Schedule 13D/A, Item 6The Master Confirmation also establishes a Cap Price of $221.00 per share of Common Stock.Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C6][C6] Schedule 13D/A, Item 6(i) if the Settlement Price is less than or equal to the Floor Price, Springtide will deliver all 1,500,000 shares; (ii) if the Settlement Price is greater than the Floor Price but less than or equal to the Cap Price, Springtide will deliver a number of shares equal to the 1,500,000 shares multiplied by a fraction, the numerator of which is the Floor Price and the denominator of which is the Settlement PriceMichael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml He keeps his votes and about 4.8 million shares outside the contract. The leases are with investment-grade tenants or backstops. [C4][C4] Schedule 13D/A, Item 6Springtide pledged the Forward Shares to secure its obligations under the contract and retains ownership and voting rights in the Forward Shares during the term of the pledge.Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C7][C7] Schedule 13D/A, cover page, rows 11 and 1311 Aggregate amount beneficially owned by each reporting person 6,326,412.00 12 Check if the aggregate amount in Row (11) excludes certain shares (See Instructions) 13 Percent of class represented by amount in Row (11) 5.13 %Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C59][C59] Results release, highlightsleased or backstopped exclusively by investment-grade counterpartiesHut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm

The case against starts with the policy. A director made the kind of hedge and pledge the policy forbids without board approval, and no approval is disclosed. [C38][C38] Insider trading policy, Exhibit 19.1, Section IXthe individuals subject to this Policy may not engage in the following without the prior approval of the Board:Hut 8 insider trading policy, Exhibit 19.1 to the 2025 Form 10-K, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926019392/hut-20251231xex19d1.htm [C40][C40] Insider trading policy, Exhibit 19.1, Section IX.DHedging transactions include (but are not limited to) collars, equity swaps, exchange funds and prepaid variable forward sale contracts.Hut 8 insider trading policy, Exhibit 19.1 to the 2025 Form 10-K, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926019392/hut-20251231xex19d1.htm [C39][C39] Insider trading policy, Exhibit 19.1, Section IX.Cyou may not hold Company securities in a margin account or otherwise pledge Company securities as collateral for a loan.Hut 8 insider trading policy, Exhibit 19.1 to the 2025 Form 10-K, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926019392/hut-20251231xex19d1.htm He did it a week after the stock closed at $106.64 on September 22, while another director sold at $100. The bank's hedge selling also adds supply. [C30][C30] IEX closing pricesHUT closed at $106.635 on September 22, 2026 (IEX)IEX closing prices for HUT and CORZ, September 15 to September 29, 2026Open source ↗https://iextrading.com/trading/market-data/ [C27][C27] Form 4, Table ICommon Stock, par value $0.01 per share 09/24/2026 S (1) 20,000 D $ 100 89,408 DForm 4 for Mayo A. Shattuck III, Hut 8 director, filed September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000196478926000040/xslF345X06/form4.xml [C9][C9] Master confirmation, initial share priceat which JPMorgan (or any of its affiliates) establishes its initial hedge of such Transaction by selling Shares in transactions conforming to the volume and manner of sale conditions described in Rule 144(e), (f) and (g) under the Securities ActMaster confirmation for the prepaid variable share forward with JPMorgan, Exhibit 99.4 to Schedule 13D Amendment No. 1, September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/tm2626636d2_ex99-4.htm Almost no lease revenue arrives before the 2027 data halls. Until then a money-losing business carries the stock, with a loan due in April 2027. [C19][C19] Results release, highlightsFacilities representing 1,330 MW of utility capacity in active construction across River Bend and Beacon Point, targeted for initial data hall delivery in Q2 2027 and Q3 2027, respectively.Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm [C21][C21] Results release, financial resultsNet loss for the three months ended June 30, 2026 was $177.1 million, compared to net income of $137.5 million in the prior-year period. Net loss for the period included $138.6 million of primarily unrealized losses on digital assetsHut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm [C50][C50] Form 10-Q, liquidityIn May 2026, we entered into a $200.0 million Bitcoin-collateralized term loan with FalconX, maturing in April 2027 and bearing a fixed interest rate of 7.00%. The facility is structured with an initial collateral ratio of 143%, with margin call and liquidation thresholds at 130% and 105%, respectively.Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm We think the company will draw on its new credit line by the end of 2026. We would be wrong if its annual report shows the line still unused. [C13][C13] Form 8-K, Item 1.01The Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount of up to $1,070.0 million outstanding at any timeHut 8 Form 8-K on its $1.07 billion revolving credit agreement, filed September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_8k.htm [C15][C15] Form 8-K, Item 1.01As of the Closing Date, no amounts were outstanding under the Credit Agreement.Hut 8 Form 8-K on its $1.07 billion revolving credit agreement, filed September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_8k.htm

Whether the board gave the prior approval the insider policy requires. No filing mentions an approval or a waiver. [C38][C38] Insider trading policy, Exhibit 19.1, Section IXthe individuals subject to this Policy may not engage in the following without the prior approval of the Board:Hut 8 insider trading policy, Exhibit 19.1 to the 2025 Form 10-K, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926019392/hut-20251231xex19d1.htm [C40][C40] Insider trading policy, Exhibit 19.1, Section IX.DHedging transactions include (but are not limited to) collars, equity swaps, exchange funds and prepaid variable forward sale contracts.Hut 8 insider trading policy, Exhibit 19.1 to the 2025 Form 10-K, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926019392/hut-20251231xex19d1.htm

Why Ho made the deal and what he will do with the $58.3 million. The filings give no reason. [C2][C2] Schedule 13D/A, Item 6Pursuant to the VPF, Springtide will receive an upfront cash payment (the "Prepayment Amount") equal to $58,326,600.00. The Prepayment Amount represents approximately 41.93% of the current market value of the underlying shares on the execution date, and represents the value of the underlying shares at the VPF's Floor Price of $40.00 per share of Common Stock, as discounted 6.85% for the time value of money over the term of the agreement.Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml

How many shares JPMorgan has sold so far, and at what prices. The contract lets the bank choose. [C9][C9] Master confirmation, initial share priceat which JPMorgan (or any of its affiliates) establishes its initial hedge of such Transaction by selling Shares in transactions conforming to the volume and manner of sale conditions described in Rule 144(e), (f) and (g) under the Securities ActMaster confirmation for the prepaid variable share forward with JPMorgan, Exhibit 99.4 to Schedule 13D Amendment No. 1, September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/tm2626636d2_ex99-4.htm

How the 6.85% discount produces the $58,326,600 payment, which is only about 2.8% below the $60 million floor value. The value of the $221 cap Ho gave up may be netted in. [C2][C2] Schedule 13D/A, Item 6Pursuant to the VPF, Springtide will receive an upfront cash payment (the "Prepayment Amount") equal to $58,326,600.00. The Prepayment Amount represents approximately 41.93% of the current market value of the underlying shares on the execution date, and represents the value of the underlying shares at the VPF's Floor Price of $40.00 per share of Common Stock, as discounted 6.85% for the time value of money over the term of the agreement.Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml [C3][C3] Schedule 13D/A, Item 6The Master Confirmation also establishes a Cap Price of $221.00 per share of Common Stock.Michael Ho Schedule 13D Amendment No. 1 on Hut 8, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/xslSCHEDULE_13D_X02/primary_doc.xml

Whether the trade was pre-cleared, whether others are doing similar deals, and whether the board looked at JPMorgan's two roles. No filing says. [C38][C38] Insider trading policy, Exhibit 19.1, Section IXthe individuals subject to this Policy may not engage in the following without the prior approval of the Board:Hut 8 insider trading policy, Exhibit 19.1 to the 2025 Form 10-K, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926019392/hut-20251231xex19d1.htm [C9][C9] Master confirmation, initial share priceat which JPMorgan (or any of its affiliates) establishes its initial hedge of such Transaction by selling Shares in transactions conforming to the volume and manner of sale conditions described in Rule 144(e), (f) and (g) under the Securities ActMaster confirmation for the prepaid variable share forward with JPMorgan, Exhibit 99.4 to Schedule 13D Amendment No. 1, September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926112495/tm2626636d2_ex99-4.htm [C14][C14] Form 8-K, Item 1.01JPMorgan Chase Bank, N.A. as administrative agent and collateral agentHut 8 Form 8-K on its $1.07 billion revolving credit agreement, filed September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_8k.htm

How the stock traded after the September 30 filing, its range over the past year, and how many old warrants were used. Our price data for this report ends September 29. [C31][C31] IEX closing pricesHUT closed at $92.745 on September 29, 2026 (IEX)IEX closing prices for HUT and CORZ, September 15 to September 29, 2026Open source ↗https://iextrading.com/trading/market-data/ [C54][C54] Form 10-Q, warrantsOutstanding as of June 30, 2026 1,895 $ 53.45 0.2Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm

How the company will pay to build the second Beacon Point lease, and whether that needs new shares. The company says it is actively pursuing financing and weighing a range of structures, and that the credit line can carry projects until long-term loans are set, but it gives no mix or amounts. [C63][C63] Form 10-Q, liquidityWe are actively pursuing financing for the development and construction of Beacon Point Phase 2.Hut 8 quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm [C67][C67] Results release, highlightsAdvanced financing plans for Beacon Point Phase 2, evaluating a range of structures consistent with the Company's disciplined approach to funding campus development.Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm [C66][C66] Press release, chief financial officergiving us the ability to fund projects through development while we determine the optimal timing and structure for long-term, non-recourse financing as they de-riskHut 8 press release on the revolving credit facility, Exhibit 99.1 to Form 8-K, September 28, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_ex99-1.htm

Whether the first data halls arrive on time in 2027, and when lease revenue starts. The company gives target quarters only. [C19][C19] Results release, highlightsFacilities representing 1,330 MW of utility capacity in active construction across River Bend and Beacon Point, targeted for initial data hall delivery in Q2 2027 and Q3 2027, respectively.Hut 8 second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1964789/000110465926090041/tm2621890d1_ex99-1.htm