As of 12:53 p.m. ET in New York on Friday, December 26, 2025, Hut 8 Corp. (NASDAQ: HUT) is trading lower in a post-holiday session that has U.S. indexes hovering near record levels. [1]
Real-time pricing shows HUT around $49.76, down about 5.8% on the day, after opening near $52.88 and moving through an intraday range of roughly $48.43 to $53.39.
While the broader tape has been relatively calm—SPY slightly down and QQQ roughly flat—crypto-linked equities can swing hard even in quiet index sessions.
What’s driving Hut 8 stock right now
1) Bitcoin’s pull on miner-adjacent names is still real
Even as Hut 8 pushes deeper into AI data center infrastructure, it remains tethered to crypto market sentiment. At the same timestamp, Bitcoin is modestly lower, and that tends to pressure miners and miner-adjacent infrastructure plays—especially in thin holiday liquidity. [2]
2) Investors are digesting a “transformative” AI pivot—and pricing the execution risk
The market has been repricing Hut 8 as something closer to a power-and-data-center developer than a straightforward Bitcoin miner. Reuters described the company as a former crypto miner that has spent the last year repositioning as an energy infrastructure platform, riding a broader sector trend of repurposing scarce power access and specialized real estate for AI workloads. [3]
That re-rating cuts both ways: big new contracts can justify higher valuations, but large buildouts also introduce timeline, financing, and delivery risks that traders will continually reassess.
3) “Investor rights” investigation headlines add noise (not a conclusion)
On December 24, a shareholder law firm announced it was investigating whether certain officers and directors breached fiduciary duties. These releases are common around volatile stocks and do not, by themselves, prove wrongdoing—but they can influence sentiment and headline-driven flows. [4]
The major catalyst: Hut 8’s River Bend AI data center lease (the numbers matter)
The story that has defined HUT in December is the River Bend data center transaction in Louisiana—filed publicly and described in detail in company materials.
In a December 17 SEC filing (Form 8‑K), Hut 8 disclosed it entered a 15-year lease with a Fluidstack subsidiary for 245 MW of IT capacity at its River Bend campus, alongside related transactions including a financial backstop from Google covering rent and certain obligations under the lease. [5]
In the corresponding exhibit (press release), Hut 8 framed the agreement as a 15-year, $7.0 billion base-term contract (with 3% annual base rent escalation) and said renewal options could lift total value to about $17.7 billion. The company also disclosed an expected cumulative NOI contribution of $6.9 billion over the base term (an expected average annual NOI contribution of $454 million), noting this is an expected performance measure tied to the lease economics. [6]
A few additional points investors have been focused on:
- Structure: the lease is described as triple net (NNN)—a structure where the tenant typically covers many operating costs, which (in theory) can make cash flows more predictable if the counterparty is strong. [7]
- Expansion option: the agreement grants a right of first offer (ROFO) for up to an additional 1,000 MW of IT capacity, subject to power expansion at the site. [8]
- Timeline: Hut 8 said the initial data hall is scheduled for completion and commissioning in Q2 2027, with additional halls expected to follow later in 2027. [9]
- Financing (important caveat): Hut 8 said project-level financing of up to 85% loan-to-cost is expected to be funded by J.P. Morgan (lead left) and Goldman Sachs, but it remains subject to definitive agreements and customary closing conditions. [10]
Executives and partners attached their reputations to the project. Hut 8 CEO Asher Genoot called River Bend validation of the company’s “power-first” development model and emphasized disciplined execution with multiple counterparties. J.P. Morgan’s Noah Wintroub highlighted the infrastructure-and-jobs angle, while Jacobs CEO Bob Pragada emphasized delivery precision and predictability. [11]
Louisiana’s role: jobs, incentives, and “Phase I” scale
A Louisiana Economic Development release on December 17 added a state-level view of scale and local impact, describing River Bend as up to a $10 billion investment in Phase I (including Hut 8’s infrastructure investment), forecasting about 1,000 construction workers at peak and at least 75 direct jobs once operational (plus estimated indirect jobs). [12]
The same release stated Fluidstack would be a tenant supported by Google’s backstop and noted Entergy Louisiana is expected to provide an initial 330 MW of utility capacity to support 245 MW of IT load. Governor Jeff Landry, Hut 8 CEO Asher Genoot, and Entergy Louisiana CEO Phillip May all provided statements underscoring Louisiana’s energy and infrastructure positioning. [13]
The broader partnership: Anthropic + Fluidstack + Hut 8 (up to 2,295 MW path)
Separate from (but connected to) the River Bend lease, Hut 8 also announced a larger AI infrastructure partnership involving Anthropic and Fluidstack.
In its December 17 announcement, Hut 8 said it intends to develop and deliver at least 245 MW and up to 2,295 MW of AI data center infrastructure for Anthropic, with Fluidstack operating the clusters. The structure is described in tranches:
- Tranche 1: River Bend launch (245 MW IT capacity supported by 330 MW utility capacity)
- Tranche 2: ROFO for up to 1,000 MW additional IT capacity at River Bend (power expansion dependent)
- Tranche 3: optional capacity of up to 1,050 MW across Hut 8’s broader development pipeline beyond River Bend [14]
In the same release, Genoot argued that scaling frontier AI is fundamentally a power challenge, while Anthropic’s James Bradbury (Head of Compute) pointed to bringing additional capacity online by early 2027. Fluidstack CEO Gary Wu emphasized building and operating infrastructure “at scale.” [15]
Reuters connected the dots for markets: the River Bend deal sits inside a broader push by former miners to meet surging demand for AI infrastructure, and Reuters noted the collaboration could eventually scale to about 2.3 gigawatts of capacity. [16]
Recent strategic move: selling a 310 MW power portfolio to TransAlta
Before the December AI headlines, Hut 8 also announced a major portfolio action: a definitive agreement to sell a 310 MW portfolio of four natural gas plants in Ontario to TransAlta. Hut 8 said it had secured capacity contracts for its plants through IESO’s “MT2” auction and described the sale as part of capital reallocation toward a “multi-gigawatt development pipeline.” [17]
CFO Sean Glennan characterized the assets as “non-core” to the company’s power-first strategy and said the sale would help redeploy capital into higher-return opportunities. [18]
Financial snapshot: what Hut 8 reported most recently
In its third-quarter 2025 results release, Hut 8 reported:
- Revenue:$83.5 million for the quarter ended Sept. 30, 2025 (vs. $43.7 million in the prior-year period), with the largest component labeled Compute revenue ($70.0 million)
- Net income:$50.6 million, with the release noting gains on digital assets contributed meaningfully
- Adjusted EBITDA:$109.0 million (non-GAAP, with reconciliation referenced in the release) [19]
The same release also noted that American Bitcoin is a consolidated subsidiary and described how certain revenues are eliminated in consolidation, underscoring that Hut 8’s structure is not a simple one-line business. [20]
American Bitcoin (ABTC): why it keeps showing up in Hut 8 valuation debates
One underappreciated driver of volatility is Hut 8’s exposure to American Bitcoin, a majority-owned subsidiary that became publicly traded under ABTC after a go-public transaction (and has been volatile).
Reuters reported that American Bitcoin steadied after a sharp drop tied to a share lock-up expiry, and reiterated it is a majority-owned subsidiary of Hut 8. [21]
A separate market commentary (published on Nasdaq.com via The Motley Fool) argued that declines in ABTC can complicate “sum-of-the-parts” valuation for Hut 8 and weighed on sentiment during a prior selloff. [22]
For investors, the practical takeaway is simple: HUT can move on AI/data center fundamentals and on ABTC-related equity swings, even if the River Bend narrative dominates headlines.
Wall Street forecasts and analyst targets: what’s out there (and how to read it)
Analyst targets vary widely depending on timing and methodology, but several datapoints are shaping the conversation:
- Benchmark (Mark Palmer): raised its HUT price target to $85 from $78 and maintained a Buy rating, calling River Bend a “defining moment” in Hut 8’s evolution toward an institutional-grade infrastructure platform. [23]
- MarketBeat consensus (19 analysts): consensus rating Buy with an average price target of $53.76 (high $80, low $25). [24]
- TipRanks snapshot (16 analysts, last 3 months): average target $63.93 (high about $80.06, low about $55.04), calculated off a prior reference price shown on the page. [25]
- Selected firm notes cited by MarketBeat: Rosenblatt $65, Craig Hallum $80, Northland $58, among others. [26]
Targets are not promises; they’re scenario pricing. Still, the direction is notable: multiple analysts are explicitly treating Hut 8 as an AI infrastructure/power story rather than a pure crypto beta trade.
What investors should know before the next session
The U.S. stock market is open right now (it’s mid-day Friday in New York), but because the next regular session after today is Monday, December 29, 2025, positioning into the close matters—especially for an equity with a history of large gaps.
Here are the key items traders typically watch into the close and over the weekend for HUT:
- Bitcoin’s weekend move (and Monday gap risk)
Crypto trades 24/7. If Bitcoin breaks sharply one way or the other, HUT can gap on Monday even if there’s no new Hut 8 headline. - Any new updates on River Bend financing and delivery milestones
Hut 8 has outlined expected project financing and a Q2 2027 delivery target, but financing is still subject to definitive agreements and closing conditions—so incremental confirmations (or delays) can move the stock. [27] - Follow-through analyst revisions
Benchmark’s move is already out there, and MarketBeat’s roundup shows multiple firms reiterating or updating targets after the deal. Additional revisions can trigger momentum flows in thin liquidity. [28] - ABTC volatility and any lock-up/float-related developments
Reuters has already tied ABTC volatility to lock-up dynamics; because Hut 8 is a majority owner, ABTC swings can spill into HUT sentiment. [29] - Headline risk from “investigation” PR
These releases can recur and spread quickly on social media feeds. The presence of an investigation headline isn’t a verdict—but it can influence short-term flows. [30]
References
1. www.reuters.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.prnewswire.com, 5. www.sec.gov, 6. www.sec.gov, 7. www.sec.gov, 8. www.sec.gov, 9. www.sec.gov, 10. www.sec.gov, 11. www.sec.gov, 12. www.opportunitylouisiana.gov, 13. www.opportunitylouisiana.gov, 14. www.prnewswire.com, 15. www.prnewswire.com, 16. www.reuters.com, 17. www.prnewswire.com, 18. www.prnewswire.com, 19. www.prnewswire.com, 20. www.prnewswire.com, 21. www.reuters.com, 22. www.nasdaq.com, 23. www.tipranks.com, 24. www.marketbeat.com, 25. www.tipranks.com, 26. www.marketbeat.com, 27. www.sec.gov, 28. www.tipranks.com, 29. www.reuters.com, 30. www.prnewswire.com
