Hut 8 Corp. (NASDAQ: HUT) shares surged Wednesday after the bitcoin miner unveiled a multibillion-dollar AI data center agreement tied to its growing energy infrastructure business. Additionally, the company reported narrowing losses during the first quarter as investors pushed the stock to record highs.
The firm announced a 15-year lease agreement for the first phase of its Beacon Point campus in Nueces County, Texas. Hut 8 said a “high-investment-grade company” signed on as the tenant under a contract carrying a base value of USD$9.8 billion.
The agreement could eventually expand to USD$25.1 billion if renewal options are exercised. Furthermore, the tenant will receive 352 megawatts of IT capacity requiring about 500 megawatts of electrical infrastructure.
Hut 8 designed the Beacon Point campus to support up to 1,000 megawatts of utility capacity. The company expects the site to come online during the first quarter of 2027.
Chief executive Asher Genoot said the transaction commercialized the first building at the company’s newest gigawatt-scale campus. He also stated the agreement showed Hut 8 could repeatedly execute its AI-focused infrastructure strategy across additional projects.
Beacon Point marks Hut 8’s second AI data center campus after its River Bend site in Louisiana. Consequently, the company’s total contracted AI data center capacity now stands at 597 megawatts with aggregate base-term contract value reaching USD$16.8 billion.
Hut 8 also reported stronger quarterly financial results. The company posted a loss of 26 cents per share compared to USD$1.30 per share a year earlier. Analysts had expected a loss of 33 cents per share.
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Hut 8 held 16,331 bitcoin at end of March
Revenue climbed 225 per cent year-over-year to USD$71 million. However, that figure missed analyst expectations calling for roughly USD$79 million in revenue.
Compute revenue jumped 309 per cent to nearly USD$66 million. Additionally, Hut 8 credited AI cloud services, traditional cloud offerings and ASIC compute operations for the sharp increase.
Meanwhile, revenue from the company’s power and digital infrastructure divisions declined during the quarter.
Hut 8 reported holding 16,331 bitcoin at the end of March. Of that amount, 6,241 bitcoin remained in custody while 3,090 bitcoin backed miner purchases. In addition, another 7,000 bitcoin served as collateral.
The company ended the quarter with USD$1.3 billion in combined cash and bitcoin holdings. Hut 8 attributed USD$795.6 million of that liquidity to the parent company, while subsidiary American Bitcoin accounted for USD$489 million.
Shares of Hut 8 soared roughly 35 per cent Wednesday morning following the announcement. The rally extended the stock’s year-to-date gain beyond 137 per cent.
Bitcoin prices strengthened alongside the broader sector rally. The cryptocurrency briefly approached USD$83,000 before easing back toward USD$81,600 later in the session. “The world’s largest cryptocurrency has trended higher this week as investors reacted to ongoing discussions surrounding U.S. cryptocurrency legislation and stablecoin policy.
The Clarity Act represents a proposed United States cryptocurrency market structure bill designed to establish clearer oversight rules for digital assets. The legislation would divide regulatory authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Additionally, supporters argue the framework could reduce uncertainty for crypto exchanges, stablecoin issuers and blockchain developers operating in the United States.
However, lawmakers continue debating stablecoin provisions tied to consumer protections and issuer rewards.
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