Hut 8 Revenue Falls 14.9% as October Bitcoin (BTC) Sales Fund Buybacks

Hut 8 sold about 2,148 Bitcoin in October, generating $175.4 million in net proceeds, and repurchased 2,384,677 shares for $175.3 million at an average price of $73.49 per share. The company reported the transactions with its third-quarter results on Wednesday, Nov. 4. Revenue for the quarter ended Sept. 30 fell 14.9% from a year earlier to $71.07 million. Hut 8 attributed the decline mainly to the sale of its Ontario power generation assets and lower hosting revenue. The computing business generated $68.43 million, down 2.3%.