Hut 8 Stock Surges Up to 200% in 2026 as Bitcoin Mining Unit Struggles

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 8s 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 8s 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. Hut 8 has seen much more success since its pivot to providing for AI. Image Source: Trading View Unlike Hut 8s 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 ABTCs backers. Its shares have fallen more than 76% in 2026, a drop that wiped out over $600 million from Eric Trumps stake, echoing the pattern in American Bitcoins stock crash. There has been a deep decline in the American Bitcoin Corp stock price this year. Image Source: Trading View  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. Its 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 8s 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 8s stock chart and ABTCs chart tell two very different stories right now. Whether Hut 8s $27 billion in contracted AI revenue turns into real cash before ABTCs mining bet recovers could decide which story wins out.