Hut 8 Craters 11% as Profit-Taking Drives Sell-Off in AI Miner Stocks

The AI-pivoting Bitcoin miners Hut 8, TeraWulf, and IREN took a hit on Friday, with Hut 8's stock plummeting 11% to $78.54, TeraWulf's dropping 5% to $15.58, and IREN falling 3% to $41.20.

The decline mirrors the miners' year-to-date gains almost perfectly, suggesting that profit-taking is driving the sell-off rather than a reassessment of their contracts or economics.

Hut 8's large AI data center backlog, which includes a $19.6 billion contract with Beacon Point, doesn't appear to be behind the move, as the company has been working on this project for months and there was no recent announcement that could have triggered the drop.

The Global X Data Center and Digital Infrastructure ETF (DTCR) barely budged, down just 0.6% to $28.30, indicating that traders are rotating out of high-beta AI infrastructure plays rather than repricing sector demand.