On February 12, 2026, Oasis Management Co Ltd. disclosed a buy of 2,004,953 shares of Hut 8 Corp. (HUT 5.28%) for the quarter ended December 31, 2025, with an estimated transaction value of $88.38 million based on quarterly average pricing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 12, 2026, Oasis Management Co increased its holding in Hut 8 Corp. by 2,004,953 shares during the fourth quarter of 2025. The estimated value of the shares acquired was $88.38 million, based on the average closing price for the quarter. The fund’s quarter-end stake in Hut 8 Corp. rose to 2,307,683 shares, with a total reported value of $106.01 million. The net position value increased by $95.48 million, reflecting both the additional shares and the effect of price changes during the period.
What else to know
- The fund executed a buy, bringing Hut 8 Corp. to 6.87% of reportable U.S. equity assets at quarter’s end.
- Top five holdings after the filing:
- NYSE: MTN: $245.84 million (37.0% of AUM)
- NASDAQ: HUT: $106.01 million (16.0% of AUM)
- NASDAQ:CORZ: $38.49 million (5.8% of AUM)
- NASDAQ: VNET: $29.18 million (4.4% of AUM)
- NASDAQ: STRS: $27.42 million (4.1% of AUM)
- As of February 12, 2026, shares of Hut 8 Corp. were priced at $50.97, up 150.8% over the past year and vastly outperforming the S&P 500 by 137.94 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2/12/26) | $50.97 |
| Market Capitalization | $5.51 billion |
| Revenue (TTM) | $668.32 million |
| Net Income (TTM) | $205.76 million |
Company snapshot
- Hut 8 provides large-scale energy infrastructure, Bitcoin mining, high-performance computing, and artificial intelligence data center services.
- The company operates a vertically integrated business model, generating revenue from designing, building, and managing data centers that power compute-intensive workloads.
- It serves a diverse customer base, including digital asset miners, AI companies, and enterprises requiring advanced computing solutions.
Hut 8 Corp. is a leading operator of energy infrastructure and Bitcoin mining facilities, leveraging its vertically integrated model to deliver high-performance computing solutions. The company’s strategy focuses on scaling data center operations and capitalizing on demand for compute-intensive workloads across digital assets and AI. With a significant presence in the capital markets sector, Hut 8 Corp. differentiates itself through operational scale and technical expertise in digital infrastructure.
What this transaction means for investors
Oasis is doubling down on scale at a moment when digital infrastructure is separating leaders from speculators. Hut 8’s third quarter showed a business that is far more than a bitcoin proxy. Revenue reached $83.5 million, up sharply year over year, with $70.0 million coming from Compute and $5.1 million from Digital Infrastructure. Net income, meanwhile, totaled $50.6 million, while Adjusted EBITDA surged to $109.0 million compared to $5.6 million one year prior. The company now manages 1,020 megawatts of energy capacity and holds a development pipeline of 8,650 megawatts. It also controls 13,696 bitcoin with a market value of roughly $1.6 billion as of September 30.
This portfolio also holds Core Scientific at 5.8% of assets (which was actually a new position in the quarter), so the increased 6.9% allocation to Hut 8 underscores a clear conviction around energy-backed compute. The fund previously held call options underlying 393,300 shares, which may have been exercised as part of this expansion.
Long term investors should focus on the commercialization of its development pipeline, capital discipline around the new $1 billion ATM program, and whether high-performance computing continues to diversify revenue away from pure mining volatility.
