Hut 8 (HUT), a leading Bitcoin mining and digital infrastructure company, surged 10.49% on Tuesday after unveiling ambitious plans to expand its operations with four new facilities across the United States. The projects, backed by a $2.4 billion liquidity framework, will add 1,530 megawatts (MW) of power capacity, effectively doubling the company's current capabilities.
The four new sites are strategically located in energy-rich regions: two in Texas (1,180 MW under the ERCOT grid), one in Louisiana (300 MW connected to MISO), and one in Illinois (50 MW linked to PJM). These facilities range in scale from 50 MW to a massive 1,000 MW, with all sites having secured land and power agreements and now moving into active development phase.
Once commercialized, Hut 8 expects to manage over 2.5 gigawatts across 19 locations, marking the first phase of a multi-gigawatt North American growth strategy. The company reported a broader development pipeline of 10,620 MW as of August 25, 2025, with more than 14% already in active development.
CEO Asher Genoot emphasized the strategic importance, stating: "Hut 8 is moving with purpose to secure prime sites that will anchor our next decade of growth. This expansion marks a defining step in Hut 8's evolution into one of the largest energy and digital infrastructure platforms in the world."
The $2.4 billion liquidity backing includes 10,278 bitcoins (valued at approximately $1.2 billion), a $200 million revolving credit facility with Two Prime, a $130 million expanded loan from Coinbase, and a new $1 billion at-the-market equity program. The credit facilities provide $330 million in liquidity at a blended interest rate of 8.4%.
The announcement comes amid growing demand for data centers and computing power, driven by artificial intelligence innovation. Investment bank Roth Capital called the expansion a "notable step-up" that could materially re-rate Hut 8's stock once the new sites come online and begin contracting for AI and high-performance computing workloads.