HUT
From bitcoin miner to AI landlord
Hut 8 has been trying to change its wardrobe in public. The company that once lived and died by bitcoin mining is now pitching itself as an AI infrastructure play, and Third Point’s new stake is basically a billionaire-sized thumbs-up.
Daniel Loeb’s fund added 869,563 shares in the first quarter of FY26, which is the kind of move that tends to make investors sit up a little straighter. When a high-profile hedge fund leans in, the story gets bigger than a single quarter’s numbers.
The plot twist: the fundamentals still matter
The company still has to execute, of course, and the latest quarter wasn’t exactly a victory lap:
- loss of $1.98 per share, versus expectations for a 17-cent loss
- revenue of $71.01 million, below the $81.27 million consensus
That’s the annoying part of transformation stories — the market loves the vision until it has to do algebra with today’s earnings.
AI infrastructure, now with extra billions
Where things get spicy is the infrastructure pipeline. Hut 8 said it locked in $16.8 billion in contracted lease revenue across two hyperscale AI campuses, backed by triple-net, take-or-pay agreements with investment-grade counterparties. It also commercialized the first phase of its Beacon Point campus with a 15-year lease for 352 megawatts of IT capacity.
And because no giant AI buildout is complete without a supporting cast, the project is being designed around Nvidia’s DSX reference architecture, with names like American Electric Power, Vertiv Holdings, and Jacobs Solutions in the mix.
Big picture
This is the classic market tug-of-war: crypto legacy on one side, AI infrastructure dreams on the other. Third Point’s stake says smart money thinks the second story might be the one that matters most. The catch? Hut 8 still has to turn all those contracts and campuses into something that looks less like a concept deck and more like durable profits.