Ms. Sue Ennis reports

HUT 8 CORP. MEDIA STATEMENT ON SHORT REPORT

Hut 8 Corp. is aware of a short report issued on Jan. 18, 2024, by J Capital Research, which is a self-proclaimed group of biased activists who clearly disclose that they will profit if a company's share price declines. Hut 8 is reviewing the report and will provide updates as the company deems appropriate.

In the meantime, the company's management team and board of directors continue to have confidence in the merger of equals, the strength of the company's balance sheet and the future success of the organization and are committed to moving forward as a combined company to drive meaningful growth for shareholders.

About Hut 8 Corp.

Through innovation, imagination and passion, Hut 8's seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centres, and capitalizing on emerging technologies like AI (artificial intelligence) and machine learning. Headquartered in Miami, Fla., Hut 8's infrastructure portfolio includes 11 sites: five high performance computing data centres across British Columbia and Ontario that offer cloud, co-location, AI, machine learning and VFX (visual effects) rendering computing solutions; and six bitcoin mining, hosting and managed services sites located in Alberta, New York, Nebraska and Texas. Long distinguished for its unique treasury strategy, Hut 8 has one of the highest inventories of self-mined bitcoin of any publicly traded company globally.

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