Q2 Earnings: BTC Gains Trump Rising Costs For Hut 8
Main Idea
The article discusses the performance of Hut 8 Corp. over the past five months and the author's personal investment positions in cryptocurrency-related assets.
Key Points
1. The article covers Hut 8 Corp. (NASDAQ:HUT) performance over two additional quarters since the author's last Seeking Alpha article.
2. The author's main coverage areas include crypto and BTC miners.
3. The author discloses a beneficial long position in BTC-USD and MARA.
4. The author clarifies they are not an investment advisor.
5. The article includes a standard disclosure about past performance not guaranteeing future results.
Description
Summary Hut 8 Corp.'s recent outperformance versus Bitcoin is notable, but operational profitability remains heavily dependent on unrealized gains from BTC holdings. The compute segment showed strong revenue and margin growth, but other segments struggled, and overall profitability is masked by accounting for Bitcoin revaluation. Ballooning SG&A and depreciation expenses are concerning, especially if the AI/data center buildout fails to deliver expected growth. Despite some positives, I maintain...
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