Hut 8’s transformation from crypto miner to AI infrastructure heavyweight has reached a new gear. The company closed a blockbuster $4.25 billion bond offering on June 9 that was four times oversubscribed, drawing roughly $17 billion in investor demand. The proceeds will bankroll the construction of a massive data-center campus in Nueces County, Texas, where Nvidia has already committed to a 15-year lease worth $9.8 billion.
The Beacon Point DC facility, managed by Hut 8’s subsidiary, will boast 352 megawatts of IT capacity spread across six halls with its own substation. The bond, carrying a 6.129% coupon and maturing in 2042, gives the project a clear funding path. Long-term leases with hyperscalers like Nvidia provide the revenue visibility that investors crave, and this deal is the strongest signal yet of Hut 8’s strategic pivot.
Markets initially rewarded the news. On Monday, shares closed at €105.40, up 1.19% on the day, extending a 30-day gain of 21.48%. Year-to-date, the stock has surged 140.91%. But the rally hit a speed bump Tuesday, when Hut 8 dropped 7.07% to €96.80. The decline came amid broader tech volatility, with no company-specific catalyst cited. Still, the longer-term picture is striking: the stock has climbed 495% over the past 12 months, and the 200-day moving average sits at €49.00. The 52-week high of €120.70 is now just 12.68% above Tuesday’s close.
Should investors sell immediately? Or is it worth buying Hut 8?
From a trough of €13.74 in June 2025, the share price has more than septupled, and the market-cap has swelled to around $13.5 billion. Analysts from Jefferies and B. Riley remain upbeat, pointing to a business model that has moved decisively away from Bitcoin mining. Consensus estimates see revenue hitting $1.6 billion by 2029, with net income of roughly $366 million.
Beyond Texas, Hut 8 is pressing ahead with other infrastructure builds. It has tapped engineering firm Jacobs for the planning of a second AI data center in Texas under an undisclosed EPCM contract, and allocated $16 million for water infrastructure in Louisiana. The company also announced a leadership shuffle: Mark Eidelman takes over as head of investor relations and senior vice president of strategic finance.
The bond’s huge oversubscription suggests institutional confidence in Hut 8’s new direction, even as short-term stock swings remind investors that the AI infrastructure race remains a high-stakes bet. With a near-$10 billion lease locked in, the miner-cum-infrastructure player has laid a solid foundation. The question now is whether that single mega-deal will be enough to sustain the momentum — or whether more capital will be needed to power the next wave of expansion.
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