<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2023-11-30</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001964789</issuerCik>
        <issuerName>Hut 8 Corp.</issuerName>
        <issuerTradingSymbol>HUT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001182337</rptOwnerCik>
            <rptOwnerName>ONEAL E STANLEY</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HUT 8 CORP.</rptOwnerStreet1>
            <rptOwnerStreet2>1101 BRICKELL AVENUE, SUITE 1500</rptOwnerStreet2>
            <rptOwnerCity>MIAMI</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33131</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common stock, par value $0.01 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>211039</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option(2) (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.39</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2031-07-29</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common stock, par value $0.01 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>81935</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option(4) (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.39</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <value>2033-01-04</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common stock, par value $0.01 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>163870</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These shares represent the Reporting Person's pecuniary interest in the shares of Hut 8 Corp. (the &quot;Company&quot;) Common Stock, par value $0.01 per share (&quot;Common Stock&quot;), owned by JHS Bitcoin Mining LLC (&quot;JHS&quot;). The Reporting Person does not currently maintain voting or dispositive power over the shares held by JHS. However, the shares included herein represent the Reporting Person's passive investment in JHS and his respective pecuniary interest in such shares.</footnote>
        <footnote id="F2">Represents options to purchase the Company's Common Stock issued to the Reporting Person in replacement of the options (the &quot;2021 USBTC Options&quot;) held by the Reporting Person to purchase shares of common stock of U.S. Data Mining Group, Inc., a Nevada corporation (&quot;USBTC&quot;) prior to the consummation of the Business Combination by and among the Company, USBTC and Hut 8 Mining Corp., a corporation existing under the laws of British Columbia (&quot;Hut 8&quot;) on November 30, 2023. The 2021 USBTC Options were originally issued by USBTC on July 30, 2021.</footnote>
        <footnote id="F3">The shares vest over a four-year period which began on March 18, 2021, with 20,483 shares that vested on March 18, 2022 and the remaining shares vesting pro-rata on a monthly basis over the remaining three-year period.</footnote>
        <footnote id="F4">Represents options to purchase the Company's Common Stock issued to the Reporting Person in replacement of the options (the &quot;2023 USBTC Options&quot;) held by the Reporting Person to purchase shares of common stock of USBTC prior to the consummation of the Business Combination on November 30, 2023. The 2023 USBTC Options were originally issued by USBTC on January 5, 2023.</footnote>
        <footnote id="F5">The shares vest over a four-year period which began on January 5, 2023, with 40,967 shares vesting on January 5, 2024 and the remaining shares vesting pro-rata on a monthly basis over the remaining three-year period.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Asher Genoot, Attorney-in-Fact</signatureName>
        <signatureDate>2023-12-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
