Home›Crypto›Market Structure›Hut 8 shares jump after signing $9.8 billion AI data c…

Hut 8 shares jump after signing $9.8 billion AI data center lease

The 15-year lease adds capacity at its Beacon Point campus in Texas, expanding IT power from 352 MW to 704 MW for the tenant.

Reported · Written up by our desk · Market Structure

Hut 8 shares rose Monday after the Toronto Stock Exchange- and Nasdaq-listed Bitcoin miner said it signed a second 15-year lease worth $9.8 billion for its AI data center. The stock peaked around $106 per share before dropping to about $101, and then closed up more than 10%.

The company said the Beacon Point campus in Texas will cover 352 megawatts of IT capacity, with the tenant’s capacity doubled to 704 MW. Hut 8 added the campus has a base-term contract value of $19.6 billion over 15 years, which could rise to as much as $50.2 billion if renewal options are exercised.

In remarks attributed to Hut 8 CEO Asher Genoot, the company framed the tenant’s decision to double its footprint as validation of its power-first approach. Bitcoin Magazine also noted Hut 8 previously signed a deal to contribute mining equipment for an American Bitcoin mining firm backed by Eric and Donald Trump, and that Hut 8 secured a Google-backed partnership with Anthropic and Fluidstack to build up to 2.3 gigawatts of AI data center capacity in the U.S.

Latest closeBitcoin $81,906.63 ▼1.4%|Nasdaq Comp. 27,193.34 ▼1.2%

More like this

Sources