Hut 8's AI Pivot Burns $248M as Bitcoin Decides to Moonwalk Backwards

Bitcoin miner turned AI-hopeful Hut 8 just revealed a full-year 2025 net loss of $248 million, a spectacular faceplant from the $331.4 million profit it enjoyed in 2024. The loss, a classic case of "paper hands" accounting, is primarily due to unrealized digital-asset write-downs, proving that even when you pivot to AI, Bitcoin's price action can still kick you in the hash rate.

Revenue did actually climb to $235.1 million in 2025 from $162.4 million the year before. This came from $23.2 million in power and services, $9.6 million from digital infrastructure, and a dominant $202.3 million from compute ops. The fourth quarter saw revenue spike to $88.5 million versus $31.7 million in Q4 2024, showing the AI grind is at least bringing in some fiat, even if the balance sheet looks like a bear market candle.

For Q4 alone, the net loss exploded to $301.8 million, compared to a $152 million profit a year earlier. The culprit? A cool $401.9 million in mostly unrealized digital-asset losses. Adjusted EBITDA for the year flipped to $-135.4 million from a positive $555.7 million in 2024, a brutal reminder that mark-to-market accounting is the ultimate mood killer for a crypto portfolio.

Amid all this financial bloodletting, Hut 8 is doubling down on its AI-infrastructure bet like a degen apeing into a low-cap token. It inked a 15-year lease with Fluidstack for 245 MW of capacity in Louisiana—a $7 billion deal with Google's credit card in its back pocket. The company's total development pipeline hit 8,500 MW by year-end, with 330 MW being built, over 1,200 MW in development, and a potential 1,000 MW more if they can find a bigger power strip.

In a final plot twist, Hut 8 also completed the public listing of American Bitcoin, its BTC-hoarding sidepiece, and ended 2025 with about $1.4 billion in combined cash and Bitcoin reserves. So, they're bleeding on paper, but sitting on a giant pile of money and magic internet money—truly a vibe for the modern crypto corporation.