Hut 8 transferred 1,966.64 BTC, valued at $161.26 million, to exchanges and trading desks over the past week. The outflow, tracked through on-chain data, represents approximately 15 percent of the company's Bitcoin treasury before the transfers began.
The activity originated from Hut 8's Coinbase Prime custody wallets, identified by Arkham, before moving to a single intermediary address. From there, coins fanned out to multiple venues. Lookonchain flagged 1,589 BTC ($130 million) entering exchanges over two days, while OnchainLens noted 1,783 BTC ($146 million) leaving custody in a single day.
On-chain movements to exchanges do not definitively confirm a sale, but the pattern of round-number tranches distributed to trading venues aligns with typical treasury selling. Hut 8 has not issued a public statement explaining the transfers.
Before the outflows, Hut 8 held 10,278 BTC, valued at approximately $845.6 million. CEO Asher Genoot stated in August that Bitcoin exposure would primarily reside with American Bitcoin moving forward.
The company reported a $177.1 million net loss in the second quarter, largely driven by $138.6 million in unrealized digital asset losses. Hut 8 has been reorienting its business strategy, recently signing a $9.8 billion lease for an artificial intelligence data center campus in Texas.
Gigawatt-scale AI capacity requires substantial capital. Bitcoin holdings represent the most liquid asset on Hut 8's balance sheet. This pivot mirrors a broader trend: Binance ended its Bitcoin mining operations this month, and FTX's former mining infrastructure is shifting toward AI-related tooling.
HUT shares fell 10.5 percent on Oct. 14, dropping from $83.61 to $74.87 on volume of nearly 12.9 million shares—roughly 2.6 times the previous session's volume. The decline occurred during a wider selloff in chip and AI stocks, which shed over $2 trillion in market value since Oct. 6. The stock rebounded to $76.09 on Oct. 15 as Bitcoin transfers accelerated.
Bitcoin currently trades around $82,000, having briefly dipped below $80,000 on Thursday. The $161 million outflow alone is not market-breaking, but a corporate treasury consistently supplying BTC to the market presents a different dynamic than one-off profit-taking.
Other corporate treasury buyers continue accumulating Bitcoin. Strive added $280 million in BTC this week, leapfrogging MARA in corporate Bitcoin rankings. Watch whether Hut 8's next transfers originate from the same custody wallets—a sign of continued supply from its remaining treasury.
