Hut 8 Corp.

HUTpublicneocloud

Energy & data-center platform

What this company owes, to whom, at what cost and when it comes due. Every figure is the one the company itself states. cohort: neocloud · verified 2026-09-28 How these figures are built →

Off the balance sheet

—

neither of its parts — leases signed but not commenced, unrecorded purchase obligations — carries a figure

how it is counted

what the filer owes that is not on its balance sheet at this date: leases not yet commenced plus unrecorded purchase obligations, counted once. A filer that reports the same figure under both (Meta, Alphabet, Equinix, Arm, Applied Digital, Astera Labs) has stated one fact twice, and offBalanceNote says so

Notes priced since 2024 · 2 →each tranche in the ledger as the company itself states it how it is counted principal in USD billions — native for USD, spot rate on the pricing date otherwise (fx recorded): $7.5B
Loans and credit facilities · 2 →as signed; the figure counts new facilities, the count amendments too how it is counted the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn; new facilities only: an amendment restates a commitment already counted.: $200M
Debt due in 12 months →its own schedule, as of 2026-03-31 how it is counted the company's own maturity schedule for all its long-term debt, as its latest report states it: principal due in the next twelve months, years two to five and after; USD billions: $200M
Long-term debt on the balance sheet →on its balance sheet at 2026-06-30 how it is counted long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line: $7.6B
Cost of debt · 2026 Q2 →interest cover -4.03× · capex over operating cash flow — how it is counted 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it: 5.66%
Sold at the market, four quarters to 2026-06-30 →6.5M shares, as the company states its own sales how it is counted sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found: $302.5M

When it comes due

Left, the company's own five-year schedule — not our arithmetic. Right, the notes (orange) and facilities (grey) since 2024 that we have placed by maturity year: notes in the ledger since 2024 plus loans as signed since 2024, summed by maturity year and company — recent borrowing only, not the whole balance sheet. Both are in the tables of question 4.

Its own schedule, as of 2026-03-31

next 12 months$200M

year 2$43M

year 3—

year 4$159M

year 5—

after year 5—

Notes and facilities since 2024, by maturity year

2042 · notes$7.50B

What has it committed to?

Obligations as the company states them — leases and purchase obligations as it reports them, long-term debt read off its balance sheet — each at the date it last stated it. The off-balance-sheet total is what it owes that its balance sheet does not carry.

Obligations as stated

3 rows


Long-term debt on the balance sheet	$7.6B	2026-06-30	long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line
Lease liabilities on the balance sheet	$30M	2026-06-30	operating plus finance, discounted operating + finance lease liabilities
Lease payments due	$60M	2025-09-30	operating plus finance, undiscounted operating + finance undiscounted payments due

Obligations created, as announced

16 rows

The announcements that state an amount. Kind: the kind of commitment announced: a material definitive agreement entered into, or a direct financial obligation created. Instrument: the first financing phrase the announcement uses, if any.


2026-06-10	material definitive agreement	$4.3B	notes due	Beacon Point DC LLC, J.P. Morgan Securities LLC, Beacon Point Holding LLC
2026-06-10	direct financial obligation	$4.3B	notes due	Beacon Point DC LLC, J.P. Morgan Securities LLC, Beacon Point Holding LLC
2026-05-01	material definitive agreement	$3.3B	notes due	DC LLC, J.P. Morgan Securities LLC, DC Member LLC
2026-05-01	direct financial obligation	$3.3B	notes due	DC LLC, J.P. Morgan Securities LLC, DC Member LLC
2025-12-31	material definitive agreement	$200M	credit agreement	Mining Corp., Coinbase Credit, Inc., Coinbase Custody Trust Company, LLC
2025-12-31	direct financial obligation	$200M	credit agreement	Mining Corp., Coinbase Credit, Inc., Coinbase Custody Trust Company, LLC
2025-08-29	material definitive agreement	$200M	credit agreement	MB One LLC, Mining Holding Corp., Two Prime Lending Limited, BitGo Trust Company, Inc.
2025-08-29	direct financial obligation	$200M	credit agreement	MB One LLC, Mining Holding Corp., Two Prime Lending Limited, BitGo Trust Company, Inc.
2025-06-23	material definitive agreement	$130M	credit agreement	Mining Corp., Coinbase Credit, Inc., Coinbase Custody Trust Company, LLC
2025-06-23	direct financial obligation	$130M	credit agreement	Mining Corp., Coinbase Credit, Inc., Coinbase Custody Trust Company, LLC
2024-12-04	material definitive agreement	$500M	—	Bruyette & Woods, Inc., BTIG, LLC, Canaccord Genuity LLC, Craig-Hallum Capital Group LLC, Maxim Group LLC, Needham & Company, LLC
2024-10-01	material definitive agreement	$38M	loan agreement	U.S. Data Mining Group, Inc., U.S. Bitcoin Corp., US Data Guardian LLC, U.S. Data Technologies Group Ltd., Anchorage Lending CA, LLC
2024-06-24	material definitive agreement	$150M	purchase agreement	Mining Corp., Purchase Agreement. The Company
2024-06-24	direct financial obligation	$150M	purchase agreement	Mining Corp., Purchase Agreement. The Company
2024-01-19	material definitive agreement	$15M	credit agreement	Mining Corp., Coinbase Credit, Inc., Coinbase Custody Trust Company, LLC
2024-01-19	direct financial obligation	$15M	credit agreement	Mining Corp., Coinbase Credit, Inc., Coinbase Custody Trust Company, LLC

What has it borrowed, and at what cost?

Each note tranche in the ledger priced since 2024, as the company itself states it, and each credit facility as signed. Nothing is netted, nothing is estimated.

Notes priced since 2024

2 rows

one tranche of a public note offering, as its offering documents state it (and as the company's later reports repeat it). principal in USD billions — native for USD, spot rate on the pricing date otherwise (fx recorded); below it, the principal in its own currency.


2026-06-10	$4.25B	6.129%	2042	fixed	—
2026-05-01	$3.25B	6.192%	2042	fixed	—

Loans and credit facilities as signed

2 rows

the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn. new — a facility entered into; amendment — an increase, extension or repricing of an existing one, the amount being the new commitment as stated.


2025-12-31	credit facility · amended “The Fourth Amended and Restated Credit Agreement amends and restates the Third Amended and Restated Credit Agreement primarily to increase the principal amount by up to $70,000,000 of additional borrowings, if any, resulting in a total principal amount of up to $200,000,000.”	$70M	—	—	—	Borrower
2025-08-29	revolving credit facility “The Credit Agreement provides for a revolving credit facility of up to $200 million.”	$200M	—	7.99% fixed	—	Borrower

Private credit — loans only their lenders publish

1 rows

A private-credit loan is announced by nobody. Its lender must publish what it holds, so the rank, the rate and the maturity are on the public record in the lender's own reports. as stated: "SOFR + 8.0%" is floating with a spread, "13% fixed" is fixed. A rate given as a range keeps its words and states no number, because picking an end of a range would state something the lender does not


2024-03-06	Hut 8 Holdings, Inc. “Digital Assets Technology and Services Hut 8 Holdings, Inc. Type of Investment Equipment Financing Investment Date December 30, 2021 Maturity Date January 1, 2025”	Trinity Capital Inc.	Equipment Financing	—	2025-01-01

Cost of debt, from its own statements

Latest quarter, 2026 Q2: cost of debt 5.66%, interest cover -4.03×, capex over operating cash flow —.

Cost of debt: 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it Interest cover: operating income ÷ interest expense. Capex over operating cash flow: cash purchases of PP&E ÷ operating cash flow; null when operating cash flow is not positive.

What equity has it sold?

Raises as announced, and shares actually sold under an at-the-market programme when the company states the period.

Equity and hybrid raises

3 rows

one equity or hybrid raise as the company announced it; the earliest announcement is the date; later reports that mention it are added as sources, never as new raises. At the market: an at-the-market program: sizeUsdB is the ceiling authorised, never an amount sold; sizeShares when the programme is sized in shares.


2026-02-25	atm “This foundation is supported by: (i) approximately $1.4 billion of cash and Bitcoin held in reserve as of December 31, 2025, including $899.3 million attributable to Hut 8 and $472.6 million attributable to American Bitcoin; (ii) the launch of a $1.0 billion at-the-market (“ATM”) program; (iii) revolving credit facilities with Two Prime and Coinbase with up to $400 million of borrowing capacity at”	$400M	—	—
2025-08-22	atm “In accordance with the terms of the sales agreement, under this prospectus supplement we may offer and sell shares of our common stock having an aggregate offering price of up to $1,000,000,000 from time to time through the sales agents, acting as our agents, or directly to the sales agents, acting as principals.”	$1.00B	—	—
2024-12-04	atm “On December 4, 2024, the Company filed a prospectus supplement (the “Prospectus Supplement”) with the Securities and Exchange Commission (the “SEC”) relating to the Company’s automatic shelf registration statement on Form S-3ASR (File No. 333-283579), filed with the SEC on December 4, 2024, under which the Company may offer and sell Common Stock having an aggregate offering price of up to $500,000”	$500M	—	—

At the market, as the company states its own sales

26 stated period(s) across 7 quarter(s) · last four quarters to 2026-06-30: 6.5M shares for $302.5M.

The last four quarters: sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found.

When does it come due, and who holds it?

The company's own five-year schedule, what we have placed by year from the notes and facilities since 2024, and the price the funds that hold its paper report.

Its own maturity schedule

1 rows

The company's own maturity schedule, as it states it. Not our arithmetic. $0M: a year it states as zero; a dash: a year with no figure.


2026-03-31	$200M	$43M	—	$159M	—	—	$402M

What we have placed by maturity year, since 2024

1 rows

notes in the ledger since 2024 plus loans as signed since 2024, summed by maturity year and company — recent borrowing only, not the whole balance sheet. sums of stated amounts; a loan with a year-only maturity ('N-year facility') sits in that year; nothing discounted, netted or estimated.


2042	$7.50B	—	2	0

Not on this ladder: facilities with no maturity date

1 rows

1 facility(ies) are not on the ladder: their maturity is stated as a basis rather than a date. loans whose maturity is stated per draw or not at all — counted nowhere on the ladder, listed here.


2025-08-29	revolving credit facility	$200M	—

No fund-reported price for its paper. Fund holdings are matched only on identifiers the ledger already holds, so a tranche with no CUSIP in the ledger cannot be matched.

How does it compare?

The same twelve measures every company on the AI trade page carries, beside the median across them. Below each measure, the arithmetic behind it.

Twelve measures, beside the median

11 rows


Self-funding operating cash flow $-0.1B ÷ capex $0.7B over 4 quarters to 2026Q2	-0.13×	1.31× across 40 companies	2026Q2
Funding mix of $0.7B of capex over 4 quarters to 2026Q2: operations -12.5%, new debt 1054.9% ($7.5B notes + $0.0B facilities), equity 42.5%	-12.5%	—	2026Q2
Off balance sheet (not-commenced leases + purchase obligations) ÷ (that + long-term debt)	— neither part stated	41.9% across 23 companies	2026-06-30
Committed facilities $0.2B committed across 1 new facilities, 0.03× the $7.6B of long-term debt on the balance sheet	$200M	—	2026-06-30
Marginal cost of debt principal-weighted coupon of $7.5B priced in the last twelve months; the book carries 5.09%, a gap of +1.07 points	6.16%	—	—
New-issue spread median of 2 USD tranches: coupon less the 10-year Treasury on each pricing date (range 158–180 bp)	169 bp	—	—
Floating-rate share $0.0B floating ($0.0B notes + $0.0B facilities off SOFR) ÷ $7.7B raised	0%	0% across 40 companies	—
Rate shock (+100 bp) floating balance × 100 bp	— no floating debt found	—	—
Secured share of new facilities $0.0B secured ÷ $0.2B committed; $0.2B does not say	0%	0% across 24 companies	—
Refinancing burden $0.2B due within two years; no positive operating cash flow to compare	— operating cash flow is nil or negative	0.15× across 23 companies	2026-03-31
Liquidity runway ($0.2B cash and equivalents as tagged — short-term investments are not included — + $0.2B committed) ÷ $0.2B a quarter of capex and interest, as of 2026Q2	2.2	—	2026Q2

Does our ledger explain its balance sheet?

Across 3 of 12 quarter(s) its debt rose $7.4B and the notes we hold for those quarters total $7.5B — 100.7% explained.

the change in the filer's own borrowings over a fiscal quarter, against the principal of the tranches our ledger says were priced inside that quarter; this is not a reconciliation to the penny and is not meant to be; we do not track repayments, draws under facilities, commercial paper or currency translation.