Hut 8 Stock Soars 21% in Premarket: Google-Backed AI Deal Ignites Crypto Miner Frenzy
Forget the pickaxes—Hut 8 just plugged into a power source Wall Street understands: Google.
The Deal That Lit the Fuse
A strategic AI partnership, backed by the tech giant's cloud and credibility, sent Hut 8's shares rocketing 21% before the opening bell. It's a classic market pivot—when your core business faces headwinds, you rebrand for the algorithm age. The move signals a bold bet on converting raw computational power, once dedicated to mining digital gold, into the fuel for artificial intelligence.
From Bitcoin to Bytedance
The narrative shift is stark. Crypto miners possess two critical assets: massive energy infrastructure and expertise in managing high-density computing loads. This deal isn't about abandoning blockchain; it's about leveraging that hardware for the next computational gold rush. The market's reaction suggests investors are buying the story—or at least the potential for revenue diversification that doesn't hinge on Bitcoin's volatile price swings.
A Cynical Take from Finance
Let's be real—nothing makes a stock analyst happier than a struggling company announcing a 'strategic pivot' into a buzzword-filled sector. It's the financial equivalent of putting a 'For Sale' sign on a used car and calling it 'pre-loved mobility tech.' The 21% pop is the price of admission for this new narrative. Whether Hut 8 can build a sustainable AI business, not just trade on the hype, remains the billion-dollar question.
The final word? In today's market, sometimes the most valuable thing you can mine isn't cryptocurrency—it's Silicon Valley validation.
Hut 8 stock rises 21% in premarket trading amid Google-backed AI deal
The news sent the stock soaring 21% in premarket trading. According to data from Google Finance, a real-time financial information platform, the stock’s premarket performance has erased its 5-day loss, now standing at just 1.38%. The data also shows Hut 8 is up 15% in the last month, and its YTD gain stands at 80% at the time of this publication.
The agreement gives Fluidstack a Right of First Offer (ROFO) for up to an additional 1,000 MW of IT capacity at future expansion phases of the campus, subject to the expansion of power at the site. According to a press release, the company announced that Google will provide financial support to cover the lease payments and related pass-through obligations.
Hut 8’s CEO Asher Genoot said that the agreement is expected “to deliver next-generation AI and high-performance computing infrastructure at scale.” Genoot highlighted that the deal will also involve other players, including the State of Louisiana, Entergy, J.P. Morgan, Goldman Sachs, Vertiv, and Jacobs.
According to the announcement, the partnership places J.P. Morgan and Goldman Sachs & Co. LLC as lead left loan underwriters and active loan structurers in the project-level financing. Entergy will provide utility capacity, while Jacobs and Vertiv will facilitate engineering and infrastructure innovation and development.
The company estimates that the agreement will generate a cumulative net operating income (NOI) of $6.9 billion over the contract’s base term, averaging approximately $454 million annually. According to the statement, the alliance also includes three 5-year renewal options that could increase the contract’s value to approximately $17.7 billion. The initial River Bend data hall is expected to be completed in the second quarter of 2027, with additional halls scheduled for completion throughout the year.
Hut 8 partners with Anthropic and Fluidstack to deploy hyperscale AI infrastructure in the U.S.
In a separate announcement dated December 17, Hut 8 announced that it had entered into another strategic partnership with Anthropic and Fluidstack to accelerate the deployment of hyperscale AI infrastructure in the U.S.
According to the statement, Hut 8 will leverage high-performance clusters operated by Fluidstack to develop and deliver at least 245 megawatts (MW) and up to 2,295 MW of AI data center infrastructure for Anthropic. The partnership will also launch at Hut 8’s River Bend campus.
James Bradbury, Head of Compute at Anthropic, said the partnership is an extension of the existing alliance between Anthropic and Fluidstack. Bradbury also said that the partnership aims to “bring additional capacity online by early 2027.”
Hut 8 posted a Q3 revenue of $83.5 million on November 4. According to a previous report by Cryptopolitan, the company announced that $70 million originated from its compute business, which includes hosting revenue from its crypto mining arm, American bitcoin (ABTC), as well as the high-performance compute segment.
From the remaining revenue, $8.4 million originated from its power generation and managed services unit, while $5.1 million emanated from digital infrastructure offerings for its hosting service business. Hut 8’s financial statements revealed that its net income soared to $50.6 million, up from just $0.9 million recorded in Q3 last year.
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