Hut 8 Corp. (HUT) shares have swung between $44 and $133 in 2026, a peak-to-trough gain of about 200%, according to TradingView data.

The stock now trades near $108, up about 128% for the year, after Hut 8 signed a $9.8 billion, 15-year lease with an unnamed technology hyperscaler.

The AI Pivot

Speaking to CNBC, CEO Asher Genoot said the was proof that Hut 8’s pivot from Bitcoin mining to artificial intelligence (AI) infrastructure is paying off for shareholders.

The new lease adds 704 megawatts of capacity to Beacon Point, Hut 8’s AI data center campus in Texas, and carries an implied $653 million in annual revenue. Genoot said Hut 8 had zero contracted AI revenue about a year ago.

He now counts roughly $27 billion in contracted AI revenue and about $1.75 billion in annualized earnings before interest, taxes, depreciation, and amortization (EBITDA).

What Happened to the Bitcoin Mining Business

Hut 8 was firstly known as a Bitcoin mining business, but the company technically no longer runs Bitcoin mining directly. In March 2025, it moved the business into American Bitcoin Corp. (ABTC), a separately traded subsidiary that Hut 8 majority owns and that Eric Trump and Donald Trump Jr. partly back.

Unlike Hut 8’s own AI pivot, ABTC has doubled down on mining, expanding its fleet capacity and its Bitcoin (BTC) reserve through 2026.

That bet has not paid off for ABTC’s backers. Its shares have fallen more than 76% in 2026, a drop that wiped out over $600 million from Eric Trump’s stake, echoing the pattern in American Bitcoin’s stock crash.

The AI Story, and the Pushback

Despite the successful pivot, Hut 8 has been under the microscope for its contribution to electricity prices. Genoot rejected a New York Times report that blamed data centers for $6.3 billion in added electricity bills across PJM Interconnection, the grid operator covering 13 states and Washington, D.C.

The report tied the increase to a capacity auction PJM held on June 30. “It’s not true,” Genoot said on air. He argued that most data center developers, including Hut 8, cover their own transmission upgrades and energy costs instead of passing them to ratepayers.

Independent analysts complicate that upbeat picture. A Seeking Alpha review of Hut 8’s first-quarter 2026 results found a $253 million net loss and negative margins in its digital infrastructure segment. The same analysis does not expect material AI revenue until the second quarter of 2027.

Hut 8’s stock chart and ABTC’s chart tell two very different stories right now. Whether Hut 8’s $27 billion in contracted AI revenue turns into real cash before ABTC’s mining bet recovers could decide which story wins out.

Source: BeInCrypto