Hut 8 switches CEOs as it eyes ‘new strategic direction’ after merger

Former US Bitcoin Corp president is set to replace Jaime Leverton, who was Hut 8’s chief executive since December 2020

article-image

Hut 8 Mining CEO Jaime Leverton | DAS 2022 by Blockworks

share

Just two months after the merger between Hut 8 and US Bitcoin Corp, the combined bitcoin miner has named a new CEO. 

Former Hut 8 president Asher Genoot — a member of the company’s board of directors — is now its new chief executive, the firm said Wednesday. He replaces Jaime Leverton, who departs the firm after working as its CEO since December 2020.

A change of leadership was “appropriate” as Hut 8 seeks to go in “a new strategic direction,” the company said in a news release.

“The merger of equals of Hut 8 and US Bitcoin Corp was a transformational moment for both companies,” Hut 8 board chairman Bill Tai added in a statement. “Hut 8 is now at a pivotal inflection point, and we believe that Asher is uniquely qualified to accelerate our path to market leadership.”

Read more: Merge between Hut 8, USBTC expected to close this week

The move appears to be unexpected, as the firm noted Leverton would remain as CEO of the combined company in a Nov. 30 news release, upon the deal’s closing.

A Hut 8 spokesperson did not immediately return a request for further comment. 

“It is with a heart full of gratitude and love to the incredible team, partners and friends that have made the last three years such an incredible ride,” she wrote in a LinkedIn post. “I can’t wait to see more great things from Hut 8 in this next chapter!”

A new post-merge strategy

The deal between Hut 8 and US Bitcoin Corp was first announced in February. The combination nine months later helped both firms diversify their geographic presence, with US BTC’s operations in New York, Nebraska and Texas complementing Hut 8’s Canadian footprint.

Hut 8 was also set to add business lines after the deal, with Leverton touting US Bitcoin Corp’s fiat-based revenue streams from its hosting and managed infrastructure operations.

Hut 8 Chief Strategy Officer Mike Ho said during a December call with analysts that the company would look to bolster its standing in nascent markets such as artificial intelligence infrastructure and computing.

Read more: New-look Hut 8 eyes AI-related opportunities after merger

Genoot was a co-founder of US Bitcoin Corp and previously served as its chief operating officer, and then president, before the company merged with Hut 8.  

The new CEO said in a statement that while Leverton “built a strong foundation” for Hut 8, he would work with the company’s board of directors “to define a new strategy for the company.”

Hut 8 had a self-mining deployed hash rate of 7.2 exahashes per second (EH/s), as of Jan. 31 — though that number could be affected as it gets set to depart two mining sites. The company produced 339 bitcoin (BTC) last month and holds 9,116 bitcoins on its balance sheet.

The CEO change comes just days after Hut 8 Chief Commercial Officer Matt Prusak left his  post on Jan. 31 to take over the mining company being spun out of the Celsius bankruptcy.  


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

AERODROME TEMPLATE.png

Research

Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.

article-image

Plus, a layer-1 for intellectual property is launching and Farcaster users peaked

article-image

Crypto still hasn’t shaken one of its most garish primordial tails — funny stories about fraud

article-image

Plus, publicly traded crypto companies had a pretty eventful news week

article-image

Committee members directed more questions to Christy Goldsmith Romero, who could soon be leading one of the more troubled federal agencies

article-image

Flame’s new track — which he called “war music” for Web3 — debuted on the NFT collectible platform Drip this week

article-image

Buried inside Binance’s proof of reserves is proof of diamond hands among its users