Hut 8 Closes $3.25 Billion of Investment-Grade Senior Secured Notes in Landmark Financing for River Bend Data Center Project

Financing Closure and Structure

• Hut 8 Corp. closed a $3.25 billion offering of 6.192% senior secured notes due 2042 on April 30, 2026.
• The financing is structured as non-recourse to Hut 8 Corp., meaning the parent company's balance sheet is not directly liable for repayment if the subsidiary defaults.
• Proceeds are designated for the construction of a 245 MW turnkey data center and substation at the River Bend campus, plus debt service reserves.
• Approximately $184 million in prior equity contributions will be returned to Hut 8 Corp. from the proceeds.

Execution Risk Mitigation

• The closing of the financing confirms execution capability, moving from announced intent to funded reality.
• Non-recourse structure protects Hut 8 Corp. equity holders from direct debt default risk on this specific asset.
• However, since pricing was announced three days prior (April 27), the market had already priced in these terms, limiting immediate upside surprise.

Business Model Transition

• Hut 8 is transitioning from a Bitcoin mining company to an AI-focused digital infrastructure provider.
• Flagship Project: River Bend Data Center (245 MW capacity) located in the U.S., backed by a 15-year lease with Fluidstack/Google.