Alleged overvaluation of USBTC relative to $745M acquisition price
Company: Hut 8
The claim, verbatim
J Capital Research report stated USBTC had an estimated value 70% less than the approximately $745 million that Hut 8 paid to acquire it
Source (primary)
Ubhi v. Leverton — Entry #1: COMPLAINT against Joe Flinn, Asher Genoot, Alexia Hefti, Mike Ho, Hut 8 Corp., Jaime Leverton, Stanley O'Neal, Rick Rickertsen, Mayo A (RECAP (purchased via PACER), court_filing)
View cached copy (2026-09-26)Live source ↗
Quote: “The report cited individuals that were "highly familiar" with USBTC, stating that without the Merger, USBTC would have undergone bankruptcy and that USBTC had a value estimated to be 70% less than the approximately $745 million that Hut 8 paid to acquire it.”
How we checked this
Checked on September 28, 2026. The cited source supports every part of this claim.
The complaint summarizes the J Capital report as estimating USBTC's value at 70% below the roughly $745 million Hut 8 paid. The report excerpt itself says 'as much as 70% less'.
Confirmed in the source:
- The J Capital Research report estimated USBTC's value at 70% less than what Hut 8 paid
- Hut 8 paid approximately $745 million to acquire USBTC, as characterized in the complaint
What we did: Read our cached copy of RECAP (purchased via PACER) (https://storage.courtlistener.com/recap/gov.uscourts.ded.86297/gov.uscourts.ded.86297.1.0.pdf) in full (66,775 characters, retrieved September 26, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Ubhi v. Leverton — Entry #1: COMPLAINT against Joe Flinn, Asher Genoot, Alexia Hefti, Mike Ho, Hut 8 Corp., Jaime Leverton, Stanley O'Neal, Rick Rickertsen, Mayo A
Quote: “The report cited individuals that were "highly familiar" with USBTC, stating that without the Merger, USBTC would have undergone bankruptcy and that USBTC had a value estimated to be 70% less than the approximately $745 million that Hut 8 paid to acquire it.”