Bitcoin mining stock surges on $9.8 billion AI deal

Hut 8 shares surged after the bitcoin miner signed a $9.8 billion lease that fully commercializes its Beacon Point data center campus in Nueces County, Texas. On July 20, the stock jumped as much as 14%, building on Hut 8’s move into AI infrastructure. The 15-year agreement covers phase two of the campus and is with the same investment-grade tenant that leased the first phase. Hut 8 will add 352 MW of AI computing capacity based on Nvidia’s data center design, bringing the tenant’s total contracted capacity to 704 MW. With the second lease, all 1-gigawatt power capacity is now under contract, lifting the campus base value to $19.6 billion, with potential growth to $50.2 billion if renewals are exercised. The rally lifted other compute-sector firms, with HUT trading at $101.07 at press time.