What happened
According to a filing with the Securities and Exchange Commission dated October 28, 2025, Thames Capital Management established a new stake in Hut 8 (HUT +3.36%), purchasing 720,587 shares in Q3 2025. The estimated value of the new position was $25.1 million as of Sep. 30, 2025.
What else to know
This new position comprises 3.58% of the firm's 13F reportable assets under management as of Q3 2025.
Top holdings after the filing:
NYSE: GEV: $33.5 million (4.8% of AUM) as of September 30, 2025
NYSE: VRT: $27 million (3.9% of AUM) as of September 30, 2025
NASDAQ: HUT: $25.1 million (3.6% of AUM) as of Q3 2025
NASDAQ: IREN: $24.1 (3.4% of AUM) as of September 30, 2025
NYSE: RKT: $21.4 (3.1% of AUM) as of September 30, 2025
As of October 27, 2025, shares were priced at $49.80, up 189.37% for the one-year period ending October 27, 2025, outperforming the S&P 500 by 206.94 percentage points for the one-year period ending October 27, 2025.
Hut 8 reported trailing twelve-month revenue of $162.38 million with net income of $331.9 for the same period.
The forward price-to-earnings ratio stands at 2,677.98 for FY2026; EV/EBITDA at 15.42 as of the latest available data.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close October 27, 2025) | $49.80 |
| Market Capitalization | $5.51 billion |
| Revenue (TTM) | $162.38 million |
| Net Income (TTM) | $331.88 million |
Company snapshot
Hut 8 provides large-scale energy infrastructure and data center services, specializing in Bitcoin (BTC 1.77%) mining, high-performance computing, and artificial intelligence workloads.
Operates a vertically integrated model by acquiring, designing, building, and managing data centers to generate revenue from compute-intensive operations and digital asset mining.
Serves enterprise and institutional clients seeking advanced computing power for digital asset mining and AI applications.
Hut 8 is a leading operator of energy infrastructure and digital asset mining facilities, with a strategic focus on Bitcoin mining and high-performance computing solutions. The company leverages vertical integration to control the value chain, from infrastructure development to operations.
Foolish take
You may have noticed that Hut 8 has been reporting more profits than revenue in 2025. That's because the value of the Bitcoin it mines has surged by about 62% over the past year.
Hut 8 will report third-quarter results before the market opens on Nov. 4, 2025. During the three months ended June, total sales came in at $41.3 million. Gains on digital assets, though, soared to $217.6 million. After subtracting losses on digital assets and operating expenses, net income came in at $137 million in the second quarter.
While cryptocurrency asset values have been surging, it is the new role bitcoin miners are playing in the artificial intelligence revolution that likely attracted Thames Capital. Power-hungry artificial intelligence application providers can make use of Hut 8's energy infrastructure platform, too.
In August, Hut 8 announced it would develop four new sites expected to provide over 1,500 megawatts of capacity. This is a huge new addition. As of June 30, its platform stood at 1,020 megawatts, about 90% of which was already under contract.
Glossary
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the Securities and Exchange Commission (SEC) on Form 13F.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Position: The amount of a particular security or asset held in a portfolio.
Holding: A specific investment owned by an individual or institutional investor.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Forward price-to-earnings ratio: A valuation metric comparing a company's current share price to its expected future earnings per share.
EV/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation, and amortization; used to assess company valuation.
Vertically integrated: A business model where a company controls multiple stages of its supply chain or production process.
Digital asset mining: The process of validating blockchain transactions and earning cryptocurrency rewards using computing power.
High-performance computing: The use of powerful computers to process large amounts of data or complex calculations rapidly.
