Hut 8 Stock Jumps 200% on AI Pivot While Bitcoin Unit Struggles

Hut 8 Corp. shares have seen massive gains in 2026, swinging between $44 and $133 for a peak to trough gain of about 200 percent. The stock now trades near $108, which puts it up roughly 128 percent for the year. This strong market performance follows a massive $9.8 billion, 15 year lease signed with a technology hyperscaler.

Chief Executive Officer Asher Genoot explained that the impressive numbers prove the company shift from Bitcoin mining to artificial intelligence infrastructure is paying off. The new deal adds 704 megawatts of capacity to the Beacon Point data center campus in Texas. Hut 8 now boasts roughly $27 billion in contracted AI revenue, a massive jump from zero contracted AI revenue just one year ago.

While the main company thrives on artificial intelligence, its former Bitcoin mining operations tell a different story. Hut 8 moved its mining business into American Bitcoin Corp. in March 2025, a separate subsidiary backed by Eric Trump and Donald Trump Jr. That mining subsidiary has struggled significantly, with shares falling more than 76 percent in 2026.

Traders and investors should watch how Hut 8 handles its grid responsibilities and whether its massive contracted revenue turns into actual cash before 2027. Analysts remain cautious after spotting a net loss in recent financial results, meaning the company still has to prove its huge AI bets will deliver consistent profits.