Hut 8 Secures $19.6 Billion in Leases as Anthropic Expands AI Compute

Hut 8 is recasting itself from a bitcoin miner into an energy and digital infrastructure platform, using power-rich sites to serve AI and high-performance computing customers. Chief Executive Asher Genoot said future bitcoin operations will be conducted primarily through majority-owned American Bitcoin, separating the capital-intensive mining strategy from Hut 8’s broader infrastructure ambitions. The shift matters because long-term data center leases could give the company steadier, more visible cash flow than the volatile economics of bitcoin production.

Hut 8 said on Aug. 4, 2026 that second-quarter revenue rose to $74.9 million from $41.3 million a year earlier, but fell short of roughly $80 million expected by analysts; the shares closed 4.9% lower. The company posted a $177.1 million net loss, including $138.6 million of mainly unrealized digital-asset losses. Its AI development pipeline reached about 8,660 MW, while 949 MW of IT capacity was under contract, representing about $26.6 billion in expected base-term value and more than $1.75 billion in expected average annual net operating income.

Hut 8 built its core business around Bitcoin mining, leaving its operations and asset values highly exposed to swings in the cryptocurrency’s price. With mining profitability under pressure, the company is redirecting its existing power and data center resources toward high-performance computing and AI infrastructure. The shift will be critical to whether future revenue can break free from cryptocurrency cycles.

Hut 8 reported a net loss of more than $250 million for the first quarter ended March 31, 2026, primarily because the value of its Bitcoin holdings declined. The company also announced AI energy lease agreements worth a combined $9.8 billion. Investors bet the new business would generate long-term cash flow, sending the shares soaring 33% in a single day.

Hut 8, originally focused on Bitcoin mining, has shifted in recent years toward power, digital infrastructure and high-performance computing. AI models are driving up data center electricity demand, making the company’s existing energy and facility assets central to its transformation. Long-term leases can also help reduce the impact of crypto-asset price volatility on operations.

Hut 8 reported on February 25, 2026, a fourth-quarter 2025 net loss attributable to the company of $279.7 million, mainly due to $401.9 million in digital-asset losses. Quarterly revenue rose to $88.5 million, including $81.9 million in compute revenue. The company also signed a 15-year, $7 billion lease with Fluidstack on December 17, 2025, covering 245 MW of AI computing capacity at its River Bend campus in Louisiana.