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REGISTERED NUMBER: 10693873 (England and Wales)

| Unaudited Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| Hut 8 Management Ltd |

| Hut 8 Management Ltd (Registered number: 10693873) |

Contents of the Financial Statements

for the year ended 31 March 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Chartered Accountants' Report | 5 |

| Hut 8 Management Ltd |

Company Information

for the year ended 31 March 2025

| DIRECTORS: | J De Cock

| T P L Barnes

| REGISTERED OFFICE: | 27 Lindfield Gardens

| London

| NW3 6PX

| REGISTERED NUMBER: | 10693873 (England and Wales)

| ACCOUNTANTS: | Bennett Brooks & Co Limited

| Chartered Accountants

| St George's Court

| Winnington Avenue

| Northwich

| Cheshire

| CW8 4EE

| Hut 8 Management Ltd (Registered number: 10693873) |

Balance Sheet

31 March 2025

2025 | 2024 |

| Notes | £ | £

CURRENT ASSETS

Debtors | 4 | 47,941 |  | 56,605 |  |

Cash at bank and in hand | 194,082 |  | 2,776 |  |

242,023 |  | 59,381 |  |

CREDITORS

Amounts falling due within one year | 5 | (165,728 | ) | (82,570 | ) |

NET CURRENT ASSETS/(LIABILITIES) | 76,295 |  | (23,189 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 76,295 |  | (23,189 | ) |

CAPITAL AND RESERVES

Called up share capital | 6 | 1 |  | 1 |  |

Retained earnings | 76,294 |  | (23,190 | ) |

SHAREHOLDERS' FUNDS | 76,295 |  | (23,189 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2026 and were signed on its behalf by:

J De Cock - Director

| Hut 8 Management Ltd (Registered number: 10693873) |

Notes to the Financial Statements

for the year ended 31 March 2025

1. | STATUTORY INFORMATION

| Hut 8 Management Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Income is released to the Income Statement as the ongoing costs of the portfolio management are incurred.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Share capital

| Ordinary shares are classed as equity.

| Short term debtors and creditors

| Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement.

| Cash and cash equivalents

| Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

| £ | £

| Amounts owed by group undertakings | 47,941 |  | 56,605 |  |

| Amounts owed by group undertaking are unsecured, interest free and repayable on demand.

| Hut 8 Management Ltd (Registered number: 10693873) |

Notes to the Financial Statements - continued

for the year ended 31 March 2025

5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

| £ | £

| Trade creditors | 6,550 |  | 6,551 |  |

| Taxation and social security | 35,487 |  | 14,850 |  |

| Other creditors | 123,691 |  | 61,169 |  |

165,728 |  | 82,570 |  |

| Included within other creditors is a balance of £56,855 (2024: £56,855) relating to client monies.

6. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

value: |  | £ | £

| 100 | Ordinary | £0.01 | 1 |  | 1 |  |

Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

Hut 8 Management Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hut 8 Management Ltd for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Hut 8 Management Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hut 8 Management Ltd and state those matters that we have agreed to state to the Board of Directors of Hut 8 Management Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hut 8 Management Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hut 8 Management Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hut 8 Management Ltd. You consider that Hut 8 Management Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hut 8 Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bennett Brooks & Co Limited

Chartered Accountants

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

26 May 2026