10 Companies Hoarding Bitcoin Like There’s No Tomorrow

7. Hut 8 Corp. (NASDAQ:HUT)

Bitcoin Holdings: 9,122

Number of Hedge Fund Holders: 22

Hut 8 Corp. (NASDAQ:HUT) is a North American company involved in energy infrastructure and Bitcoin mining. It operates through four main segments: Digital Assets Mining, Managed Services, High-Performance Computing (Colocation and Cloud), and Other. The company specializes in Bitcoin mining and offers a range of managed services, including energy infrastructure development, site design, procurement, software automation, and personnel training. It also provides services related to utilities contracts, hosting operations, energy portfolio management, and financial and safety services for digital asset mining site owners, governments, and data center developers.

In the third quarter, Hut 8 (NASDAQ:HUT) reduced its energy cost per megawatt-hour (MWh) to $28.83, marking a 33% decrease from $42.73 in the same period last year. It mined 234 Bitcoin at an average revenue of $61,025 per Bitcoin, while the cost of mining each Bitcoin was $31,482. According to its latest operational update for November 2024, the company had 9,122 BTC on its balance sheet.