NEW YORK, Jan 4, 2026, 10:11 ET — Market closed
- Hut 8 shares rose 11.6% on Friday to $51.27, outperforming many U.S.-listed crypto miners in the first session of 2026.
- A regulatory filing showed Hut 8 increased its bitcoin-backed credit facility with Coinbase to up to $200 million and drew the additional funds in full.
- Traders are watching bitcoin’s next move and Friday’s U.S. jobs report on Jan. 9 for a read on risk appetite.
Hut 8 Corp shares ended the first trading day of 2026 up 11.6% on Friday, a sharp move that put the bitcoin miner and data-center operator back on momentum screens heading into Monday’s open. The stock closed at $51.27.
The move matters now because crypto-linked equities have been trading as high-beta proxies for bitcoin and for investors’ broader appetite for risk, and because miners have been leaning on financing to fund expansion without issuing new stock. A larger secured credit line can buy time and flexibility when funding conditions tighten.
It also underscores the market’s focus on balance-sheet resilience as several former pure-play miners pitch themselves as power-and-data-center platforms for artificial intelligence workloads, a shift that can require heavy upfront spending before revenue arrives.
A filing showed Hut 8’s wholly owned subsidiary, Hut 8 Mining Corp., entered into a fourth amended and restated credit agreement with Coinbase Credit that lifted the principal amount by up to $70 million to a total of up to $200 million. The borrower drew the additional funds in full on Dec. 22, the filing said.
The company said the proceeds are expected to be used for general corporate purposes. The obligations are secured by certain bitcoin held in custody at Coinbase Custody, and Coinbase’s recourse is limited to that pledged bitcoin, the filing said.
Hut 8 traded between $46.83 and $52.61 on Friday, with about 6.5 million shares changing hands, according to market data. Traders often treat the prior session’s low and high as near-term support and resistance levels after a large gap or swing.
The rally was not isolated. Other U.S.-listed miners also climbed on Friday, with Marathon Digital up about 10.2%, Riot Platforms up roughly 12.0% and CleanSpark up about 14.0%. Coinbase Global, a key bellwether for U.S. crypto trading activity, rose about 4.6%.
Bitcoin was last up about 1.5% at $91,286, leaving miner stocks sensitive to any break above or below recent ranges when regular trading resumes. Because miners’ revenues are typically tied to the value of bitcoin they produce, the group often amplifies day-to-day swings in the token.
Hut 8 has been trying to broaden its story beyond mining. In December, the company said it signed a deal valued at about $7 billion to lease capacity tied to a 245-megawatt data-center buildout at its River Bend site in Louisiana, with construction of the first phase expected to be completed by early 2027.
Chief Executive Asher Genoot has framed the strategy as “aligning power, data center design, and compute deployment into an integrated platform,” as the company targets demand for AI infrastructure. Barron’s
But the financing structure carries its own risks. Because the credit line is backed by bitcoin, a sharp drop in the token’s price can weaken collateral values, while any ramp in debt-funded spending increases pressure to execute on longer-dated data-center timelines.
