Hut 8 Mining's shares skyrocketed 35% after a $9.8 billion lease agreement for its Texas campus, emphasizing a shift to energy infrastructure.
Hut 8 Mining's stock surged by over 35% after the company secured a $9.8 billion lease for its Beacon Point campus in Texas. The deal involves an undisclosed lessee, who will utilize Hut 8’s facilities for neural network training using Nvidia technology. If all extension options are utilized, the total value of the contract could exceed $25 billion.
Hut 8's CEO, Asher Genut, emphasized the company's strategic shift towards becoming an energy infrastructure platform, highlighting the growing importance of electricity access as a competitive edge in the tech sector.
In its first quarter of 2026, Hut 8 reported a substantial net loss of $253 million, an increase from the previous year's loss of $134 million. However, the company's revenue rose to $71 million, largely due to its computing services segment. At the end of the quarter, Hut 8's cash and Bitcoin holdings totaled $1.3 billion.
Core Scientific Expansion
In related developments, Core Scientific announced it is purchasing Polaris DS LLC for $421 million, gaining access to 440 MW of capacity for AI infrastructure development. This site, located next to Core Scientific’s current data center in Muskogee, is expected to enhance operational capacity significantly as they aim to scale to a gigawatt level.
Core's shares climbed 11% following the announcement, with an expected deal closure in the third quarter of 2026 pending regulatory approval. CEO Adam Sullivan reiterated that the acquisition aligns with their goal of expanding capabilities for AI leasing.
American Bitcoin's Financial Update
Hut 8's affiliate, American Bitcoin, co-founded by Eric Trump, released a financial report showing a net loss of $81.8 million for the first quarter of 2026, compared to $59.5 million in the previous year. The decline in mining revenue to $62.1 million was attributed to a significant impairment of digital assets amid a 22% drop in Bitcoin prices, with operating costs reaching $150.7 million.
Despite the losses, CEO Mike Ho referred to them as "paper losses," indicating that the core operations remained profitable, as the company refrained from selling any Bitcoin during the quarter. American Bitcoin achieved a record of 817 BTC mined and increased its total reserves to 7021 BTC, while the cost of mining one Bitcoin fell to $36,200, maintaining a gross margin above 50%.
Following the financial report, American Bitcoin's stock rose by 1.63%, reaching $1.25.
