Hut 8 Announces Leadership Transition

President Asher Genoot Appointed Chief Executive Officer

MIAMI - Feb. 07, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT), (“Hut 8” or the “Company”) today announced that Asher Genoot, President and a member of the Hut 8 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 (the “Board”) 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 US 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 Jaime 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 Asher Genoot
Asher 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. dba US Bitcoin Corp, a venture-backed private bitcoin mining company with a 730 MW portfolio across data centers 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
Through innovation, imagination, and passion, Hut 8 Corp.’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 centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX 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 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally.