Hut 8 and IREN AI Deals Ignite 11%+ Rally Across Bitcoin Mining Stocks
HUT has more than doubled off its 52-week low of $18.68.
Summary
Hut 8's $9.8B AI data center lease and IREN's $2.8B in cloud contracts sent Bitcoin mining stocks soaring Monday, with HUT, IREN, Cipher, CleanSpark, and MARA each up at least 11%. The moves reinforce the sector's pivot to AI infrastructure as mining economics weaken. IREN now expects over $4B in annual recurring AI revenue by end-2026. The rally also lifted the TEM AI Infrastructure Growth Index by 1.4% on the day and 12% over the past week, coinciding with a broader tech rebound. However, Blocksbridge Consulting warns the industry needs another $50B to fund AI ambitions, with IREN facing a $21B gap, and insider sales at peers are drawing scrutiny. This follows Hut 8's earlier $4.25B debt raise and full commercialization of its 1 GW Texas campus, now fully leased.
At the time of this announcement, HUT was trading at $102.07 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $11.5B. The 52-week trading range was $18.68 to $140.80. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Cointelegraph.