"Hut 8's 15-year, 352 MW lease at the Beacon Point AI campus is valued at $9.8 billion in base-term contract value, significantly enhancing its revenue potential."
"CEO Asher Genoot stated, 'Within five months, we have more than doubled our contracted capacity and secured $9.8 billion in incremental base-term contract value.'"
"Hut 8's total contracted revenue now sits at $16.8 billion, with a development pipeline spanning 8,375 MW, indicating strong future growth."
"Riot Platforms' revenue of $167.22 million in Q1 2026 exceeded estimates, reinforcing the company's successful pivot towards AI data center operations."
Hut 8 shares surged 35% while Riot Platforms climbed 13% as both companies pivot from Bitcoin mining to AI data centers. Hut 8's stock reached $109, marking a 67% one-month rally and a 531% one-year gain. The catalyst for this shift is Hut 8's 15-year lease at the Beacon Point AI campus, valued at $9.8 billion, which triples its AI capacity. Riot Platforms also reported strong revenue growth, further validating its transition strategy.
Read at 24/7 Wall St.
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