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Business Description
Hut 8 Corp. (NASDAQ: HUT) was formed through the November 2023 all-stock merger of Hut 8 Mining (a Canadian Bitcoin miner incorporated in 2017 and named after Alan Turing's Bletchley Park codebreaking unit) and U.S. Bitcoin Corp (USBTC), creating a U.S.-domiciled digital infrastructure platform with operations spanning Bitcoin mining, AI data centers, power generation, and managed compute across the United States and Canada.
The company structures its business across three segments: power, digital infrastructure, and compute. In the power segment, Hut 8 holds a joint venture with Macquarie owning four natural gas power plants in Ontario, Canada. The digital infrastructure segment develops and leases hyperscale AI campuses to third parties. The compute segment encompasses self-mining under majority-owned American Bitcoin Corp., hosted ASIC colocation, CPU colocation, cloud-managed services including business continuity and disaster recovery, and GPU-as-a-Service through Highrise AI.
Hut 8's largest near-term catalyst is Beacon Point AI Data Center Campus in Nueces County, Texas, where a 15-year, triple-net, take-or-pay lease for 352 MW of IT capacity (requiring approximately 500 MW of utility capacity) was signed May 6, 2026 with an undisclosed, investment-grade tenant, carrying a base-term contract value of $9.8 billion. Initial energization is targeted for Q1 2027, with first data hall delivery in Q3 2027; the campus is built to NVIDIA's DSX reference architecture and is designed to scale to 1,000 MW. Combined with the previously announced 15-year, 245 MW lease at River Bend Campus in West Feliciana Parish, Louisiana (a $7.0 billion contract with Fluidstack backed by Google counterparty financial support), Hut 8 reports 597 MW of contracted AI data center capacity, an aggregate base-term contract value of approximately $16.8 billion, and a total development pipeline of 8,375 MW.
American Bitcoin Corp. was launched on March 31, 2025 as a majority-owned (80%) subsidiary, with Eric Trump serving as Chief Strategy Officer. The entity listed on Nasdaq as ABTC in September 2025 via merger with Gryphon Digital Mining and held more than 6,000 BTC in treasury by early 2026.
Bitcoin mining operations ran at 1.80 EH/s installed and operating hashrate as of September 30, 2025, according to BitcoinMiningStock.io data, while the consolidated BTC treasury stood at 10,278.00 BTC as of December 31, 2025. For Q1 2026, Hut 8 reported total revenue of $71.0 million, up 226% from $21.8 million in Q1 2025, led by $66.0 million in compute revenue, with gross margins expanding to approximately 64% from 14% year-over-year. The enterprise value reached $10.67 billion as of May 8, 2026, according to BitcoinMiningStock.io data, reflecting the company's transition from a pure-play Bitcoin mining operation into a multi-segment energy and digital infrastructure platform anchored by $16.8 billion in contracted hyperscale AI lease revenue.
