Hut 8 Corp. · NASDAQ:HUT
Hut 8 — Hut 8 Mining — Merger or Acquisition (February 2023)
16 slides from Hut 8's merger presentation, Feb 7, 2023
Slide 1: Strategic Merger of Hut 8 Mining and US Bitcoin Corp
Presentation for Investors February 7, 2023 Strategic Merger of Hut 8 Mining and US Bitcoin Corp
Slide 2: Forward-Looking Statements
2 FORWARD-LOOKING STATEMENTS This presentation includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward looking information”). All information, other than statements
Slide 3: Disclaimer
3 DISCLAIMER Except where otherwise indicate herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstance
Slide 4: Transaction overview
4 Transaction overview Strategic Merger of Hut 8 and USBTC Proposed transaction ▸ Hut 8 Mining Corp. ("Hut 8") and U.S. Data Mining Group, Inc. dba US Bitcoin Corp ("USBTC") to combine in an all-stock merger of equals transaction (“Proposed Transaction”) ▸ Hut 8 and USBTC to become wholly-owned subs
Slide 5: Creating a leading energy and infrastructure platform of the future
5 Creating a leading energy and infrastructure platform of the future Strategic Merger of Hut 8 and USBTC Mining sites across North America2 Installed self-mining capacity Total installed capacity under management3 Market capitalization4 Hosting infrastructure Managed infrastructure operations Notes
Slide 6: Hut is merging with USBTC, a leading, vertically integrated miner
6 Hut 8 is merging with USBTC, a leading, vertically integrated miner Strategic Merger of Hut 8 and USBTC Year founded ▸ 2018 ▸ 2020 Ownership ▸ Canada-based public company ▸ US-based private company Headquarters ▸ Toronto, Ontario, Canada ▸ Miami, Florida, United States Team members ▸ (105) ▸ (108)
Slide 7: Transaction thesis: Supercharging the next chapter of New Hut growth
7 Transaction thesis: Supercharging the next chapter of New Hut growth Strategic Merger of Hut 8 and USBTC Thesis point Expected impact Scale USBTC’s portfolio of owned and managed sites significantly accelerates Hut 8’s growth trajectory Scope USBTC’s track record of operating rigor and execution i
Slide 8: Digital asset mining sites
Strategic Merger of Hut 8 and USBTC 8 Digital asset mining sites1 1. Drumheller, AB 4. Charlie - Kearney, NE3 2. Medicine Hat, AB 5. Delta - Granbury, TX3 3. Alpha - Niagara Falls, NY2 6. Echo - King Mountain, TX4 High performance computing data centres 1. Vancouver, BC I 4. Vaughan, ON 2. Vancouver
Slide 9: USBTC diversifies the site portfolio across geographies and capabilities
9 USBTC diversifies the site portfolio across geographies and capabilities Strategic Merger of Hut 8 and USBTC Alpha1 Charlie2 Delta2 Echo3 Location Niagara Falls, NY Kearney, NE Granbury, TX King Mountain, TX Number of sub-sites 1 1 1 4 USMIO3 - Self-mining - Hosting - - - Site revenue profile USMI
Slide 10: Hut and USBTC are strategically aligned
10 Hut 8 and USBTC are strategically aligned Strategic Merger of Hut 8 and USBTC Resilience + innovation ▸ Resilient market veterans Hut 8 is a pioneer of digital asset mining and has navigated bull and bear market cycles to become one of Canada’s leading operators ▸ Nimble, innovative technologists
Slide 11: New Hut expected to advance diversified strategy and operating rigor
11 New Hut expected to advance diversified strategy and operating rigor Strategic Merger of Hut 8 and USBTC 1. Platform 2. Power 3. IP 4. People USBTC is expected to advance New Hut’s focus on sustainable growth with a complementary, uncorrelated portfolio of revenue across several new lines of busi
Slide 12: Platform: Revenue diversification reduces exposure to mining economics
12 Existing line of revenue New line of revenue Platform: Revenue diversification reduces exposure to mining economics Strategic Merger of Hut 8 and USBTC 1 High Low No exposure Pure exposure High performance computing Self-mining Hosting Repair centre Equipment sales Energy management Managed infra
Slide 13: Power: New Hut to advance energy strategy and commitment to ESG
13 Power: New Hut to advance energy strategy and commitment to ESG Strategic Merger of Hut 8 and USBTC 2 An evolution of Hut 8’s approach to energy origination and management… …accelerates achievement of Hut 8’s ESG objectives USBTC brings a disciplined, technical approach to building and managing t
Slide 14: Intellectual property: Optimizing site returns with advanced technology
14 Intellectual property: Optimizing site returns with advanced technology Strategic Merger of Hut 8 and USBTC 3 Operator Reactor Purpose-built asset management platform drives hashrate efficiency by automating mining operations ▸ Enables centralized site management Tracks miners in real-time at the
Slide 15: People: Uniting proven business leaders with entrepreneurial strategists
15 People: Uniting proven business leaders with entrepreneurial strategists Strategic Merger of Hut 8 and USBTC 4 Asher Genoot Co-founder & President, USBTC ▸ Founder and former CEO of Curio, a Shanghai-based EdTech company; scaled to 130+ employees ▸ Member of Young Presidents Organization (YPO) ▸
Slide 16: Investor contact
Investor contact Sue Ennis sue@hut8.io Thank you