Hut 8, a major Bitcoin treasury and mining company, has moved approximately 1,966 BTC worth around $161 million from wallets linked to the firm over a seven-day period, according to on-chain data. The transfers were routed through an intermediary address and distributed to exchanges, over-the-counter trading desks, and other addresses.
Blockchain analysts, including Onchain Lens and Lookonchain, traced the movements to Coinbase Prime custody wallets attributed to Hut 8 by Arkham. Onchain Lens reported that the initial transactions included transfers of 243.5 BTC and 42 BTC to an intermediary address. On October 15, two additional transfers of 263.79 BTC and 654.21 BTC were recorded, with a combined value of about $75 million. Further transfers of 674.21 BTC and 190.79 BTC followed, with the funds then distributed in increments ranging from 20 to 200 BTC. By the end of the transfers, the intermediary wallet held less than 0.005 BTC.
Lookonchain separately identified 1,589 BTC worth approximately $130 million sent to several exchanges over two days. Before the transactions, Hut 8 held 10,278 BTC valued at roughly $845.6 million, meaning the recent movements represented around 15% of those reserves.
Although some funds reached trading platforms, the transfers do not confirm that Hut 8 sold its Bitcoin. They could also involve hedging transactions, collateral arrangements, or custody changes. Hut 8 has not yet released an official explanation regarding the destination of the funds.
During its second-quarter earnings presentation, CEO Asher Genoot indicated that the company's Bitcoin exposure would primarily be maintained through American Bitcoin. The company reported a net loss of $177.1 million for the period, including $138.6 million in unrealized losses related to digital assets. Hut 8 is also expanding its artificial intelligence infrastructure operations and recently signed a $9.8 billion lease agreement for a data center campus in Texas. On the stock market, Hut 8 shares fell 10.5% on October 14, from $83.61 to $74.87, before recovering slightly to $76.09 the following day.
