Shares of Hut 8 Corp. (HUT) traded in a wide range in 2026, moving from roughly $44 to about $133. The rise from the year's low to the peak amounted to an increase of approximately 200%.

At the time of writing, Hut 8 stock was trading near $108, representing a gain of about 128% since the start of the year. The advance accelerated after the company signed a 15-year lease agreement valued at $9.8 billion with an unnamed technology giant.

Hut 8 Shifts From Bitcoin Mining Toward AI

Hut 8 CEO Asher Genoot told CNBC that the company's recent market performance supports its strategic move away from Bitcoin mining and toward artificial intelligence infrastructure.

Genoot said the transition is already creating meaningful value for shareholders. The company's latest agreement is set to add 704 megawatts of capacity to Beacon Point, Hut 8's AI data center campus in Texas. The contract is expected to produce approximately $653 million in annual revenue.

Genoot also noted that one year earlier, Hut 8 did not have any revenue-generating AI agreements. The company's contracted AI services backlog has since grown to approximately $27 billion, while annualized EBITDA is now around $1.75 billion.

The pivot places Hut 8 among a growing group of former cryptocurrency miners leveraging existing power infrastructure and grid connections for AI and high-performance computing. Companies such as Core Scientific and Iris Energy have pursued similar strategies, drawn by the substantially higher revenue per megawatt that AI hosting commands compared to Bitcoin mining.

Hut 8's Bitcoin Mining Business Was Spun Off

Hut 8 was once best known primarily as a Bitcoin mining company, but it no longer operates that business directly.

In March 2025, Hut 8 spun off its Bitcoin mining operations into American Bitcoin Corp. (ABTC), whose shares now trade separately. Hut 8 kept a majority stake in the new company.

Eric Trump and Donald Trump Jr. are also among the shareholders of American Bitcoin.

While Hut 8 redirected its business toward AI infrastructure, ABTC continued to concentrate on Bitcoin mining. The company has kept expanding its mining fleet and increasing its Bitcoin holdings.

That strategy has not yet produced gains for outside shareholders. American Bitcoin shares have declined by more than 76% since the beginning of 2026.

The drop in ABTC's share price reportedly wiped more than $600 million from the value of Eric Trump's holdings. Hut 8, by comparison, has sharply outperformed since adopting its AI-focused strategy.

ABTC's challenges come amid broader pressure on the Bitcoin mining sector. The April 2024 halving cut block rewards from 6.25 BTC to 3.125 BTC, compressing margins across the industry and intensifying financial strain on miners that have not diversified their revenue sources.

Hut 8 and American Bitcoin Shares Diverge

The stock performance of Hut 8 and American Bitcoin has moved in sharply different directions.

Hut 8 shares have risen as investors assess the potential value of its AI data center contracts. American Bitcoin, meanwhile, has struggled against a weaker backdrop for the mining sector and concerns about whether its expansion strategy can become profitable.

The split illustrates the different valuations markets are assigning to AI infrastructure businesses and traditional cryptocurrency mining companies.

Hut 8 Faces Scrutiny Over Electricity Costs

Despite the apparent success of its strategic pivot, Hut 8 has faced criticism over the potential effect large data centers may have on electricity prices.

Genoot disputed a New York Times report that attributed $6.3 billion in higher electricity bills within the PJM Interconnection region to rising demand from data centers. PJM operates the power grid across 13 U.S. states and Washington, D.C.

The report connected the increase to a PJM capacity auction held on June 30.

“That is not true,” Genoot said during a live interview.

He said most data center operators, including Hut 8, pay for grid upgrades and energy infrastructure themselves rather than shifting those costs to consumers.

The debate over data center power consumption has taken on broader significance as AI companies compete for limited electricity supplies. Grid operators in several regions have reported record demand forecasts, and some data center projects have faced multi-year delays for new power connections.

Analysts Question Hut 8's AI Timeline

Not all analysts share the optimism expressed by Hut 8 management.

According to a Seeking Alpha review of Hut 8's first-quarter 2026 results, the company reported a net loss of $253 million and a negative margin in its digital infrastructure segment.

The analysis said Hut 8 may not generate meaningful profits from its AI operations until the second quarter of 2027.

That timeline creates execution risk. Hut 8 has signed contracts worth billions of dollars, but the company still needs to build the required infrastructure and convert those agreements into recurring revenue.

The Key Test Is Turning Backlog Into Revenue

Hut 8 and American Bitcoin now represent two distinct business directions.

Hut 8 is seeking to position itself as an AI infrastructure company supported by long-term data center contracts. American Bitcoin remains focused on mining capacity and accumulating BTC.

The central issue is whether Hut 8 can convert its $27 billion contracted backlog into meaningful AI revenue before American Bitcoin restores profitability and shareholder confidence in its mining business.

Source: https://coinpaper.com/33347/hut-8-stock-surges-200-as-bitcoin-miner-pivots-toward-ai-infrastructure