Hut 8 Shares Jump Over 10% on $9.8B AI Data Center Deal, Capacity Doubles to 704 MW

According to Bitcoin Magazine, on Monday (July 21), Hut 8 signed a second 15-year lease worth $9.8 billion for its AI data center. The Toronto-based Bitcoin miner's shares rose over 10% on the news, peaking at $106 before closing around $101.

The deal expands Hut 8's Beacon Point campus in Texas to 704 megawatts of IT capacity, doubling the tenant's footprint. The contract has a base value of $19.6 billion over 15 years, with potential upside to $50.2 billion if renewal options are exercised. Hut 8 CEO Asher Genoot said the tenant's decision to double capacity represents "the strongest validation an asset can receive."