According to the Complaint, Hut 8 Corp. is a crypto currency and data mining company. The Company is engaged in Bitcoin mining and hosting, managed services, energy arbitrage, and operating traditional data centers. The Company operates computing infrastructure which mines Bitcoin and delivers computing services to its enterprise customers.

Hut 8 formed following the November 2023 merger of Hut 8 Mining Corp. and U.S. Data Mining Group, Inc. d/b/a US Bitcoin Corp. U.S. Data Mining Group, Inc. held a 50% interest in a joint venture bitcoin mining facility, located in King Mountain, Texas (the “King Mountain JV”), which was acquired in the Merger.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that one of USBTC’s largest shareholders is an undisclosed related party; (2) that USBTC’s core asset has historically failed to provide energy and high-speed internet; (3) that the profitability of certain USBTC assets were overstated; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On April 19, 2024, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 24-CV-00904.

Lead Plaintiff filed a consolidated amended Complaint on June 14, 2024.