Hut 8 Stock Jumps 10% on $2.4B US Projects

Hut 8 (HUT), a bitcoin mining and digital infrastructure company, surged Tuesday after unveiling plans to double its power capacity with four new US sites. The projects, supported by a $2.4 billion liquidity framework, will strengthen the company’s role in bitcoin mining and digital infrastructure.

Shares rose 10.49% to close at $25.91, the highest level in seven months, even as bitcoin traded below $110,000.

Four New Projects Across the US Add 1.5 GW

Hut 8 (HUT) confirmed it will build four new facilities totaling 1,530 megawatts (MW) of power capacity across Louisiana, Texas, and Illinois. The projects range in scale from 50 MW to a massive 1,000 MW and are tied into regional power networks for faster deployment.

Two sites in Texas under the ERCOT grid will contribute 1,180 MW. Louisiana’s site, connected to MISO, will add 300 MW, while Illinois will see a 50 MW project linked to PJM. The company reclassified these assets from “exclusivity” to “development,” meaning land and power agreements have been secured, and active design work is underway.

Once commercialized, Hut 8 expects to manage over 2.5 gigawatts across 19 locations. This marks the first stage of a multi-gigawatt North American growth strategy. As of August 25, 2025, the firm reported a broader development pipeline of 10,620 MW. The pipeline spans multiple stages, with more than 14% already in active development.

Executives said this structured approach helps move projects systematically through design, buildout, and commercialization while retaining financial discipline. In a press release, Asher Genoot, Hut 8’s chief executive officer, emphasized the strategic importance of the projects. “Hut 8 is moving with purpose to secure prime sites that will anchor our next decade of growth,” he said.

The shares rose 10.49% to close at $25.91 on the news, but the stock remains well below its all‑time closing high of $79.40 on November 8, 2021. That peak coincided with Bitcoin’s surge above $64,800 during the third halving cycle.

$2.4 Billion Liquidity Backed by Coinbase

To fund the expansion, Hut 8 has assembled up to $2.4 billion in liquidity through a mix of bitcoin holdings, credit facilities, and equity programs. The company currently holds 10,278 bitcoins, valued at about $1.2 billion.

Additional financing includes a $200 million revolving credit line with Two Prime and a $130 million expanded loan from Coinbase, providing $330 million in liquidity at a blended interest rate of 8.4%. Hut 8 also launched a $1 billion at-the-market (ATM) equity program to enhance optionality, following the retirement of a previous ATM program that was only partially used.

Rising Demand and Peer Rally with TeraWulf

The announcement comes as demand for data centers and computing power grows rapidly, driven by artificial intelligence innovation. Tech firms are increasingly turning to bitcoin miners for infrastructure partnerships. Earlier this year, Google took a minority stake in TeraWulf as part of a $3.2 billion AI infrastructure deal.

“This expansion marks a defining step in Hut 8’s evolution into one of the largest energy and digital infrastructure platforms in the world,” CEO Asher Genoot said in a statement.

Investment bank Roth Capital called the expansion a “notable step-up,” suggesting the projects could materially re-rate Hut 8’s stock once the new sites come online and begin contracting for AI and high-performance computing workloads.