Hut 8 Boosts Equity to $1B as It Shifts from Bitcoin Mining to AI Projects

Expansion of Equity Program and Ambitious AI Project

Hut 8, a prominent Bitcoin miner and data center operator, has significantly expanded its at-the-market equity program. This move allows the company to raise up to $1 billion in new capital, providing a substantial financial boost. The updated funding authorization was disclosed in a filing with the U.S. Securities and Exchange Commission, replacing an earlier $500 million program that had already raised nearly $300 million before being suspended.

Launch of Major AI Data Center in Louisiana

In a major development, Hut 8 recently broke ground on what could become one of the most significant AI data center projects in the United States. The project, located in West Feliciana Parish, Louisiana, is estimated to cost $2.5 billion. It will span 611 acres near Entergy’s River Bend substation and eventually include two massive buildings, each covering 450,000 square feet. These facilities will be equipped with advanced computing hardware.

The first building is expected to be completed by the end of 2025, with the second following within two years. Officials anticipate that the project will create thousands of construction jobs in the short term, along with numerous high-skilled, long-term positions once the facility becomes operational.

Diversification Beyond Bitcoin Mining

Bitcoin miners have faced increasing challenges due to rising network difficulty, volatile BTC prices, and tighter energy markets. As a result, profit margins have narrowed, competition has intensified, and relying solely on mining has become a riskier strategy.

To adapt, Hut 8 has undergone a corporate rebranding, positioning itself as a “power-first, platform-driven business.” This shift signals the company's intent to be more than just a Bitcoin miner. Alongside its mining operations, Hut 8 has been investing heavily in hosting services, high-density compute solutions, and GPU-as-a-service offerings. In practice, this means the company is now operating in two fast-growing sectors: cryptocurrency and artificial intelligence.

Financial Flexibility for Growth

The $1 billion ATM (At-The-Market) facility provides Hut 8 with the flexibility to scale its operations across both the crypto and AI markets. This financial cushion can support new ASIC deployments while also financing large-scale data center projects like the Louisiana campus. By securing this level of capital, Hut 8 is well-positioned to meet the demands of both industries.

Strategic Implications for Hut 8

For Hut 8, this expansion goes beyond merely hedging against Bitcoin's market cycles. It represents a long-term bet on sustained high demand for AI infrastructure and the continued need for reliable, large-scale computing power. If the Louisiana campus is delivered on schedule, it could elevate Hut 8 to a major player in the AI infrastructure space, complementing its established Bitcoin mining business.

With a fresh $1 billion fundraising capacity and one of the largest AI-focused data center projects in the U.S. underway, Hut 8 is making a clear statement: it aims to lead not only in Bitcoin mining but also in the broader compute power industry.