Hut 8 Corp. operates an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale for energy-intensive use cases in the United States and Canada. It operates through the Power, Digital Infrastructure, Compute, and Other segments. The company provides managed services for energy infrastructure development, including site design, procurement, construction management, software automation, process design, hiring, training, utility contracts, hosting operations, customer management, energy portfolio optimization, and finance, accounting, and safety services. It also operates compute infrastructure, provides and services mining equipment, and offers Bitcoin mining, data center and cloud infrastructure services such as colocation, as well as ASIC compute, traditional cloud, and AI cloud services. Hut 8 Corp. was founded in 2020 and is based in Miami, Florida.
Hut 8's AI Data Center Pivot Gains Wall Street Backing, But Crypto Slump Weighs
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Dan Loeb's $40.8M Stake Signals Confidence Billionaire investor Dan Loeb bought a $40.8 million stake in Hut 8, a vote of confidence in its shift from Bitcoin mining to AI data centers. This brings capital and credibility, pushing the stock up as investors see smart money backing the story.
A high-profile investor stake is a new, concrete positive catalyst for HUT.
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Lucid Capital Initiates Buy Rating with $226 Target Lucid Capital Markets started covering Hut 8 with a buy rating and a $226 price target, 82% above the current price. This new analyst endorsement draws attention and suggests the stock is undervalued, pushing it up.
A new buy rating with a high target is a fresh positive signal for HUT.
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Hut 8 Settles Investor Lawsuit for $2.35M Hut 8 agreed to pay $2.35 million to settle a class action over its 2023 merger, denying wrongdoing. While the amount is small, it removes a legal cloud but reminds investors of past disclosure issues, slightly weighing on sentiment.
The settlement is a new event that resolves a legal overhang but also highlights past problems.
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Crypto Slump Drags Hut 8 Down 17% Bitcoin fell below $60,000 amid record ETF outflows, causing crypto stocks like Hut 8 to tumble 17.45% in a week. Even as Hut 8 pivots to AI, its Bitcoin mining legacy still ties it to crypto prices, hurting the stock short-term.
The crypto sell-off is a new negative force affecting HUT's price this period.
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Hut 8's AI pivot gains real contracts, but bubble warnings grow
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Anthropic-Lambda deal confirms Hut 8's Texas data center as AI backbone Anthropic signed a $35 billion, six-year cloud deal with Nvidia-backed Lambda, which will use Hut 8's Texas data center. Nvidia leases the facility from Hut 8, so Hut 8 gets paid regardless of AI demand swings. This locks in long-term revenue and validates its AI pivot, pushing the stock up.
This is the biggest new contract win and directly ties Hut 8 to a major AI player, driving the stock.
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Dan Loeb's Third Point boosts Hut 8 stake to $151.8 million Billionaire investor Dan Loeb's hedge fund raised its Hut 8 stake to $151.8 million, signaling confidence from a major Wall Street player. This can attract other institutional investors and supports the stock price by validating the AI transition story.
A high-profile investor endorsement is new and can bring in more buyers, lifting the stock.
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CEO projects $1.75B annual NOI from AI data centers CEO Asher Genoot said Hut 8's AI data centers will generate $1.75 billion in annual net operating income, with two projects coming online next year. Because they use triple net leases, Hut 8 avoids operating costs, so revenue falls straight to profit. This growth outlook supports the stock.
Altman warns of unsustainable AI compute spending, putting Hut 8 in focus OpenAI CEO Sam Altman warned that some AI compute buildouts are unsustainable, and traders are reassessing stocks like Hut 8. While Hut 8 has $26.6 billion in contracted value, the warning raises fears of a bubble and could pressure the stock if investors pull back from the sector.
This is a real counterweight that could cap gains or cause a pullback, so it must be included for a fair picture.
Q3 2026
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Hut 8's AI Data Center Pivot Accelerates, But Risks Emerge
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Analyst Upgrades and Price Targets Benchmark raised its target to $165 and Morgan Stanley named Hut 8 a top pick with a $263 target, signaling growing confidence in the AI pivot and attracting investor attention.
Analyst upgrades directly boost investor sentiment and can drive the stock price higher.
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Major AI Contracts and Capacity Growth Hut 8 signed a $9.8B Texas lease, reached 949 MW contracted AI capacity, and has a $26.6B base contract value with an 8.7 GW pipeline, including Nvidia-linked leases and Anthropic's $35B Lambda deal using its Texas site.
These contracts demonstrate tangible progress in the AI pivot, driving revenue growth and investor optimism.
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Strong Financial Performance and Investor Confidence Q2 revenue grew 81% to $74.9M, and Dan Loeb's Third Point increased its stake to $151.8M. The CEO projects $1.75B annual NOI from triple-net AI data centers.
Revenue growth and large investor stakes validate the business model and can push the stock up.
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Financial Loss and Regulatory Risks A $177M net loss from digital asset writedowns, ERCOT's delayed transmission study threatening Beacon Point's power classification, and Sam Altman's warning on AI spending raised bubble fears, contributing to a 10% share drop.
These negative factors weigh on the stock price and highlight risks to the AI pivot.
News & notes movingHUT
United States
Digital Finance & Tokenization▲
Hut 8 Closes $1.07B Four-Year Revolving Credit Facility
Hut 8 has closed a $1.07 billion four-year senior secured revolving credit facility, strengthening its corporate liquidity. The facility provides committed capital at a drawn margin ranging from SOFR plus 150 to 200 basis points, based on the company's consolidated total debt-to-market-capitalization ratio, with an initial margin of SOFR plus 175 basis points at closing. Subject to customary conditions, borrowings can be drawn as needed and repaid without prepayment penalties. HUT shares fell 1.7% premarket.
Hut 8 Wins $140 Million Bid for Two Texas Data Centers
Hut 8 agreed to acquire two Texas data centers from Poolin for US$140 million, expanding its US footprint. The facilities add significant power and compute capacity aimed at both bitcoin mining and AI-focused data center workloads. The acquisition increases Hut 8's presence in Texas, a key hub for energy intensive computing infrastructure. The Poolin Texas data center deal changes the scale and mix of Hut 8's operations, adding grid access and AI capable infrastructure in a single move. The purchase backs Hut 8's Power First strategy and its push into AI oriented data halls, though it also brings pressure from capital intensive buildouts and execution, with peers like TeraWulf and Applied Digital also racing for leases and power deals.
UBS Initiates Coverage on Five AI Data Center Stocks With Buy Ratings
UBS analyst Ryan Gravett initiated coverage of five AI data center colocation stocks with bullish ratings, citing rapid growth potential as artificial intelligence adoption accelerates and computing capacity remains constrained. In a September 22, 2026 research note, Gravett said these companies' legacy cryptomining operations have provided favorable grid access, already translating into approximately 5 gigawatts of leased capacity representing roughly $125 billion in contracted revenues. The analyst forecasts average annual EBITDA growth of approximately 80% across the coverage group from 2027 to 2029, about 10% above consensus estimates for 2029, and sees an average upside potential of 36% across the five stocks despite recent share price declines of around 45% from recent highs. The five names are Hut 8 Corp with a Buy rating and $143 price target implying 45% upside, Terawulf Inc with a Buy rating and $24 price target for 41% upside, Applied Digital Corp with a Buy rating and $38 price target for 35% upside, Core Scientific Inc with a Buy rating and $24 price target for 33% upside, and Cipher Mining Inc with a Buy rating and $23 price target for 25% upside.
Third Point Raises Hut 8 Stake to 1.315 Million Shares, Adds $3.5 Million in Riot Notes
Dan Loeb's Third Point increased its reported Hut 8 Corp. stake to 1,315,000 common shares at June 30 from 869,563 at March 31 and disclosed a new position of $3.5 million principal amount of Riot Platforms notes valued at approximately $7.03 million, according to consecutive SEC filings. The two positions are not matching equity stakes: Third Point holds Hut 8 common shares but Riot debt, so buying the two common stocks would not reproduce the disclosed exposure. Hut 8's August 4 update reported 949 megawatts of contracted IT capacity, approximately $26.6 billion of expected aggregate base-term contract value and $7.5 billion of project financing secured, figures that describe a development opportunity rather than revenue already earned. Riot's June-quarter data-center revenue was $23.2 million, comprising $4.9 million of operating lease revenue and $18.3 million of tenant fit-out services, and the company has delivered the first 25 megawatts to AMD while adding a 191-megawatt lease with a frontier AI lab with phased delivery expected in December 2027 and June 2028. August 14 short interest represented 12.22% of Hut 8's float and 14.47% of Riot's, and the filings do not establish recent trades or Loeb's reasons for owning either security.
Anthropic's $35B Lambda Deal Deepens Nvidia's Dual Role
Anthropic is reportedly finalizing a $35 billion cloud deal with Lambda for 350 megawatts of capacity at Hut 8's Beacon Point campus in Texas, marking its ninth major compute corridor and deepening Nvidia's influence as both supplier and landlord. Under the arrangement, Nvidia holds the lease on the data center while supplying the GPUs Lambda operates, allowing it to capture value at both the real estate and silicon levels. This structure forces Lambda to act as a specialized intermediary, absorbing operational complexity while Nvidia maintains control over the physical environment. The deal is part of Anthropic's broader infrastructure strategy, which includes commitments to AWS, Google, Microsoft, and others, totaling hundreds of billions of dollars, as the company prepares for an October 2026 IPO and seeks to justify a $965 billion valuation.
Hut 8's AI Pivot Boosted by $35 Billion Anthropic Deal
Hut 8 Corp. is advancing its transformation from a Bitcoin miner into an AI infrastructure provider, with its latest development being a data center in Nueces County, Texas, that will be leased by Nvidia as part of a $35 billion computing agreement with Anthropic. This follows Hut 8's first major AI infrastructure deal announced late last year: a 15-year, $7 billion lease with Fluidstack covering about 245 megawatts, backed by Google. Additionally, Hut 8 has signed a 15-year, $9.8 billion lease for 352 megawatts of AI factory capacity at its Beacon Point campus in the same county. These long-term contracts, which include take-or-pay structures, aim to provide more stable revenue than Bitcoin mining, and the company had $7.5 billion in project financing as of the second quarter to fund construction. However, Hut 8 faces execution risks from construction delays and counterparty concentration, and its stock has significant short interest, with 11.96% of the float sold short as of August 14.
HUT · Demand · Positive Hut 8's AI infrastructure leases with Nvidia/Anthropic, Fluidstack/Google, and Beacon Point provide stable revenue, boosting its AI pivot.
NVDA · Demand · Positive Nvidia is leasing Hut 8's data center as part of a $35 billion AI computing deal with Anthropic, indicating strong demand for its AI infrastructure.
Opti9 Acquires Hut 8's Canadian Managed Cloud Business
Opti9 Technologies, a Canadian cloud and cybersecurity services provider, has acquired Hut 8's Canadian managed cloud business, the company announced Thursday. The deal includes Hut 8's traditional managed cloud services in Canada, with ten team members moving to Opti9, while Hut 8 retains ownership of its Canadian data centers and continues its GPU and high-performance computing operations. As part of the transaction, Opti9 and Hut 8 have entered into a multi-year colocation agreement, allowing Opti9 to operate the acquired cloud infrastructure at Hut 8's data centers. Customers of the acquired business will gain access to Opti9's broader platform and team, enhancing their technology resources.
Altman Warns of Unsustainable AI Compute Spending; Traders Eye Six Stocks
OpenAI CEO Sam Altman warned of "unsustainable silliness" in AI compute spending, saying some new neoclouds lack the revenue or buyers to support their buildout plans, and traders are reassessing publicly traded AI compute stocks. The names in focus include CoreWeave, Nebius Group, IREN, Hut 8, Bitdeer Technologies, and Cipher Mining. CoreWeave reports a revenue backlog of approximately $104 billion, Nebius has $37.5 billion in remaining performance obligations, Hut 8 has $26.6 billion in base-term contract value, and Bitdeer signed a $4.70 billion lease with Volta. However, risks include high debt, such as Cipher's $6 billion debt against $562 million equity, and customer concentration, with Nebius relying on three customers for 59% of revenue. Altman also noted that if compute costs fall, some may have made "dumb financial decisions," a common feature of booms.
Artificial Intelligence › AI Compute Cloud & Neoclouds ▼Capital
NBIS · Capital · Negative Altman's warning on unsustainable AI compute spending and Nebius's reliance on three customers for 59% of revenue raise doubts about its $37.5B backlog.
CRWV · Capital · Negative Altman's warning on neocloud spending hits CoreWeave despite its ~$104B revenue backlog.
BTDR · Capital · Negative Altman's warning on unsustainable AI compute spending casts doubt on neocloud buildouts, though Bitdeer's $4.70B Volta lease is noted.
CIFR · Capital · Negative Flagged as a risky AI compute name with $6B debt against $562M equity amid Altman's unsustainable-spending warning.
HUT · Capital · Negative Named among AI compute stocks reassessed after Altman's warning, despite $26.6B base-term contract value.
IREN · Capital · Negative Included in the AI compute names traders are reassessing after Altman's unsustainable-spending warning.
Anthropic Signs $35 Billion Cloud Deal with Nvidia-Backed Lambda
Anthropic has signed a $35 billion cloud-computing deal with Nvidia-backed provider Lambda, according to The Wall Street Journal. Nvidia will supply chips for the project and is reportedly holding the lease on the Texas data center supporting the agreement, which is being developed by Hut 8 in Nueces County. This structure highlights Nvidia's growing role in financing infrastructure for its chip customers, accelerating AI capacity growth while taking on more financial risk. The deal gives Hut 8 exposure to one of the largest announced AI cloud commitments, underscoring the massive scale of AI infrastructure spending.
Anthropic signs $35B cloud deal with Lambda, adding to circular financing concerns
Anthropic has signed a $35 billion cloud deal with Lambda, an Nvidia-backed company, according to Wall Street Journal reporting. The deal adds another layer to the circular financing web in the AI industry, as Nvidia also owns the lease on the data center site that will be built by Hut 8. This arrangement involves multiple interconnected transactions: Anthropic pays Lambda for compute, Lambda pays Hut 8 for the data center, Nvidia invests in Hut 8 and Anthropic, and Hut 8 pays for chips. The complexity of these circular deals is growing, raising concerns about risk and leverage in the AI landscape.
Nasdaq Rebounds 3.9% in August; Anthropic Inks $35B AI Deal
Stock index futures pointed to a weaker open on Tuesday, setting Wall Street up for a lower start to September as investors monitored renewed tensions in the Middle East. The Nasdaq rose 3.9% in August after falling 3.2% in July and 2.8% in June, with strong technology earnings helping drive the recovery despite late-month volatility tied to higher oil prices and geopolitical tensions. Anthropic has reportedly agreed to a $35B computing deal with Lambda, a cloud provider backed by Nvidia, as the AI company moves to rapidly expand computing capacity; Hut 8 is developing the Texas data center tied to the project. President Donald Trump announced new drug-pricing agreements with Astellas, BeOne Medicines, CSL, BridgeBio, Sun Pharmaceutical, and UCB, which agreed to offer medicines to state Medicaid programs at most-favored-nation prices. South Korea proposed a record 820.9T won ($597B) budget for 2027, up 12.8% from this year's plan, with AI and semiconductors among key priorities, and AI spending set to nearly double to 21.3T won. Chinese memory-chip maker CXMT has started producing small quantities of HBM3E, an advanced memory used in AI chips, and plans to expand production in 2027, while Alibaba's T-Head and Cambricon Technologies are testing the memory for potential use in products as early as next year.
Energy Transition & Power Demand › Nuclear Generation & Utilities Demand
4503.JP · Regulation · Negative Trump announced drug-pricing agreements requiring Astellas to offer medicines to state Medicaid at most-favored-nation prices.
CSL Limited · Regulation · Negative CSL agreed to offer medicines to state Medicaid programs at most-favored-nation prices under Trump's new drug-pricing agreements.
Sun Pharmaceutical Industries Ltd · Regulation · Negative Sun Pharmaceutical agreed to most-favored-nation Medicaid pricing under Trump's new drug-pricing agreements.
HUT · Demand · Positive Hut 8 is developing the Texas data center tied to Anthropic's $35B computing deal with Lambda, a concrete project win.
0NZT.LSE · Pricing · Negative UCB agreed to offer medicines to state Medicaid programs at most-favored-nation prices under Trump's new drug-pricing agreements.
NVDA · Demand · Positive Nvidia-backed Lambda is the cloud provider in Anthropic's $35B computing deal, implying demand for Nvidia-backed AI infrastructure.
Dan Loeb's Third Point bets on Bitcoin miners pivoting to AI
Billionaire investor Dan Loeb's hedge fund, Third Point, has revealed new and increased stakes in four Bitcoin miners pivoting to artificial intelligence, as well as Jack Dorsey's Block, according to its second-quarter 2026 13F filing with the SEC. Third Point raised its stake in Hut 8 to $151.8 million and opened positions in Riot Platforms worth $7 million, Core Scientific worth $1.38 million, and Applied Digital Corp. worth $820,000, while also investing $194.47 million in Block. The miners have signed massive AI deals, including Applied Digital's $5.2 billion lease with a hyperscaler, Hut 8's $9.8 billion lease for its Texas data center, Core Scientific's agreement with AMD for over 500 megawatts, and Riot Platforms' $9.1 billion deal with Anthropic. Block, which laid off over 4,000 employees due to AI integration, reported second-quarter revenue of $6.62 billion and EPS of $1.02, beating estimates. The filing signals Loeb's diversification into crypto companies now focusing on AI.
Hut 8's chief financial officer, Sean Glennan, sold 6,445 shares of common stock for proceeds of $508,000 U.S. on Aug. 24, according to a regulatory filing. The shares were sold at an average price of $78.76 U.S. per share, substantially reducing Glennan's stake in the company. Media reports indicate the sale was executed automatically to cover tax liabilities from the vesting of restricted stock units. Glennan still owns 12,355 stock options in Hut 8 that are expected to vest later. The sale comes as Hut 8's stock has surged 222% over the past 12 months to $85 U.S. per share, driven by strong financial results and demand for AI data centres.
Crypto stocks rally as Bitcoin extends gains on regulation push
Crypto-linked stocks rallied Friday as Bitcoin extended its climb to levels not seen since late May, after President Trump called on lawmakers to pass clear regulatory rules for digital assets. In U.S. premarket trading, Strategy was up 10.2%, Coinbase rose 6.8%, and Circle Internet Group added 6.4%, while MARA Holdings climbed 5.4%, Galaxy Digital rose 5%, Robinhood Markets gained 4.7%, Hut 8 advanced 2.4%, and Riot Platforms rose 3.7%. Bitcoin jumped 8.9% to $78,135.60, briefly touching an intraday high of $79,600.60, breaking out of the roughly $60,000-to-$70,000 range that held for most of 2026. The rally was also supported by a broader lift in risk appetite after the U.S. Treasury Department said it would double its bond buybacks in an effort to contain rising yields, following a sharp bond selloff that drove the 30-year yield to its highest level since 2007. The advance was set in motion earlier this week when Trump, speaking at a White House summit, urged Congress to advance the Clarity Act, closely watched legislation aimed at establishing a regulatory framework for the U.S. crypto industry, though it remains unclear when, or if, the bill will pass.
Former Bitcoin miners pivot to AI infrastructure with contracted backlogs
A growing number of former Bitcoin miners are repositioning themselves as AI and high-performance computing infrastructure providers, using their existing power assets and land holdings to compete for long-term, contracted revenue from hyperscalers and AI labs. Hut 8 disclosed a $26.6 billion contracted backlog alongside $7.5 billion in non-convertible, non-recourse debt financing, with projected average annual net operating income of $1.75 billion across 949 MW of contracted capacity. IREN Limited has secured over $2.8 billion in multi-year contracts with Microsoft and Nvidia, with 85% of 2026 annual recurring revenue already contracted as it targets a 5 GW capacity buildout by 2028. HIVE Digital Technologies announced a $350 million, five-year AI cloud services agreement through its BUZZ HPC unit, bringing total contracted AI annual recurring revenue above $100 million. Digi Power X is building toward a $140 million+ annualized contracted run rate by 2027, anchored by a $1.1 billion take-or-pay contract with Cerebras for 40 MW in Alabama, while Keel Infrastructure Corp controls 574 MW across four HPC-earmarked sites funded by $819 million in liquidity. Analysts are broadly constructive on the transition thesis, but consistently flag dilution risk, contract execution, and interest-rate sensitivity as the primary threats to current valuation multiples.
Hut 8 CEO says AI compute is critical infrastructure
Hut 8 CEO Asher Genoot compared the AI compute buildout to historical infrastructure booms like railroads and steel, projecting $1.75 billion in annual net operating income as new data centers come online. Genoot said the three projects announced so far will bring that additional NOI, with two coming online next year in Louisiana and Texas. He noted that because the projects use triple net leases, the company does not bear operating costs, so project revenue falls through as profit before debt servicing, interest, and amortization. Genoot also said he expects dedicated infrastructure funds and other pools of capital to increasingly finance large-scale data center projects as the technology industry shifts from capital-light to capital-intensive models.
Santander, Berkshire Hathaway lead financials higher as S&P 500 hits record
Wall Street finished the week higher, with the benchmark S&P 500 hitting fresh all-time highs, and the State Street Financial Select Sector SPDR ETF (XLF) added 1.16% from the previous week to close at $57.60. Among megacap stocks, Banco Santander led the winners, adding 4.26% to $14.70 after receiving Federal Reserve approval for its acquisition of Webster Financial. Berkshire Hathaway gained ahead of its second-quarter earnings release, while HSBC Holdings led the decliners, pulling back 2.53% to $103.73 despite reporting strong first-half results and updating its full-year guidance to include a roughly $2 billion savings target from reorganization. In the large-cap gainers, Blue Owl Capital advanced 15.24% after closing its European net lease fund with €1.6 billion in capital commitments, exceeding its original target, and Pershing Square added 13.82% ahead of its quarterly earnings. On the losing side, Hut 8 retreated 17.69% after missing revenue estimates, while mid-cap UWM Holdings dropped 29.67% and Sezzle fell 23.74% even after boosting its full-year guidance.
Netlist, Cipher Digital, and Hut 8 emerge as overlooked AI infrastructure plays
Netlist, Cipher Digital, and Hut 8 are gaining attention as overlooked stocks poised to benefit from AI infrastructure demand. Netlist secured a five-year licensing deal with Samsung that includes a $239 million upfront fee and up to $32.9 million in quarterly license fees, with Samsung also purchasing 10 million shares. Cipher Digital began collecting rent this month from its 300-megawatt Black Pearl site leased to Amazon and obtained an option for a 900-megawatt site near San Antonio, expanding its gigawatt pipeline. Hut 8 has secured 949 megawatts of contracted IT capacity expected to generate $1.75 billion in net operating income, with its Beacon Point site fully commercialized under two 352-megawatt IT leases.
Rosenblatt keeps Hut 8 at Buy with $124 target despite ERCOT delay
Rosenblatt Securities maintained its Buy rating and $124 price target on Hut 8, implying 22.6% upside, after second-quarter revenue rose 81% year over year but missed estimates. Analyst Chris Brendler said the quarter had limited bearing on valuation because legacy operations are small compared with $26.6 billion of contracted AI data-center revenue from three 15-year leases covering 949 megawatts of critical IT capacity at Beacon Point in Texas and River Bend in Louisiana. Shares fell 10% after the release, a move Rosenblatt attributed mainly to uncertainty over ERCOT's delayed Batch Zero transmission-planning study, though the firm said Hut 8's direct exposure is limited to Beacon Point, a 1-gigawatt campus with 704 megawatts of contracted critical IT load. Rosenblatt noted that Beacon Point has not yet secured a full exemption, making its treatment as Base Load rather than Studied Load an important issue, but cited the project's existing interconnection agreement, signed anchor tenant, construction progress, and procurement of long-lead equipment as supportive factors. The firm also pointed to $4.25 billion in senior secured, non-recourse notes raised in June to finance Beacon Point's first six data halls totaling 352 megawatts of critical IT capacity, and said those bonds had recently traded higher, indicating fixed-income investors had not assigned greater credit risk. Rosenblatt lowered its 2026 revenue estimate to $305.7 million from $336.7 million and its 2027 estimate to $547.6 million from $609.4 million, while its 2028 model calls for $1.39 billion of revenue and $1.14 billion of adjusted EBITDA as contracted AI capacity enters service.
Hut 8 reports 8.7 GW development pipeline and $9.8 billion Beacon Point lease
Hut 8 Corp. disclosed an 8.7 gigawatt development pipeline and a second Beacon Point lease representing about $9.8 billion of expected base term contract value during its second quarter 2026 earnings call. CEO Asher Genoot said the pipeline grew by approximately 300 megawatts from the prior quarter and includes 11 sites in under-diligence and under-exclusivity stages averaging more than 650 megawatts each, while the Beacon Point campus is now fully commercialized with a full gigawatt of utility capacity. CFO Sean Glennan reported revenue increased approximately 81% year over year to $74.9 million, with compute revenue rising to $72.5 million from $34.3 million, though a GAAP net loss of $177.1 million was driven primarily by a $138 million loss in digital assets. Adjusted EBITDA excluding digital asset mark-to-market movements was $10.4 million, and the balance sheet showed approximately $233.6 million of unrestricted cash and approximately $6.8 billion of restricted cash and cash equivalents, with the majority of the roughly $7.6 billion carrying amount of debt consisting of $3.25 billion in River Bend notes and $4.25 billion in Beacon Point notes. Management emphasized execution on River Bend and Beacon Point as its top priority and noted that the reported pipeline excludes behind-the-meter generation and M&A opportunities.
American Bitcoin President Matt Prusak Resigns to Join Giga Energy
Matt Prusak, president and interim CFO of American Bitcoin, has resigned effective immediately to join AI infrastructure developer Giga Energy as chief business officer and interim CFO. American Bitcoin, backed by Canada's Hut 8 and co-founded by Eric Trump, has seen its stock fall 94% over the past 12 months to $5.85 per share. The departure comes as more Bitcoin miners pivot toward AI data centers and power infrastructure. It is not yet clear who will replace Prusak at the cryptocurrency mining firm.
Mark Zuckerberg Says Compute Offers Come at a Significant Premium, Validating Iren's Cautious Strategy
Meta Platforms CEO Mark Zuckerberg said the company is receiving many offers for compute at a significant premium over what it paid, validating data-center firm Iren's strategy of holding back capacity while competitors sign large long-term deals. Iren has nearly 6 gigawatts in its pipeline and recently added $2.8 billion in new customer contracts, but it has avoided splashy agreements like Nebius' five-year $27 billion deal with Meta, Hut 8's 15-year $9.8 billion lease for 352 megawatts, and Terawulf's 20-year $19 billion deal with Anthropic covering 401 megawatts. As those competitors lock up capacity for decades, Iren's available power becomes more valuable, and the company now holds $7.6 billion in cash and cash equivalents, strengthening its position to wait for even higher compute prices.
IREN · Demand · Positive Zuckerberg's comments validate Iren's strategy of holding back capacity, and its available power becomes more valuable as competitors lock up supply.
META · Demand · Positive Meta's CEO confirms the company is paying significant premiums for compute, indicating strong demand for data center capacity.
HUT · Demand · Positive Hut 8's 15-year $9.8 billion lease with Meta locks in long-term demand for its compute capacity.
NBIS · Demand · Positive Nebius' five-year $27 billion deal with Meta demonstrates robust demand for its compute offerings.
WULF · Demand · Positive Terawulf's 20-year $19 billion deal with Anthropic secures long-term demand for its compute capacity.
Anthropic · Demand · Positive Terawulf's 20-year $19 billion deal with Anthropic is mentioned as a competitor locking up capacity, indicating strong demand for compute from Anthropic.
Nvidia Is the Tenant Behind Hut 8’s $19.6 Billion Texas Data Center Leases
Nvidia is reportedly the previously unnamed customer behind Hut 8’s Beacon Point data center leases in Texas. The Financial Times identified Nvidia as the tenant, citing five people familiar with the arrangement, though neither company has publicly confirmed it. The two 15-year leases cover 704 megawatts of IT capacity and carry a base-term contract value of $19.6 billion, with a larger $50.2 billion figure applying only if renewal options are exercised. Nvidia could sublease the site to neocloud partners that buy its GPUs and sell AI computing services, but no sublease has been announced. Hut 8 closed $4.25 billion of non-recourse investment-grade senior secured notes for the project in June and expects the first Phase 2 data hall in the second quarter of 2028.
HUT · Demand · Positive Hut 8 signed two 15-year leases with Nvidia for 704 MW of IT capacity, with a base contract value of $19.6 billion.
NVDA · Demand · Positive Nvidia is the tenant behind Hut 8's data center leases, securing 704 MW of IT capacity for AI computing, supporting its GPU sales.
Nvidia commits $5 billion to AI safety startup and expands data center leases
Nvidia is committing $5 billion to Safe Superintelligence, a new AI safety startup led by former OpenAI chief scientist Ilya Sutskever. The company is also entering multibillion-dollar AI data center lease deals, including a large buildout with Hut 8 in Texas, and expanding its Agent Toolkit platform through new partnerships with Synopsys, Siemens, and Cadence to support chip and system design automation. These moves extend Nvidia's reach into AI safety research and large-scale infrastructure, adding another layer of influence in how future AI-capable hardware and software are created and deployed.
NVDA · Capital · Positive Nvidia commits $5 billion to an AI safety startup and expands data center leases, representing significant capital deployment.
HUT · Demand · Positive Nvidia enters a large data center buildout with Hut 8 in Texas, directly increasing demand for Hut 8's infrastructure.
CDNS · Demand · Positive Nvidia expands Agent Toolkit partnership with Cadence for chip design automation, boosting demand for Cadence's services.
SIE.XETRA · Demand · Positive Nvidia expands Agent Toolkit partnership with Siemens for chip design automation, boosting demand for Siemens' services.
SNPS · Demand · Positive Nvidia expands Agent Toolkit partnership with Synopsys for chip design automation, boosting demand for Synopsys' services.
Crypto Treasury Firms Pivot to AI as Investor Demand Collapses
A growing number of digital-asset treasury companies are pivoting to artificial intelligence businesses in an effort to regain investor interest, but the strategy has largely failed to halt steep share-price declines. K Wave Media Ltd., a former Bitcoin accumulator that shifted to data center development, has fallen 71% since rebooting in May; Lixte Biotechnology Holdings Inc. dropped 33% since agreeing to merge with a battery firm in June; and AlphaTON Capital Corp., which held alternative cryptocurrencies, has declined 33% since rebranding as Alpha Compute Corp. in April. These firms are among at least a dozen DATs that have turned to AI-related ventures amid a crypto slump that has seen Bitcoin fall 49% from its October 2024 peak and US and Canadian DAT stocks post a median decline of 43% this year. Law firms that previously handled private placements for DATs report a complete halt in such deals since October, with companies now seeking opportunities in data centers, space exploration, and small nuclear reactors. While some Bitcoin miners like CoreWeave, Hut 8, Iren, and TeraWulf have seen better results retooling for AI, the broader pivot has not reversed the exodus from the crypto treasury model.
Financial stocks mixed as funds see largest four-week inflow since January 2022
Financial equity funds recorded their largest four-week inflow since January 2022, attracting $1.5 billion in the latest week and bringing cumulative inflows over the past four weeks to $8.8 billion, according to BofA Global Research citing EPFR data. The State Street Financial Select Sector SPDR ETF edged up 0.09% to $56.31, while the S&P 500 slipped 0.61% to 7,411.98 points. Among megacap gainers, Mitsubishi UFJ Financial rose 7.36% to $22.89 amid updates on Japan's $550 billion U.S. investment plan, and JPMorgan Chase added 3.55% to $353.21 after Deutsche Bank upgraded the stock to Buy. Crypto stocks surged, with Hut 8 jumping 20.27% to $109.99 after securing a second 15-year, $9.8 billion lease for 352 megawatts of IT capacity at its Beacon Point data center campus in Texas, and IREN gaining 10.26% to $37.07 after signing $2.8 billion in contracts and raising its 2026 annualized run-rate revenue target to over $4 billion. On the losing side, American Express fell 8.21% to $326.17 after second-quarter revenue missed estimates, MSCI dropped 12.39% to $550.79 on higher expense guidance, and HDFC Bank declined 11.94% to $23.23 following a profit miss.
Morgan Stanley initiates coverage on bitcoin miners pivoting to AI data centers
Morgan Stanley initiated coverage on bitcoin miners transitioning to AI infrastructure providers, arguing that companies with large, grid-connected power assets are well positioned to benefit from surging demand for AI data centers. The brokerage assigned Overweight ratings to Hut 8 Mining and Riot Platforms, while giving Applied Digital an Equal-weight rating. It named Hut 8 its top pick with a $263 price target, implying about 141% upside, citing its strong portfolio of power assets and high-quality AI infrastructure leases. Riot Platforms received a $36 price target, with Morgan Stanley highlighting its large pipeline of powered sites, including the Corsicana and Rockdale campuses, as attractive for AI data center leases. Applied Digital was given a $36.50 price target, with the firm noting that lower returns on invested capital relative to peers and financing risks temper upside potential despite a sizable contracted AI data center lease portfolio. Morgan Stanley estimates that U.S. data center developers could still face power shortages through 2028 even if all major bitcoin mining sites are repurposed for AI workloads.
APLD · Capital · Neutral Morgan Stanley initiated with Equal-weight, noting lower returns on invested capital and financing risks temper upside despite AI lease portfolio.
HUT · Capital · Positive Morgan Stanley initiated with Overweight, top pick with $263 target (141% upside), citing strong power assets and AI infrastructure leases.
RIOT · Capital · Positive Morgan Stanley initiated with Overweight, $36 target, highlighting large pipeline of powered sites attractive for AI data center leases.
Vita Coco and Domo rally while Mobileye falls in premarket trading
U.S. stock futures pointed lower on Thursday amid a deluge of earnings reports and rising oil prices. Vita Coco surged 8.8% after second-quarter net sales rose 28% to $216 million and adjusted EBITDA reached $67 million, well above estimates. Domo soared 21% on news that Progress Software will acquire substantially all of its assets for $400 million in cash. Mobileye fell 4.4% as founder and CEO Amnon Shashua announced plans to step down, overshadowing an earnings beat. Dow Inc. slipped 2.8% despite adjusted earnings per share of $1.44 topping forecasts, while Hut 8 gained 6.0% after Morgan Stanley initiated coverage with an Overweight rating and a $263 price target.
Needham lifts Hut 8 target to $145 after second Beacon Point AI lease
Hut 8 Corp. secured a second 352-megawatt AI data-center lease at its Beacon Point campus in Texas, doubling the undisclosed investment-grade tenant's capacity to 704 megawatts of critical IT load. Needham raised its price target to $145 from $128 and reiterated a Buy rating, citing among the strongest colocation economics signed in 2026. The 15-year triple-net lease carries a $9.8 billion base-term contract value, bringing the campus total to $19.6 billion, with expected average annual net operating income of approximately $1.31 billion once both phases stabilize. Hut 8's contracted AI portfolio now reaches 949 megawatts across Beacon Point and the River Bend campus in Louisiana, with combined base-term contract value of $26.6 billion. Needham also raised its 2028 revenue estimate to $1.70 billion and adjusted EBITDA estimate to $1.32 billion, while noting risks including construction delays and weaker bitcoin prices.
Bessent says Clarity Act at '1-yard line', crypto stocks surge
Treasury Secretary Scott Bessent said the Clarity Act is at the '1-yard line', urging Congress to pass the landmark bill before recess, which sent bitcoin and other cryptocurrencies higher on Tuesday. Bitcoin rose 2.08% to $66,559, Ethereum added 1.00% to $1,922, and Dogecoin gained 1.62% to $0.073. Crypto stocks surged, with Cipher Digital up 18.01% to $24.24, Coinbase Global up 11.70% to $179.20, Riot Platforms up 8.64% to $21.62, Robinhood Markets up 8.58% to $107.80, MARA Holdings up 8.10% to $12.62, Circle Internet Group up 7.90% to $70.62, Hut 8 up 7.81% to $108.81, CleanSpark up 7.66% to $15.53, Bullish up 6.83% to $24.24, Figure Technology Solutions up 6.31% to $32.34, Bakkt up 5.22% to $8.26, IREN up 4.71% to $42.10, Gemini Space Station up 4.33% to $4.70, and Strategy up 3.67% to $101.41.
CleanSpark Soars on Multi-Billion AI Leasing Deals
CleanSpark shares surged 10.67 percent to $14.42 on Monday, driven by a wave of multi-billion-dollar AI infrastructure leasing deals across the sector. Peer Hut 8 Corp. secured a new $9.8-billion, 15-year lease with an existing high-investment-grade company, bringing its total lease to 704 megawatts from the second phase of its Beacon Point data center in Texas. IREN Ltd. signed $2.8 billion in new AI cloud deals, lifting its annualized run-rate revenue to $4 billion with a customer base that includes Microsoft, NVIDIA, and Perplexity. CleanSpark itself last week entered a 20-year infrastructure lease with an unnamed high-investment-grade tenant for an initial $6.6 billion in contract revenue, with options that could raise total leasing revenues to $11.6 billion. Institutional conviction also strengthened, as 37 hedge funds held positions in CleanSpark in the first quarter, up from 32, with combined holdings jumping 62 percent to $263.7 million.
CLSK · Demand · Positive CleanSpark entered a 20-year AI infrastructure lease with a high-investment-grade tenant for up to $11.6 billion in contract revenue.
HUT · Demand · Positive Hut 8 secured a $9.8 billion, 15-year AI lease with an existing high-investment-grade company, expanding its data center capacity.
IREN · Demand · Positive IREN signed $2.8 billion in new AI cloud deals, lifting annualized run-rate revenue to $4 billion with customers including Microsoft and NVIDIA.
Mara Holdings Stock Surges Over 9% as Crypto Miners Rally on AI Data Center Deals
Mara Holdings shares jumped more than 9% on Monday, lifted by a broader rally among cryptocurrency miners that are pivoting into AI data center operations. The surge was fueled by two multi-billion-dollar deals announced by peers Iren and Hut 8. Iren signed multi-year contracts with top AI developers and raised its annual AI cloud run rate revenue guidance from $3.7 billion to over $4 billion. Hut 8 secured a second lease at its Beacon Point data center complex in Texas, a 15-year contract worth $9.8 billion. Although Mara Holdings was not directly involved in either deal, investors bid up the stock on optimism that its similar pivot into AI data centers could drive significant growth.
Artificial Intelligence › AI Data Center & Build-out ▲Demand
Artificial Intelligence › AI Compute Cloud & Neoclouds ▲Demand
HUT · Demand · Positive Hut 8 secured a $9.8 billion 15-year lease at its Beacon Point data center complex, directly benefiting from AI data center demand.
IREN · Demand · Positive Iren signed multi-year contracts with top AI developers and raised AI cloud run rate revenue guidance to over $4 billion.
M44.XETRA · · Positive Stock surged on optimism from peers' AI data center deals, but no direct involvement or specific catalyst.
AMD, SpaceX, Domino's, Alibaba lead premarket movers
Several stocks made notable premarket moves on Monday. SpaceX shares rose more than 1% after rescheduling its Starship rocket launch for Thursday, following an aborted attempt last week. Alibaba's U.S.-listed shares gained over 3% after previewing its new Qwen3.8 Max AI model, which the company claims is second only to Anthropic's Fable 5. Domino's Pizza climbed more than 7.5% despite an earnings miss, as revenue slightly beat expectations and the CEO cited meaningful order count growth in delivery and take-out. Hut 8 Corp surged 12% after signing a 15-year, $9.8 billion lease fully commercializing its 1 gigawatt Beacon Point data center in Texas. Semiconductor stocks rebounded broadly, with the iShares Semiconductor ETF up over 2% after a 10% drop last week; Advanced Micro Devices rose 3.5%, Micron Technology gained over 4%, and Marvell Technology and Intel each added 2.5%. Yeti Holdings and Urban Outfitters both advanced more than 4.5% after Goldman Sachs upgraded them to buy, citing confidence in Urban Outfitters' execution and Yeti's growth opportunities.
Financial stocks end week higher as tech selloff continues
Financial stocks ended the week higher even as Wall Street's major averages declined amid a technology-led selloff. The State Street Financial Select Sector SPDR ETF rose 0.99% to $56.26, with the S&P 500 Financials sector extending its rally to six consecutive sessions in extreme overbought territory. Among megacap gainers, Mastercard advanced 3.20% to $543.60 and Visa added 2.75% to $358.56 after Visa introduced a new enterprise platform for stablecoin capabilities. Bank of America gained 2.68% to $61.27 following better-than-expected second-quarter earnings, while Citigroup fell 8.12% to $129.36 despite topping estimates after comments on additional investments and severance expenses. PayPal surged 22.11% to $56.56 on reports of a $53 billion joint takeover bid from Stripe and Advent International, and Travelers Companies rose 8.87% to $368.98 after its second-quarter earnings blew past consensus. Crypto-related stocks were largely lower, with IREN down 18.28%, Robinhood Markets off 10.73%, and Hut 8 declining 10.54%, while Virtu Financial retreated 15.33% after announcing preliminary results and seeking $400 million in additional term loans. Western Union gained 13.27% to $8.88 amid a surge in call options trading, and Columbia Financial added 10.21% as regional banks rallied on prospects of a lending rebound.
Benchmark nearly doubles Hut 8 price target to $165 on A.I. pivot success
Wall Street brokerage Benchmark has nearly doubled its price target on Hut 8 Corp. to $165 from $85, citing the company's successful pivot to artificial intelligence data centres. The new target is 67% above the current share price of $99.17. Analyst Mark Palmer reiterated a buy rating, noting the market has not fully reflected Hut 8's rapid expansion and that a buying opportunity has emerged after a nearly 30% decline over six weeks. Hut 8 has signed two 15-year lease agreements covering 597 megawatts of power capacity at its Louisiana and Texas campuses, representing $16.8 billion in contracted lease value that could rise to $42.8 billion if renewal options are exercised. The company's development pipeline totals more than nine gigawatts of power across projects under development.
Riot Platforms favored over Hut 8 as both pivot from Bitcoin mining to AI data centers
Riot Platforms is the better stock pick for 2026 over Hut 8, according to a Motley Fool analysis, as both companies transition from Bitcoin mining to AI and high-performance computing data centers. Riot trades at a forward P/E of 20.9x and a price-to-sales ratio of 11.7x, compared to Hut 8's 84.8x and 36.7x, respectively, and holds over $900 million in Bitcoin versus Hut 8's roughly $675 million. Hut 8 reported fiscal 2025 revenue of nearly $235.1 million, up 45%, but swung to a net loss of approximately $226.1 million, while Riot posted revenue of nearly $647.4 million, up nearly 72%, with a net loss of roughly $663.2 million. Both companies' losses were largely driven by mark-to-market declines in Bitcoin holdings, and each faces risks from power grid constraints and execution challenges in their AI pivots. Riot's cheaper valuation and larger Bitcoin reserves make it the preferred choice, though analysts' long-term revenue projections remain highly speculative.
HUT · Capital · Negative Hut 8 is deemed the worse pick due to higher valuation multiples and a net loss swing, making it less attractive to investors.
RIOT · Capital · Positive Riot is favored over Hut 8 due to cheaper valuation and larger Bitcoin reserves, according to the analysis.
Mastercard and Visa surge while crypto stocks tumble in week's financials wrap
Mastercard and Visa led financial sector gainers this week, rising 10.32% and 9.56% respectively, buoyed by the announcement of the Open USD stablecoin venture. Robinhood Markets jumped 20.61% on news that Trump Accounts will launch next week without a platform rollover option, with BNY as financial agent and Robinhood as brokerage and initial trustee. S&P Global added 17.70% after announcing index reconstitutions. On the losing side, Goldman Sachs fell 4.14%, Citigroup dropped 3.46%, and Morgan Stanley declined 3.22% after Oppenheimer downgraded the banks, citing a shift toward expansionary spending. Crypto stocks were hit hard, with TeraWulf down 18.73%, IREN off 18.68%, and Hut 8 losing 17.45%, as Bitcoin fell below $60,000 amid record outflows from U.S. spot Bitcoin ETFs.
American Bitcoin Conducts 1-for-15 Reverse Stock Split to Avoid Nasdaq Delisting
American Bitcoin has executed a 1-for-15 reverse stock split to lift its share price above the Nasdaq's $1 minimum requirement and avoid delisting. The split, effective July 2, will reduce the company's total share count from 1.09 billion to approximately 73 million, with shares expected to begin trading on a split-adjusted basis at $8.40 when U.S. markets reopen on July 6. The move comes after the stock fell 91% since going public last year, trading at $0.56 per share, and as Bitcoin's price declined from an all-time high of $126,000 last October to $58,000 in June. American Bitcoin, co-founded by Eric Trump and majority-owned by Canada's Hut 8, went public through a SPAC merger last September and operates large-scale mining operations while accumulating Bitcoin on its balance sheet.
Hut 8 Shifts From Bitcoin Mining to Data Center Business, Analyst Sees 4% Upside
Hut 8 has strategically shifted its focus from bitcoin mining toward high-performance computing and AI infrastructure. Rosenblatt Securities analyst Chris Brendler maintained a Buy rating on the stock with a $124 price target, implying about 4% upside from current levels. The company's subsidiary Beacon Point DC recently raised $4.25 billion through a private debt offering carrying a 6.129% interest rate and maturing in 2042. Hut 8 operates across four segments—Digital Infrastructure, Power, Compute, and Others—and aims to build its energy and technology infrastructure business for the long term.
Hut 8 agrees to pay $2.35 million to settle class action lawsuit
Hut 8 has agreed to pay $2.35 million to settle a proposed securities class action lawsuit brought by investors who alleged the company misled the market about problems related to its 2023 merger with U.S. Bitcoin Corp. The settlement carries no admission of liability and represents roughly 19.6% of the plaintiff's estimated maximum recoverable damages. It still requires preliminary and final approval from United States District Judge Victor Marrero. The lawsuit claimed Hut 8 glossed over energy and internet troubles at the King Mountain joint venture and painted an inaccurate picture of USBTC's finances, though a judge dismissed most of the case including fraud claims in September 2025. Shares of Hut 8 initially fell about 7% in pre-market trading on June 22 but recovered to trade 2.36% higher intraday near $123.
HUT · Regulation · Negative Hut 8 agreed to pay $2.35 million to settle a securities class action lawsuit alleging misleading statements about its merger.
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