Hut 8: Michael Ho’s firm receives $58.3M in share deal

Springtide retains ownership and voting rights in the pledged shares during the term of the pledge.

Rhea-AI Filing Summary

Hut 8 Corp. (HUT) director and Chief Strategy Officer Michael Ho reported that Springtide Creek Ltd., a British Virgin Islands company he wholly owns and controls, entered a prepaid variable share forward transaction on September 29, 2026. Springtide received $58,326,600.00, based on a $40.00-per-share Floor Price and discounted for the time value of money over the agreement term. The contract calls for delivery of up to 1,500,000 shares at its scheduled maturity on May 17, 2027, or equivalent cash at Springtide’s election. Settlement is based on the common stock’s volume-weighted average price over a three-day valuation period starting May 13, 2027, with a $221.00 Cap Price. No Rule 10b5-1 plan is reported for this transaction.

Insider Trade Summary

Other: 1,500,000 shares

Other 1 txn

Insider Ho Michael

Role Chief Strategy Officer

Type	Security	Shares	Price	Value
Other	Forward Sale Contract (obligation to sell) F1, F2, F3	1,500,000	--	--

Holdings After Transaction: Forward Sale Contract (obligation to sell) — 1,500,000 contracts (Indirect, See footnote)

Footnotes (3)

1. F1. On September 29, 2026, Springtide Creek Ltd ("Springtide") entered into a prepaid variable share forward transaction (the "VPF") with an unaffiliated third-party buyer. The VPF obligates Springtide to deliver to the buyer up to 1,500,000 shares of Common Stock of the Issuer (the "Forward Shares") (or, at Springtide's election, an equivalent amount of cash) on a scheduled maturity date of May 17, 2027. Upon entry into the VPF, Springtide received a cash payment of $58,326,600.00, based on a price of $40.00 per share of Common Stock (the "Floor Price") and discounted for the time value of money over the term of the agreement. Springtide has pledged the Forward Shares to secure its obligations under the contract but retains ownership and voting rights in the Forward Shares during the term of the pledge.
2. F2. At maturity, the VPF will settle by delivery of a variable number of shares (or, at Springtide's election, an equivalent amount of cash) based on the volume-weighted average price of the Issuer's Common Stock over a three-day valuation period starting May 13, 2027 (the "Settlement Price"), as follows: (i) if the Settlement Price does not exceed the Floor Price, Springtide will deliver all 1,500,000 shares; (ii) if the Settlement Price exceeds the Floor Price but does not exceed $221.00 (the "Cap Price"), Springtide will deliver a number of shares equal to the 1,500,000 shares multiplied by a fraction, the numerator of which is the Floor Price and the denominator is the Settlement Price; and (iii) if the Settlement Price exceeds the Cap Price, Springtide will deliver a number of shares equal to the 1,500,000 shares multiplied by a fraction, the numerator of which is the Floor Price plus the excess of the Settlement Price over the Cap Price, and the denominator is the Settlement Price.
3. F3. Springtide is a British Virgin Islands company wholly owned and controlled by the Reporting Person.

Key Figures

Cash payment to Springtide: $58,326,600.00 Maximum forward shares: Up to 1,500,000 shares Floor Price: $40.00 per share +3 more

6 metrics

Cash payment to Springtide $58,326,600.00 Received upon entry into the contract on September 29, 2026

Maximum forward shares Up to 1,500,000 shares Shares deliverable at maturity, with an equivalent-cash alternative at Springtide’s election

Floor Price $40.00 per share Price used to determine settlement

Cap Price $221.00 per share Price threshold used to determine settlement

Valuation period 3 days Starts May 13, 2027

Scheduled maturity date May 17, 2027 Contract settlement date

Key Terms

prepaid variable share forward transaction, volume-weighted average price, Floor Price, Cap Price, +1 more

5 terms

prepaid variable share forward transaction financial

"entered into a prepaid variable share forward transaction"

volume-weighted average price financial

"based on the volume-weighted average price of the Issuer's Common Stock"

Volume-weighted average price (VWAP) is the average price of a stock over a specific time period where each trade is weighted by the number of shares traded, so larger trades influence the average more than small ones. Investors and traders use VWAP as a reference point to judge whether trades are happening at relatively good or poor prices—like checking the average price paid for an item at a market where bulk purchases count more than single-item buys.

Floor Price financial

"price of $40.00 per share of Common Stock (the "Floor Price")"

The floor price is the minimum price at which a security, asset, or offering will be sold or accepted, acting like a seller’s “bottom line” or a reserve in an auction. For investors it matters because it sets a visible downside limit and can influence trading, valuation, and expectations of risk—like knowing there’s a safety net that a sale won’t go below a set level.

Cap Price financial

"does not exceed $221.00 (the "Cap Price")"

Settlement Price financial

"over a three-day valuation period starting May 13, 2027 (the "Settlement Price")"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much cash did Springtide receive under the HUT forward contract?

Springtide received $58,326,600.00 upon entering the contract on September 29, 2026. The payment was based on a $40.00-per-share Floor Price and discounted for the time value of money over the agreement term.

How many shares are covered by the HUT forward contract?

The contract covers delivery of up to 1,500,000 shares of Hut 8 Corp. common stock at maturity. At Springtide’s election, it may deliver an equivalent amount of cash instead.

How does Springtide’s HUT forward contract settle?

Settlement uses the volume-weighted average price over the three-day valuation period starting May 13, 2027. At or below $40.00, Springtide delivers all 1,500,000 shares; above $40.00 through $221.00, the share amount is 1,500,000 multiplied by $40.00 divided by the Settlement Price. Above $221.00, the numerator is $40.00 plus the excess over $221.00. Springtide may elect equivalent cash instead.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/30/2026 - 09:41 PM Accepted by SEC EDGAR 09/30/2026 - 09:41 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ho Michael

(Last) (First) (Middle)

777 BRICKELL AVENUE, SUITE 200

(Street)

MIAMI FLORIDA 33131

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Hut 8 Corp. [ HUT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Strategy Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Forward Sale Contract (obligation to sell)	(1)(2)	09/29/2026		J/K		1,500,000		(1)(2)	(1)(2)	Common Stock	1,500,000	(1)(2)	1,500,000	I	See footnote(3)

Explanation of Responses:

1. On September 29, 2026, Springtide Creek Ltd ("Springtide") entered into a prepaid variable share forward transaction (the "VPF") with an unaffiliated third-party buyer. The VPF obligates Springtide to deliver to the buyer up to 1,500,000 shares of Common Stock of the Issuer (the "Forward Shares") (or, at Springtide's election, an equivalent amount of cash) on a scheduled maturity date of May 17, 2027. Upon entry into the VPF, Springtide received a cash payment of $58,326,600.00, based on a price of $40.00 per share of Common Stock (the "Floor Price") and discounted for the time value of money over the term of the agreement. Springtide has pledged the Forward Shares to secure its obligations under the contract but retains ownership and voting rights in the Forward Shares during the term of the pledge.

2. At maturity, the VPF will settle by delivery of a variable number of shares (or, at Springtide's election, an equivalent amount of cash) based on the volume-weighted average price of the Issuer's Common Stock over a three-day valuation period starting May 13, 2027 (the "Settlement Price"), as follows: (i) if the Settlement Price does not exceed the Floor Price, Springtide will deliver all 1,500,000 shares; (ii) if the Settlement Price exceeds the Floor Price but does not exceed $221.00 (the "Cap Price"), Springtide will deliver a number of shares equal to the 1,500,000 shares multiplied by a fraction, the numerator of which is the Floor Price and the denominator is the Settlement Price; and (iii) if the Settlement Price exceeds the Cap Price, Springtide will deliver a number of shares equal to the 1,500,000 shares multiplied by a fraction, the numerator of which is the Floor Price plus the excess of the Settlement Price over the Cap Price, and the denominator is the Settlement Price.

3. Springtide is a British Virgin Islands company wholly owned and controlled by the Reporting Person.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Victor Semah, as Attorney-in-Fact	09/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)