SCHEDULE: Susquehanna Affiliates Report 5.3% Stake in Hut 8 Corp.

A group of affiliated broker-dealers, including G1 Execution Services and Susquehanna entities, disclosed a 5.3% beneficial ownership stake in Hut 8 Corp. as of September 30, 2025.

Summary

• A group of affiliated entities, including G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group, and Susquehanna Securities, LLC (collectively, the "Reporting Persons"), has filed a Schedule 13G.
• The Reporting Persons collectively beneficially own 5,644,581 shares of Hut 8 Corp. Common Stock, representing 5.3% of the class.
• This aggregate ownership includes options to buy shares: SIG Brokerage, LP holds options for 40,000 shares; Susquehanna Investment Group holds options for 368,700 shares; and Susquehanna Securities, LLC holds options for 3,897,880 shares.
• The filing indicates that the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Hut 8 Corp.
• Hut 8 Corp. had 106,311,648 shares outstanding as of September 30, 2025, as reported in its Quarterly Report on Form 10-Q filed on November 4, 2025.

Sentiment

Score: 5

Explanation: The filing is a standard beneficial ownership disclosure and does not contain information that would inherently indicate strong positive or negative sentiment regarding the issuer's performance or prospects. The institutional interest is noted as a positive, but the overall impact on sentiment is neutral without further context.

Positives

• A group of affiliated broker-dealers, including G1 Execution Services, SIG Brokerage, Susquehanna Investment Group, and Susquehanna Securities, collectively reported a 5.3% beneficial ownership stake in Hut 8 Corp., totaling 5,644,581 shares, indicating significant institutional interest in the company.
• The reporting persons certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, suggesting a passive, investment-oriented position.

Negatives

• No negative information regarding Hut 8 Corp.'s operations, financial performance, or strategic outlook was disclosed in this beneficial ownership report.

Risks

• NA

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• The disclosure of a significant institutional stake could potentially increase investor confidence or liquidity for Hut 8 Corp. shares, signaling external validation of the company's investment potential.

Key Dates

Recommendation

This Schedule 13G filing primarily discloses a passive beneficial ownership stake by a group of affiliated broker-dealers. It does not contain operational, financial performance, or strategic updates for Hut 8 Corp. that would warrant a change in investment thesis. The 5.3% stake is notable but explicitly states it was acquired in the ordinary course of business without intent to influence control. Therefore, a 'hold' recommendation is appropriate, advising investors to maintain their current position while awaiting further company-specific news or financial reports.

Keywords

Hut 8 Corp, Common Stock, Schedule 13G, Beneficial Ownership, G1 Execution Services, SIG Brokerage, Susquehanna Investment Group, Susquehanna Securities, Institutional Ownership