Hut 8 Corp. (HUT) shares surged approximately 200% in 2026, trading between $44 and $133 from yearly low to peak, as the company pivoted from Bitcoin mining toward artificial intelligence infrastructure. At the time of writing, Hut 8 stock trades near $108, up about 128% since the beginning of the year. The rally accelerated after Hut 8 signed a 15-year lease agreement worth $9.8 billion with an unnamed technology giant, adding 704 megawatts of capacity to its Beacon Point AI data center campus in Texas and generating an expected $653 million in annual revenue. CEO Asher Genoot stated the transition validates the strategic shift away from Bitcoin mining, noting the company had no revenue-generating AI agreements one year ago and now holds approximately $27 billion in contracted AI services backlog with annualized EBITDA at around $1.75 billion. Hut 8 spun off its Bitcoin mining operations into American Bitcoin Corp. (ABTC) in March 2025, retaining a majority stake, while ABTC shares have fallen more than 76% since the beginning of 2026.
Hut 8 Signs $9.8 Billion Lease and Reports $27 Billion AI Backlog
In an interview with CNBC, Hut 8 CEO Asher Genoot said the company's recent performance validates its strategic shift away from Bitcoin mining and toward artificial intelligence infrastructure. According to Genoot, the transition is creating significant value for shareholders.
The new 15-year lease agreement will add 704 megawatts of capacity to Beacon Point, Hut 8's AI data center campus in Texas. The contract is expected to generate approximately $653 million in annual revenue. Genoot noted that just one year ago, Hut 8 had no revenue-generating AI agreements.
The company's total contracted AI services backlog has reached approximately $27 billion, while annualized EBITDA stands at around $1.75 billion.
Hut 8 Spun Off Bitcoin Mining to American Bitcoin Corp. in March 2025
Hut 8 was originally a Bitcoin mining company, but it no longer operates the mining business directly. In March 2025, the company spun off its Bitcoin mining operations into American Bitcoin Corp. (ABTC), whose shares now trade separately. Hut 8 retained a majority stake in the new company.
Eric Trump and Donald Trump Jr. are among American Bitcoin's shareholders. While Hut 8 shifted its focus toward AI infrastructure, ABTC doubled down on Bitcoin mining, continuing to expand its mining fleet and increase its Bitcoin holdings.
The collapse in ABTC's stock price reportedly erased more than $600 million from the value of Eric Trump's holdings.
Hut 8 Stocks Gain 128% While American Bitcoin Stocks Fall 76% in 2026
The stock charts of Hut 8 and American Bitcoin show sharply different trends. Hut 8 shares have rallied as investors price in the potential value of its AI data center contracts. American Bitcoin shares have fallen by more than 76% since the beginning of 2026, struggling amid weakness in the mining sector and concerns about the profitability of its expansion strategy.
The divergence highlights how differently markets are valuing AI infrastructure and traditional cryptocurrency mining businesses. Hut 8 has significantly outperformed since embracing its AI-focused strategy.
CEO Genoot Defends Hut 8 Against Electricity Cost Criticism
Despite the apparent success of its strategic pivot, Hut 8 has faced criticism over the effect that large data centers may have on electricity prices. Genoot criticized a New York Times report that attributed $6.3 billion in higher electricity bills within the PJM Interconnection region to growing demand from data centers. PJM operates the power grid across 13 US states and Washington, D.C. The report linked the increase to a capacity auction held by PJM on June 30.
"That is not true," Genoot said during a live interview. He argued that most data center operators, including Hut 8, cover the cost of grid upgrades and energy infrastructure themselves rather than passing those expenses on to consumers.
Analysts Project Hut 8 Profits Not Until Q2 2027
Not all analysts share Hut 8 management's optimism. According to a Seeking Alpha review of the company's first-quarter 2026 results, Hut 8 reported a net loss of $253 million and a negative margin in its digital infrastructure segment. The analysis suggested that the company may not generate meaningful profits from its AI operations until the second quarter of 2027.
This creates a timing risk for investors. Hut 8 has signed billions of dollars in contracts, but it must still build the infrastructure and convert those agreements into recurring revenue.
Hut 8 and American Bitcoin now represent two very different bets. Hut 8 is positioning itself as an AI infrastructure company backed by long-term data center contracts. American Bitcoin remains focused on mining capacity and accumulating BTC.
FAQ
What did Hut 8 do to cause its stock to surge in 2026?
Hut 8 signed a 15-year lease agreement worth $9.8 billion with an unnamed technology giant, adding 704 megawatts of capacity to its Beacon Point AI data center campus in Texas. The contract is expected to generate approximately $653 million in annual revenue. The company pivoted from Bitcoin mining to AI infrastructure, accumulating a $27 billion contracted AI services backlog and $1.75 billion in annualized EBITDA.
Why did American Bitcoin stocks fall while Hut 8 stocks rose?
Hut 8 spun off its Bitcoin mining operations into American Bitcoin Corp. (ABTC) in March 2025 and shifted focus to AI infrastructure. ABTC shares have fallen more than 76% since the beginning of 2026 amid weakness in the mining sector and concerns about profitability. Hut 8 shares gained approximately 128% year-to-date as investors priced in the value of its AI data center contracts.
When do analysts expect Hut 8 to become profitable from AI operations?
According to a Seeking Alpha review of Hut 8's first-quarter 2026 results, the company reported a net loss of $253 million and a negative margin in its digital infrastructure segment. The analysis suggested that Hut 8 may not generate meaningful profits from its AI operations until the second quarter of 2027.
