Hut 8 signs $9.8 billion, 15-year lease for AI data center

Hut 8 signed a $9.8 billion, 15-year lease on Monday for Phase 2 of its Beacon Point AI data center campus in Texas. The company's stock price rose as much as 14% during intraday trading. This agreement, which involves the same investment-grade tenant as Phase 1, adds 352 megawatts of NVIDIA-based AI computing power, fully commercializing the 1-gigawatt campus. The tenant's total commitment has risen to 704 megawatts, bringing the campus's base contract value to $19.6 billion. The announcement boosted other Bitcoin miners transitioning into AI infrastructure businesses, with IREN, Cipher Mining, TeraWulf, and the CoinShares Bitcoin Miners ETF all rising in early trading.