Mr. Bill Tai reports

HUT 8 ANNOUNCES LEADERSHIP TRANSITION

Asher Genoot, president and a member of the Hut 8 Corp. board of directors, has been appointed chief executive officer, effective immediately. Mr. Genoot succeeds Jaime Leverton, who departs from Hut 8 as chief executive officer, effective immediately.

The Hut 8 board of directors has determined, following the completion of the company's merger of equals, the time was right to set a new strategic direction for the company and that a transition of leadership was appropriate.

"The merger of equals of Hut 8 and U.S. Bitcoin Corp. was a transformational moment for both companies," said Bill Tai, chairman of the board of Hut 8. "Hut 8 is now at a pivotal inflection point, and we believe that Asher is uniquely qualified to accelerate our path to market leadership. There is tremendous potential in the combined company and the board is confident that Asher will bring a disciplined, proven approach to unlock this potential."

"It has been a privilege to lead the Hut 8 team and to serve as CEO through such a critical time for Hut 8," said Ms. Leverton. "I am grateful to the board for the opportunity to lead such a talented, innovative team, and I am proud of the company we have built."

"I look forward to doing everything in my power to meet and exceed the expectations of the board, our investors, our customers, our partners and, most importantly, our team as the CEO who will lead Hut 8 into its next chapter of growth," said Mr. Genoot. "Over the last three years, Jaime has led Hut 8 through market cycles and built a strong foundation for the company I am thankful for her leadership, and I am committed to ensuring a smooth transition. As I work with the board to define a new strategy for the company, I am focused on strengthening operations, driving profitable growth and creating lasting shareholder value. I am more confident than ever in the strength of our team and ability to execute. I look forward to sharing more details about our near-term strategy and working closely with the full organization and board to execute on it."

About Mr. Genoot

Mr. Genoot has served as president and director of Hut 8 since November, 2023. Before joining Hut 8, he was co-founder and president of U.S. Data Mining Group Inc., doing business as U.S. Bitcoin Corp, a venture-backed private bitcoin mining company with a 730-megawatt portfolio across data centres in Texas, Nebraska and New York as of December, 2022. Mr. Genoot is a member of Young Presidents Organization and the 2024 Forbes 30 Under 30 (Energy).

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 such as 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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