Hut 8 Shifts Focus from Bitcoin Mining to AI Infrastructure

Hut 8 Corp., the company formerly known as a bitcoin miner, is transitioning to a power-first and AI-focused infrastructure platform. This shift has led to improved adjusted EBITDA and expanded gross margins to 64% in its recent Q2 2026 print.

The company's GAAP EPS came in at -$1.27, missing estimates by about $0.63. However, revenue reached $74.9 million, an 81% year-over-year increase. Hut 8 secured $7.5 billion in non-recourse, investment-grade project financing, enabling large-scale campus buildouts without equity dilution or parent-level debt.

The current financials understate the company's future potential, with its valuation reflecting expectations for post-2027 AI data center revenues and execution of its capital formation model. Hut 8 is emphasizing long-term, contracted cash flows as it moves away from being solely a bitcoin miner.