Hut 8: Michael Ho firm signs $58.3M share deal

The upfront payment represents approximately 41.93% of the underlying shares’ current market value on the execution date.

Rhea-AI Filing Summary

Hut 8 Corp. (HUT) common stock is the underlying security in a prepaid variable share forward transaction that reporting person Michael Ho’s wholly owned and controlled Springtide Creek Ltd entered into with JPMorgan Chase Bank, National Association on September 29, 2026. The contract covers 1,500,000 shares; Springtide will receive an upfront cash payment of $58,326,600.00. The stated floor and cap prices are $40.00 and $221.00 per share, respectively, and the prepayment reflects a 6.85% discount for time value of money.

Springtide pledged the shares to secure its obligations but retains ownership and voting rights during the contract term. At maturity on May 17, 2027, settlement will be based on the volume-weighted average price over a three-day valuation period beginning May 13, 2027, with delivery of a variable number of shares or, at Springtide’s election, an equivalent amount of cash. Michael Ho may be deemed beneficial owner of 6,326,412 shares, approximately 5.13%, based on 123,259,468 Hut 8 shares outstanding as of July 31, 2026.

Filing Explained

The settlement formula adds these specifics: at or below $40, all 1,500,000 shares are due; between $40 and $221, delivery is 1,500,000 multiplied by $40 divided by the settlement price; above $221, the numerator is $40 plus the amount above $221.

Key Figures

Forward Shares: 1,500,000 shares Prepayment Amount: $58,326,600.00 Prepayment as percentage of current market value: Approximately 41.93% +5 more

8 metrics

Forward Shares 1,500,000 shares Shares covered by the prepaid variable share forward transaction

Prepayment Amount $58,326,600.00 Upfront cash payment to Springtide Creek Ltd

Prepayment as percentage of current market value Approximately 41.93% Underlying shares’ current market value on the execution date

Floor Price $40.00 per share Price term in the forward transaction

Cap Price $221.00 per share Price term in the forward transaction

Time-value discount 6.85% Discount applied over the term of the agreement

Beneficial ownership 6,326,412 shares; approximately 5.13% Michael Ho may be deemed the beneficial owner

Common shares outstanding 123,259,468 shares As of July 31, 2026

Key Terms

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

4 terms

prepaid variable share forward transaction financial

"entered into a prepaid variable share forward transaction"

Floor Price financial

"at the VPF’s Floor Price of $40.00 per share"

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

"establishes a Cap Price of $221.00 per share"

volume-weighted average price technical

"based on the volume-weighted average price"

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.

FAQ

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

How much cash will Springtide receive in Hut 8’s forward transaction?

Springtide Creek Ltd will receive an upfront cash payment of $58,326,600.00 under the prepaid variable share forward covering 1,500,000 Hut 8 Corp. common shares. The agreement states that this amount is approximately 41.93% of the underlying shares’ current market value on the execution date.

How many Hut 8 shares does Michael Ho report as beneficially owned?

Michael Ho may be deemed the beneficial owner of 6,326,412 shares of Hut 8 Corp. common stock, approximately 5.13% of the class. The percentage is calculated using 123,259,468 common shares outstanding as of July 31, 2026.

How does the Hut 8 forward transaction determine the shares delivered at settlement?

The number of shares Springtide delivers depends on whether the settlement price is at or below $40.00, between $40.00 and $221.00, or above $221.00. At or below $40.00, Springtide delivers all 1,500,000 shares. Above $40.00 through $221.00, delivery equals 1,500,000 shares multiplied by $40.00 divided by the settlement price. Above $221.00, delivery equals 1,500,000 shares multiplied by $40.00 plus the excess of the settlement price over $221.00, divided by the settlement price.

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

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Available on EDGAR 09/30/2026 - 09:32 PM Accepted by SEC EDGAR 09/30/2026 - 09:32 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Hut 8 Corp.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

44812J104

(CUSIP Number)

Michael Ho
c/o Hut 8 Corp., 777 Brickell Avenue, Suite 200
Miami, FL, 33131
(305) 224-6427

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/29/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 44812J104

1

Name of reporting person

Michael Ho

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 6,326,412.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 6,326,412.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

6,326,412.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.13 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The reported percentage is calculated based on 123,259,468 shares of common stock ("Common Stock") outstanding as of July 31, 2026, as reported on the Issuer's 10-Q filed with the SEC on August 4, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: Hut 8 Corp.
(c)	Address of Issuer's Principal Executive Offices: 777 Brickell Avenue, Suite 200, Miami, FLORIDA , 33131.
Item 1 Comment: This Amendment No. 1 ("Amendment No. 1") amends and supplements the statement on Schedule 13D filed by the Reporting Person on December 7, 2023 (the "Original Schedule 13D," and together with Amendment No. 1, the "Schedule 13D"). Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported on the Schedule 13D. Capitalized terms used but not otherwise defined in this Amendment No. 1 shall have the meanings set forth in the Schedule 13D.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended and supplemented as follows: The information set forth in Item 6 of this Amendment No. 1 is incorporated by reference into this Item 4.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a)-(c) of the Schedule 13D is hereby amended and restated as follows and as set forth in subsections (b) and (c): The information set forth in rows (11) and (13) of the cover page of this Amendment No. 1 is incorporated by reference into this Item 5. Ownership percentages set forth in this Schedule 13D assume 123,259,468 shares of Common Stock outstanding as of July 31, 2026, as reported on the Issuer's 10-Q filed with the SEC on August 4, 2026. As of the date hereof, the Reporting Person may be deemed the beneficial owner of 6,326,412 shares of Common Stock, which represents approximately 5.13% of the total outstanding shares of Common Stock. Neither the filing of this Statement nor any of its contents shall be deemed to constitute an admission by the Reporting Person that such person is the beneficial owner of any of the shares of Common Stock referred to herein for purposes of the Act, or for any other purpose.
(b)	The information set forth in rows (7) through (10) of the cover page of this Amendment No. 1 is incorporated by reference into this Item 5.
(c)	Except as related to the VPF (as defined below), the Reporting Person has not effected any transactions in the shares of Common Stock of the Issuer in the 60 days prior to this Amendment No. 1.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Schedule 13D is hereby amended to incorporate the following at the end thereof: Prepaid Variable Share Forward Transaction On September 29, 2026, Springtide Creek Ltd ("Springtide"), a British Virgin Islands company wholly owned and controlled by the Reporting Person, entered into a prepaid variable share forward transaction (the "VPF") with JPMorgan Chase Bank, National Association (the "Bank") covering 1,500,000 shares of Common Stock (the "Forward Shares"), pursuant to a master confirmation entered into between Springtide and the Bank (the "Master Confirmation"). Pursuant to the VPF, Springtide will receive an upfront cash payment (the "Prepayment Amount") equal to $58,326,600.00. The Prepayment Amount represents approximately 41.93% of the current market value of the underlying shares on the execution date, and represents the value of the underlying shares at the VPF's Floor Price of $40.00 per share of Common Stock, as discounted 6.85% for the time value of money over the term of the agreement. The Master Confirmation also establishes a Cap Price of $221.00 per share of Common Stock. Springtide pledged the Forward Shares to secure its obligations under the contract and retains ownership and voting rights in the Forward Shares during the term of the pledge. At the maturity of the VPF on May 17, 2027, the contract will be settled by the delivery of a variable number of shares of Common Stock (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 commencing on May 13, 2027 (the "Settlement Price"), as follows: (i) if the Settlement Price is less than or equal to the Floor Price, Springtide will deliver all 1,500,000 shares; (ii) if the Settlement Price is greater than the Floor Price but less than or equal to 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 of which is the Settlement Price; and (iii) if the Settlement Price is greater than 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 of which is the Settlement Price. The foregoing description of the VPF does not purport to be complete and is qualified in its entirety by the full text of the Master Confirmation, which is attached as Exhibit 99.4 hereto and is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Schedule 13D is hereby amended and supplemented as follows: 99.4 Master Confirmation: Prepaid Variable Share Forward Transaction

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Michael Ho

Signature:	/s/ Michael Ho
Name/Title:	Michael Ho
Date:	09/30/2026