NEW YORK, Dec. 27, 2025, 8:07 p.m. ET — Market closed
Hut 8 Corp. (Nasdaq: HUT) heads into the weekend on the back foot after a sharp Friday pullback in thin, post-holiday trading—an important reminder that “Bitcoin-adjacent” equities can move fast in both directions, especially near year-end.
Shares of Hut 8 closed Friday at $49.64, down about 5.98% from the prior close of $52.80, according to Nasdaq historical data. [1]
In after-hours trading (the last update posted Friday evening), HUT was quoted at $49.06, down about 1.17% from the regular-session close. [2]
The slide came despite Hut 8 still being one of the stronger movers over the past week: Seeking Alpha noted HUT jumped about 29% over the last five trading sessions ended Dec. 26, a surge that can set the stage for profit-taking when liquidity is light. [3]
What drove Hut 8 stock lower Friday?
1) A “catch-your-breath” tape near year-end
The broader market backdrop on Friday was muted. Reuters reported U.S. stocks finished a light-volume, post-Christmas session only modestly lower after a strong multi-day run, with investors lacking fresh catalysts. Carson Group chief market strategist Ryan Detrick told Reuters the market was essentially “catching our breath” after the holiday. [4]
That kind of environment can amplify moves in higher-beta names—especially those that recently ran hard.
2) No fresh Hut 8 corporate release in the last 48 hours
A scan of Hut 8’s own newsroom shows its most recent press-release posting was on Dec. 17, 2025, tied to the River Bend AI infrastructure announcement. [5]
Likewise, Hut 8’s Form 8‑K dated Dec. 17 describes that transaction and related materials, suggesting no newer SEC update has been posted since then. [6]
In other words, Friday’s drop looks more like a market/positioning move than a reaction to a new company headline.
3) Crypto sensitivity remains a weekend risk factor
Bitcoin’s direction continues to matter for mining-linked equities and “crypto infrastructure” proxies. Reuters noted bitcoin around $87,340 in Friday trading. [7]
As of Saturday evening ET, bitcoin is trading around $87,849.
Because bitcoin trades 24/7 while U.S. equities are closed, a large weekend crypto move can translate into gap risk for HUT at Monday’s open.
The bigger story investors are still trading: Hut 8’s River Bend AI mega-lease
The reason HUT has been so volatile this month is that the company is being repriced by the market as more than a bitcoin miner—potentially as an AI/power-backed data center platform.
On Dec. 17, Hut 8 announced it signed a 15-year lease with Fluidstack for 245 megawatts (MW) of IT capacity at its River Bend data center campus in Louisiana. The company said the base-term lease is valued at $7.0 billion, with potential to reach about $17.7 billion if renewal options are exercised. It also highlighted a Google financial backstop covering obligations for the base term. [8]
The press release also laid out several deal mechanics investors continue to debate—because they matter for valuation:
- Triple-net (NNN) lease structure
- A 3% annual base-rent escalator
- An expected cumulative NOI contribution figure over the base term (company-provided estimate)
- A delivery timeline targeting initial completion/commissioning in Q2 2027 (with additional halls coming online thereafter) [9]
Hut 8 CEO Asher Genoot framed River Bend as validation of a “power-first” development model and emphasized the company waited for the “right transaction.” [10]
Reuters previously reported that the arrangement included a Google backstop and said the project could ultimately scale materially beyond the initial phase.
Friday’s numbers: volatility stayed elevated
Even after closing below $50, the stock showed a wide intraday range. Nasdaq data indicates HUT traded between roughly $48.40 and $53.19 on Friday—nearly a 10% swing from low to high—before settling at $49.64. [11]
MarketBeat also flagged the move as notable, pointing to an intraday drop of about 6.8% during Friday’s session and emphasizing how holiday-week liquidity can exaggerate price action. [12]
Analyst forecasts and price targets: bullish bias, but a wide range
While HUT is trading down into the weekend, Wall Street’s published outlook remains broadly constructive—though targets vary widely, reflecting uncertainty around execution timelines, financing, and how durable AI demand will be through 2027 and beyond.
Consensus view (TipRanks): Strong Buy, average target ~$64
TipRanks shows 16 analyst ratings in the past three months with a Strong Buy consensus and an average 12‑month price target of $64.31 (high $85, low $55). [13]
Benchmark: Street-high target and “AI-ready power” scarcity
A TipRanks summary of a Benchmark note says analyst Mark Palmer maintained a Buy and lifted his price target to a Street high, arguing the River Bend deal’s value reflects scarce “AI-ready” power backed by strong credit support. [14]
Roth Capital: focus on economics and financing optionality
In a separate note republished via TheFly/TipRanks, Roth Capital kept a Buy rating and $60 price target, pointing to what it described as attractive economics for the high-performance compute lease (including the Google backstop) and suggesting improved terms could help project financing. [15]
Keefe, Bruyette & Woods: raised target on colocation read-through
Another TheFly item via TipRanks says KBW raised its Hut 8 price target to $55 from $30, citing improving colocation economics as a favorable signal for operators with capacity expected to be ready in 2026–2027. [16]
A note on “consensus” differences: MarketBeat’s aggregation cited a lower consensus target (about $53.76) and a Buy-leaning mix of ratings, underscoring how the “average target” can shift depending on which analysts a data provider includes. [17]
If you’re watching HUT before Monday: what matters most when the market reopens
With U.S. stocks closed for the weekend and only a few sessions left in the year, here’s what investors typically track into the next open—particularly for a high-volatility name like Hut 8:
1) Bitcoin’s weekend move (gap risk)
Because bitcoin trades nonstop while U.S. equities are shut, a sharp weekend move can drive pre-market gaps in HUT and peers on Monday. [18]
2) Any incremental River Bend details
The market is still digesting the River Bend lease structure, delivery timeline, and financing approach outlined in Hut 8’s Dec. 17 materials. Any additional clarification—especially on capex cadence, counterparties, or updated timelines—can move the stock quickly. [19]
3) Macro catalysts in a thin year-end tape
Reuters’ “week ahead” preview highlighted that markets are looking toward key policy signals and year-end positioning effects that can boost volatility in lighter volumes. Those conditions tend to hit high-beta names harder. [20]
4) Price levels traders are likely to watch
Based on Friday’s range, $48.40 is an obvious near-term reference level on the downside, while the $53 area marks a recent ceiling from the same session. [21]
5) Know the clock for Monday
Nasdaq notes standard U.S. stock trading hours are 9:30 a.m. to 4:00 p.m. ET, with extended trading sessions outside those hours. [22]
Investors also keep an eye on holiday scheduling into the New Year, since liquidity and volatility can change quickly around shortened weeks. [23]
Bottom line
Hut 8 stock is entering Monday with two competing forces in play: a powerful narrative (a Google-backed, long-duration AI infrastructure lease that could reshape the company’s earnings profile over time) and near-term volatility (thin year-end trading, profit-taking after a sharp multi-day run, and ongoing bitcoin sensitivity).
For investors, Monday’s open is less about what happened on Saturday—because equities didn’t trade—and more about what changed over the weekend in crypto sentiment and whether any new, verifiable deal execution details surface before the bell.
References
1. www.nasdaq.com, 2. www.marketwatch.com, 3. seekingalpha.com, 4. www.reuters.com, 5. www.hut8.com, 6. www.sec.gov, 7. www.reuters.com, 8. www.prnewswire.com, 9. www.prnewswire.com, 10. www.prnewswire.com, 11. finance.yahoo.com, 12. www.marketbeat.com, 13. www.tipranks.com, 14. www.tipranks.com, 15. www.tipranks.com, 16. www.tipranks.com, 17. www.marketbeat.com, 18. www.reuters.com, 19. www.prnewswire.com, 20. www.reuters.com, 21. finance.yahoo.com, 22. www.nasdaq.com, 23. www.nasdaq.com
