Hut 8 Surges on 1.5 GW US Expansion Plan
Firm secures $330M in non-dilutive financing to pivot into a broader digital infrastructure and energy platform.
Hut 8 Corp. is embarking on a major strategic expansion in the United States, announcing plans to develop four new large-scale digital infrastructure sites that will add over 1,530 megawatts (MW) of capacity. The move, which signals a significant pivot beyond its crypto-mining roots, will be funded through $330 million in new non-dilutive financing and a recently established $1 billion at-the-market equity program.\n\nThe new projects, located in Louisiana, Texas, and Illinois, are part of Hut 8’s strategy to establish itself as a diversified energy infrastructure platform. Once operational, the expansion will increase the company's total managed capacity to more than 2.5 gigawatts across 19 sites, positioning it to capitalize on the growing demand for high-performance computing and other energy-intensive technologies.\n\nTo finance the buildout, the company secured a new $200 million revolving credit facility with digital asset investment firm Two Prime and an upsized $130 million credit line with Coinbase. The two facilities provide significant growth capital at a weighted average cost of 8.4%. Hut 8 also highlighted its substantial reserve of 10,278 Bitcoin, valued at approximately $1.2 billion, as a liquid asset that provides financial flexibility.\n\n“The strength of our balance sheet has been a critical differentiator in demonstrating our ability to minimize execution risk and deliver at scale to prospective customers,” said Asher Genoot, CEO of Hut 8. He described the new capacity as “the first phase of execution against a multi-gigawatt energy origination pipeline that underpins our long-term growth trajectory.”\n\nThe strategic shift diversifies Hut 8’s business from solely Bitcoin mining into a broader operator of critical infrastructure for next-generation technologies. This move allows the company to serve a wider range of customers in the rapidly expanding digital economy, including those in the artificial intelligence and data center sectors.