Hut 8 Sold 3,102 Bitcoin to Buy Back $250 Million of Its Own Stock. Which Miners Are Still Holding Theirs?

Hut 8 (NASDAQ:HUT) recently sold 3,102 Bitcoin (CRYPTO:BTC) and used the proceeds to execute a $250 million stock buyback, reducing the number of shares available in the market. The Hut 8 buyback can also expand, as the board approved an additional $750 million on November 2, 2026, bringing the total authorization to $1 billion with no expiration date.

The buyback included 3,338,479 shares: 953,802 for $74.7 million in the third quarter and 2,384,677 for $175.3 million after the quarter ended. Hut 8 disclosed these trades alongside its third-quarter earnings report, which did not sit well with investors.

Following the announcement, Hut 8’s stock dropped 16.4% to $53. The company reported revenue of $71.1 million, falling 7.6% short of the $77 million analysts had expected. In the past month, the stock has declined 40.5%, while Bitcoin trades at $80,360 today, which is 36.3% below its all-time high.

Given that Hut 8 is exchanging its Bitcoin for stock, it raises the question: which major public miners are still holding onto their Bitcoin, and what impact does this swap have?

Hut 8 Used 3,102 Bitcoin for Its $250 Million Buyback

During the third quarter, Hut 8 sold roughly 954 Bitcoin for $74.8 million and continued selling after the quarter concluded. However, the company did not disclose the average selling price for all 3,102 Bitcoin or specify the buyer, making it unclear if the transactions were conducted through an over-the-counter desk or directly on an exchange.

Asher Genoot, Chief Executive Officer, said using Bitcoin instead of cash for the buyback helped maintain liquidity and reduced their overall exposure to Bitcoin at the parent level, as they described in February. He noted that investors have been curious about how long Hut 8 plans to hold Bitcoin now that it is focused on AI.

Sean Glennan, who also participated in the earnings call, pointed out that the stock’s price does not reflect Hut 8’s contracted revenue and power capacity.

These are the thoughts of executives at a company actively buying back shares, yet the stock still plummeted 16.4% that morning. Additionally, management indicated that the $1 billion authorization is a ceiling for future buybacks, kept in reserve because Genoot believes “cash will be king” amid current market volatility.

Hut 8 Still Earns From Mining While Its AI Leases Wait on Data Halls

Hut 8’s Compute segment generated $68.4 million of the total $71.1 million in quarterly revenue, down from $83.5 million a year earlier. The Compute segment includes its American Bitcoin mining operations, which utilize ASICs designed for Bitcoin mining, along with the Highrise AI cloud unit.

The company reported net income of $189.5 million, driven primarily by a $413.8 million gain on digital assets, largely related to the Bitcoin it still holds. However, interest expenses rose to $105.5 million.

Hut 8’s growth strategy hinges on developing AI data centers. A newly secured lease for 352 MW at Beacon Point Phase 2, valued at approximately $9.8 billion, increases the anticipated value of its AI contracts to around $26.6 billion across 949 MW leased to investment-grade clients. The first data hall at River Bend is expected to be completed by the second quarter of 2027, but until then, these leases contribute little to revenue.

MARA and CleanSpark Remain the Largest Miner Bitcoin Holders as Riot Sells Off

During its earnings call, Hut 8 reported holding approximately 1,361 unencumbered Bitcoin (not pledged as collateral for loans) as of November 1. This number may not account for the Bitcoin in its American Bitcoin treasury, and Hut 8 did not commit to retaining the 1,361 coins.

Riot Platforms (NASDAQ:RIOT | RIOT Price Prediction) has also dramatically reduced its Bitcoin holdings, selling off most of them from 11,380 BTC as of June to 2,418 BTC by the end of September, to finance its AI data center expansion. This trend reflects a broader shift among many companies involved in AI infrastructure.

In comparison, MARA Holdings (NASDAQ:MARA) and CleanSpark (NASDAQ:CLSK) continue to maintain the largest Bitcoin reserves among public miners. Because their filings do not confirm any sales in 2026, both are considered active holders. Bitdeer’s Bitcoin balance is currently unconfirmed.

Bitcoin Held by Public Miners

Which Miners Are Still Holding Bitcoin After the Hut 8 Buyback?

MARA and CleanSpark remain the top Bitcoin holders among public miners, while Riot and Hut 8 have sold off significant portions of their holdings. While Hut 8’s buyback may benefit its shareholders, it does little to influence the overall Bitcoin market or its value. Ultimately, Hut 8 has fewer shares in circulation and reduced exposure to Bitcoin’s price fluctuations.

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