Hut 8 commercializes 1 GW Beacon Point campus with second 352 MW lease

Hut 8 said it signed a second 15-year lease valued at $9.8 billion for 352 megawatts of IT capacity at its Beacon Point campus in Nueces County, Texas, fully commercializing the one-gigawatt site and doubling the same unnamed high-investment-grade tenant’s contracted footprint there to 704 MW. The company said the triple-net lease includes a 3% annual rent escalator and is expected to generate $9.8 billion in cumulative net operating income, or about $655 million a year after stabilization. The company’s move deeper into AI infrastructure has also been reflected in its market performance. BeInCrypto cited TradingView data showing Hut 8 shares rising from $44 to $133 this year, a gain of nearly 200% at the peak, as investors responded to the long-term data center deal and the broader shift away from a pure Bitcoin mining model. Chief Executive Officer Asher Genoot told CNBC that the transition from a Bitcoin mining-focused business toward AI infrastructure was delivering positive results for shareholders. By contrast, American Bitcoin, or ABTC, which was spun off in March 2025 to handle Hut 8’s Bitcoin mining business, has remained under pressure despite expanding its mining equipment and Bitcoin holdings. BeInCrypto reported ABTC stock is down more than 76% this year, while the value of Eric Trump’s stake has reportedly fallen by more than $600 million. Hut 8 said both Beacon Point leases now carry a combined base-term value of $19.6 billion, with five-year renewal options for each that could raise the campus-level value to $50.2 billion. The deal pushes Hut 8’s broader AI portfolio to 949 MW, including 245 MW at River Bend, and highlights a wider trend of crypto miners seeking to monetize power and land through long-term AI and data center contracts.