Bitcoin mining company Hut 8 signed a lease agreement for the Beacon Point campus in Texas worth $9.8 billion. The company's shares jumped over 35%.

Source: Google Finance.

The lessee, whose identity remains undisclosed, will utilize Hut 8's facilities for training neural networks based on Nvidia architecture. If the partner exercises all available extension options, the total contract value could exceed $25 billion.

Hut 8 CEO Asher Genut stated that the company is transforming from a miner into an energy infrastructure platform, with access to electricity becoming a key competitive advantage in the tech industry.

In the first quarter of 2026, the company reported a net loss of $253 million, compared to $134 million the previous year. Revenue increased to $71 million, primarily driven by computing services. By the end of the quarter, Hut 8 held $1.3 billion in cash and Bitcoin.

Capacity Expansion

Another major player, Core Scientific, acquired competitor Polaris DS LLC from Oklahoma for $421 million. This deal will provide the buyer access to 440 MW of capacity.

The new resources will be directed towards developing artificial intelligence infrastructure. The Polaris site, spanning 40 acres, is located next to Core Scientific's existing data center in Muskogee.

The deal is expected to close in the third quarter of 2026, pending regulatory approval. Following the news, Core Scientific's shares (CORZ) rose by 11% to $24.63.

Source: Google Finance.

CEO Adam Sullivan noted that the acquisition will help scale operations to a gigawatt level. Core Scientific is also constructing a new facility in Muskogee with a capacity of 82.5 MW, aiming to increase the total campus capacity to 1 GW for AI leasing purposes.

American Bitcoin Results

Hut 8's affiliated company American Bitcoin (ABTC), co-founded by Eric Trump, released its financial report for the first quarter of 2026. The net loss was $81.8 million, compared to $59.5 million in the previous period.

Mining revenue fell to $62.1 million. The primary cause of the losses was a $117.2 million impairment of digital assets due to a 22% drop in Bitcoin prices. Operating expenses reached $150.7 million.

CEO Mike Ho described the loss as "paper losses"; he stated that excluding asset revaluation, the core business remains profitable. The company did not sell any coins during the quarter.

Key metrics include:

  • 817 BTC mined (a company record);
  • 803 BTC purchased for reserves;
  • Total asset volume increased to 7021 BTC;
  • Satoshi per share increased by 20%.

The cost of mining one Bitcoin decreased by 23% to $36,200. The company increased production while maintaining fixed costs and controlling electricity expenses. The mining gross margin remained above 50%.

ABTC shares reacted to the report with a 1.63% increase, reaching $1.25.

Source: Google Finance.

In May, American startup Panthalassa, which develops autonomous floating data centers powered by wave energy, raised $140 million at a valuation of around $1 billion.