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Shares of Hut 8 Corp. (HUT) traded between approximately $44 and $133 in 2026, representing a gain of roughly 200% from the yearly low to the peak.
At the time of writing, Hut 8 stock is trading near $108, up about 128% since the beginning of the year. The rally accelerated after the company signed a 15-year lease agreement worth $9.8 billion with an unnamed technology giant.
Hut 8’s Shift From Bitcoin Mining to AI
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 already creating significant value for shareholders.
The new 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 now reached approximately $27 billion, while annualized EBITDA stands at around $1.75 billion.
What Happened to Hut 8’s Bitcoin Mining Business?
Hut 8 was originally best known as 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 also among American Bitcoin’s shareholders.
While Hut 8 shifted its focus toward AI infrastructure, ABTC doubled down on Bitcoin mining. The company has continued expanding its mining fleet and increasing its Bitcoin holdings.
However, the strategy has so far failed to deliver returns for outside shareholders. American Bitcoin shares have fallen by more than 76% since the beginning of 2026.
The collapse in ABTC’s stock price reportedly erased more than $600 million from the value of Eric Trump’s holdings.
Hut 8, by contrast, has significantly outperformed since embracing its AI-focused strategy.
Hut 8 and American Bitcoin Stocks Move in Opposite Directions
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, meanwhile, has struggled 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 Faces Criticism Over Electricity Costs
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 the 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 Remain Skeptical of Hut 8’s AI Strategy
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.
Can Hut 8 Turn Its $27 Billion AI Backlog Into 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.
The central question for investors is whether Hut 8 can convert its $27 billion contracted backlog into meaningful AI revenue before American Bitcoin manages to restore profitability and investor confidence in its mining business.
