Hut 8 doubles equity program to $1B as it pivots from Bitcoin mining to AI megaprojects

Hut 8, a Bitcoin miner and data center operator, has doubled the size of its at-the-market equity program, giving itself the option to raise as much as $1 billion in fresh capital.

The new funding authorization, revealed in a filing with the U.S. Securities and Exchange Commission on Friday, replaces the $500 million program Hut 8 launched late last year. That earlier program had already brought in nearly $300 million before the company pulled the plug.

AI megaproject in Louisiana

Last week, Hut 8 broke ground on what could become one of the most ambitious AI data center projects in the country: a $2.5 billion campus in West Feliciana Parish, Louisiana.

Set across 611 acres near Entergy’s River Bend substation, the project will eventually feature two 450,000-square-foot buildings packed with computing hardware. The first is expected to be ready by the end of 2025, with the second following within two years.

Officials say thousands of construction jobs will be created in the short term, with dozens of high-skilled, long-term roles once the facility is operational.

A pivot beyond the mining grind

Bitcoin miners have been squeezed by rising network difficulty, volatile BTC prices, and tighter energy markets. Margins are thinner, competition is tougher, and relying solely on mining has become a risky strategy.

Hut 8 has responded with a pivot. The company recently went through a corporate rebranding and branded itself as a “power-first, platform-driven business,” a signal that it wants to be seen as more than just a bitcoin miner. Alongside mining, it has been investing heavily in hosting operations, high-density compute, and GPU-as-a-service offerings. In practice, that means Hut 8 is straddling two fast-moving markets: crypto and AI.

The $1 billion ATM facility gives the company flexibility to scale on both fronts. It’s a financial cushion that could help fund new ASIC deployments while also financing massive data center projects like Louisiana.

What’s at stake for Hut 8?

For Hut 8, this is about more than hedging against Bitcoin’s cycles. It’s a long-term bet that AI demand will remain sky-high, and that enterprises will continue paying top dollar for reliable computing power at scale.

If Hut 8 delivers on schedule, the Louisiana campus could turn it into a major player in AI infrastructure, alongside its established Bitcoin mining business.

With a fresh $1 billion fundraising capacity and one of the largest AI-focused data center projects in the U.S. underway, Hut 8 is making its intentions clear: it wants to be a leader not only in Bitcoin mining but in the world of compute power as well.

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