Hut 8 has $7B but only $233.6M is unrestricted

Hut 8 reported $7.02 billion in cash and cash equivalents as of June 30, 2026. Of that total, $233.6 million was unrestricted and available for general corporate use. The remaining $6.8 billion is held in restricted accounts tied to the River Bend and Beacon Point AI data-center projects.

The restricted balance consists primarily of proceeds from two project-level note issuances: $3.25 billion for River Bend and $4.25 billion for Beacon Point. Those proceeds are held in accounts required by the financing indentures and are designated for construction costs, debt-service reserves and amounts supporting commercial letters of credit. The notes are obligations of the subsidiaries that own each project, so the project debt and related cash are isolated from Hut 8’s corporate entity.

Both note packages carry fixed coupon rates and begin accruing interest in November 2026. Principal repayments are scheduled to begin in May 2028 for River Bend and in May 2030 for Beacon Point. Hut 8 has not specified the conditions under which it would make additional parent-level equity contributions beyond the funds held in the restricted accounts.

In the second quarter the company reported a net loss of $177.1 million, which included a $138.6 million loss on digital assets described as primarily unrealized. Under a revised non-GAAP measure that excludes digital-asset mark-to-market changes, adjusted EBITDA was positive $10.4 million for the quarter; including those valuation changes, adjusted EBITDA was negative $94.6 million. Operating cash usage was $32.8 million in the first half of 2026; the company used $27.2 million in the first quarter, implying about $5.6 million of operating cash used in the second quarter.

Interest expense for the quarter totaled $51.2 million. That expense was partly offset by $27.1 million of interest income, generated mainly by unused River Bend and Beacon Point proceeds held in the restricted accounts. Hut 8’s maturity schedule shows no long-term principal payments due in the second half of 2026 and $235.1 million of principal due in 2027. That 2027 amount includes a $200 million, 7% loan from FalconX that matures April 30, 2027. The FalconX facility is secured by Bitcoin, has a 130% margin-call threshold and a 105% liquidation threshold, and lender recourse is limited to the pledged Bitcoin.

On a consolidated basis Hut 8 reported holding 17,316 Bitcoin, with 9,314 held by Hut 8 and 8,002 held by its subsidiary American Bitcoin. The company also disclosed category balances of 9,376 Bitcoin in custody, 3,090 pledged for miner purchases and 4,850 pledged as collateral. It did not allocate those category balances between the two entities or disclose how much Bitcoin specifically secures the FalconX facility.

Available corporate cash equals the $233.6 million of unrestricted funds. The rest of the reported cash balances are earmarked for the two AI data-center developments and related debt-service requirements. The company reported no scheduled project-note principal payments before 2028.