The company’s latest update confirms a threefold increase in its Bitcoin reserves since its Nasdaq debut, positioning it ahead of competitors like Galaxy Digital on the list of public corporate holders. Valued at approximately $512 million, the reserve growth reflects a strategy centered on self-mining and accumulation, a path championed by founders Hut 8 and backers Eric Trump and Donald Trump Jr.
Following the reverse split, which reduced issued shares from 1.09 billion to roughly 73 million, the stock saw a 14.1% intraday rebound to $8.49. This recovery arrives after a difficult start to 2026, during which the firm posted an $81.8 million net loss in the first quarter, largely driven by a non-cash charge of $117.2 million as Bitcoin prices dipped. Despite the financial pressure, CEO Mike Ho emphasized that the core business remains operational, noting that the company did not sell a single coin during the market downturn. By lowering its cost per Bitcoin to $36,200, the firm continues to prioritize treasury expansion over a pivot to AI data centers, keeping its performance tethered to the volatility of the underlying cryptocurrency market.
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