Hut 8 Stock Surges 128% YTD as AI Pivot Yields $27B in Contracts, Bitcoin Unit Struggles
HUT has more than doubled off its 52-week low of $18.68.
Summary
Hut 8 shares have surged 128% YTD, trading near $108 after swinging between $44 and $133, driven by its AI data center pivot. The company recently signed a second $9.8B, 15-year lease for its Beacon Point campus, bringing total contracted AI revenue to $27B and annualized EBITDA to $1.75B. CEO Asher Genoot highlighted the shift from Bitcoin mining to AI infrastructure in a CNBC interview, rejecting a NYT report linking data centers to higher electricity costs. Meanwhile, its separately traded Bitcoin mining subsidiary, American Bitcoin Corp., has seen shares plunge 76% in 2026, erasing over $600M from Eric Trump's stake. A Seeking Alpha analysis notes a $253M Q1 net loss and no material AI revenue expected until Q2 2027, tempering near-term expectations. This follows the July 20 lease announcement and adds market reaction and subsidiary context.
At the time of this announcement, HUT was trading at $109.57 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $12.3B. 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 7 out of 10. Source: Beincrypto.