Ms. Jaime Leverton reports

HUT 8 CORP. RESPONDS TO MISLEADING SHORT REPORT

Hut 8 Corp. has issued a statement regarding a report from an activist short-selling firm containing false and misleading characterizations about Hut 8's business.

Hut 8 has assessed the claims set forth by the authors of the report and believes that the report is filled with inaccuracies, misrepresented data, speculative claims and unfounded character attacks. The report appears to represent a deliberate attempt to spread misinformation about Hut 8, its operations, finances, management practices and key executives. The statements made by the short seller expose an inadequate, distorted understanding of the company, its operations and its key executives. The report appears to have been made to distract from the company's achievements and progress since closing its merger of equals. The company believes that the report was designed for the sole purpose of negatively impacting Hut 8's share price for the short seller's own benefit, at the expense of Hut 8's shareholders, partners and employees.

"The board maintains full confidence in the company's merger of equals, strategic plan and management team," said Bill Tai, chairman of Hut 8's board of directors. "Our focus remains on the long-term vision and continued success of Hut 8. We remain committed to ensuring that our governance and oversight are aligned with the best interest of our stakeholders."

The company continues to focus on driving strong operating and financial results. On Dec. 31, 2023, Hut 8 held 9,195 bitcoin in reserve, with an approximate value of $390-million, and had North American-wide operations spanning 205,759 miners under management. In addition to its strong balance sheet, Hut 8 is distinguished from its peers by its diversified business, as approximately 30 per cent of its revenue was generated from fiat revenue streams as of Sept. 30, 2023.

"Since I joined as CEO more than three years ago, our leadership team and I have worked tirelessly to earn investors' and analysts' confidence in our operations, our diversified strategy and our growth trajectory. We will not be derailed by activists who stand to profit from spreading misinformation and making defamatory character attacks," said Hut 8 chief executive officer Jaime Leverton. "The short report is riddled with speculative accusations and misinformation. Our board of directors and management team continue to have full confidence in our merger of equals, and we look forward to showing our team, shareholders and the broader investment community that together, we are not only stronger than the sum of our parts, but we are also poised to capture upside as we move forward as a unified team."

Hut 8 cautions investors to not make decisions based on the report and, instead, strongly encourages them to consult credible sources, including the company's filings with the United States Securities and Exchange Commission and the Canadian securities regulatory authorities, prior to making their investment decisions.

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 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-rendering (visual effects) 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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