Summary Hut 8 Corp. is a buy, offering diversified exposure across Bitcoin mining, energy assets, and AI-ready digital infrastructure. HUT’s Bitcoin holdings reached 13,696 BTC ($1.6B), with a strategic focus on accumulation over liquidation, enhancing balance sheet strength and crypto leverage. The company’s pivot into power and digital infrastructure, including a $7B, 15-year Anthropic deal, positions HUT for substantial future AI-driven revenue. Despite a high price-to-sales ratio, HUT’s forward valuation is justified by long-term contracts and reduced correlation to Bitcoin volatility. Hut 8 Corp. ( HUT ) is a technology and energy infrastructure company that has rapidly transformed from one of North America’s largest Bitcoin miners into a diversified digital infrastructure platform. Originally focused on deploying specialized hardware to secure the Bitcoin blockchain and generate cryptocurrency rewards, Hut 8 has since expanded its operations to include energy asset development, large-scale data center hosting, and compute services for high-performance computing (HPC) and artificial intelligence ((AI)) workloads. At its core, HUT operates a vertically integrated model that combines power generation, digital infrastructure, and compute solutions. Its energy segment acquires and develops high-capacity power assets capable of supporting energy-intensive operations such as crypto mining and AI data centers. The digital infrastructure arm offers colocation and cloud services, while the compute segment continues to include Bitcoin mining and GPU-as-a-Service for machine learning and AI applications. HUT was originally a pure-play bitcoin mining investment and has strategically shifted with a focus on the broader technology and crypto worlds. I think that this shift has slowly resulted in greater investor confidence in the company, and I have HUT as a buy. The stock is up 116% in the last year but is still off of its high in the fall of 2021. HUT has rallied even higher on the largest part of its business in bitcoin holdings while making strong improvements in its AI and power-related segments as well. Recent long-term agreements and a fair valuation will lead this stock higher moving forward. Bitcoin Value As one of the larger bitcoin miners, this used to be almost the entirety of their business. Still a very crucial role for HUT, the mining has ramped up with a reported 13,696 BTC worth roughly $1.6 billion at the end of Q3 2025. This was up over 50% from last year as the company continues to accumulate coins through mining and selective holding rather than selling down inventory. A lot of miners would utilize BTC for shorter-term liquidity, whereas HUT does the opposite, retaining its holdings with hopes of continued price appreciation over time. They prefer to use this as an asset on the balance sheet and even a hedge on inflation. Seeking Alpha TradingView I think investors are realizing the long-term outlook HUT has taken, seeing the stock as leveraged exposure to crypto along with its growing tech segments as well. HUT began trading in 2019, and through the first several years, saw drastic price changes as BTC price moved. A few examples include HUT dropping 65% in early 2021, while BTC fell less than 50%. Later that year, BTC rallied up 2x in a few months span, while HUT gained 4x in the same period. You can see the more extensive highs and lows early in the charts above. Looking ahead to the last few years, you can see the correlation between the two is still there, but clearly not linked as tightly. This happened as HUT has gained its footing in its other segments of business outside of just mining. The recent 32% drop in BTC in Q4 2025 was followed by a 38% fall from HUT, a much narrower gap than history tells. What’s most interesting is that if you look at any steep price gains for HUT over time, they all come from periods where BTC is also gaining. The last month tells a different story, as for the first time BTC is up a meager 3% YTD, while HUT has risen 29% in 2026. Their current and forward-looking growth in their other segments is emerging as a future driver of success. Power & Digital Infrastructure These two segments really weren’t a significant part of the business for HUT until 2023. Since then, revenue for each has fluctuated but has still seen phenomenal growth with even greater expectations. Q3 2025 ended with $8.4 million in revenue from their Power segment and $5.1 million from their Digital Infrastructure segment. Power was down $19.7 million YoY due to the termination of an agreement with Ionic Digital. Digital Infrastructure was up $1.2 million YoY, mainly from a new agreement with BITMAIN. These results have been volatile, but they were basically at no revenue here just three years ago. Their power segment provides end-to-end development and operational services. The $19.7 million drop wasn’t operational, as their four key natural gas-fired power plants in Ontario all saw higher output and demand again last quarter, gaining $1.9 million in sales YoY. While they lost a large agreement, they gained a big one with American Bitcoin of 325 MW, now seeing a total of 1,255 MW of Energy Capacity Under Exclusivity. That’s 85% of energy capacity backed by agreements, which leaves me less concerned about the YoY sales drop in this growing segment. To cap off 2025, HUT signed a 15-year, $7 billion contract with Anthropic to supply 245 MW of data center capacity to a campus in Louisiana. Under certain contingencies, the deal can lead to 2.3 GW of power and $17.7 billion in value. This is the first huge AI infrastructure deal for HUT and can be a pivotal stepping stone moving forward to gain attention from other AI infrastructure entities. Revenue from the deal is not expected to hit the books until early 2027 and will be kept under their Digital Infrastructure segment. These two segments were almost nothing just three years ago. HUT has made several important decisions and additions to this side of their portfolio that will bolster sales allocation for the foreseeable future. Valuation WSJ HUT has a trailing P/E ratio of 31.84, right in line with the sector median. This is on the slightly upper side of the last two years, but not terrible. A price-to-sales ratio of 39x is extremely elevated. Forward P/E is also much higher for HUT, but I think this premium is due to the expected revenue from long-term and large AI data center deals, like the recently finalized Anthropic deal, that won’t materialize for another year or so. The risk here is if Bitcoin profits take a nosedive, which they always could in the volatile crypto industry. For me. I wouldn’t worry about a large BTC drop, as we’ve already seen that has affected HUT less and less over time. I think the stock is close to fairly valued, being slightly raised from the recent large appreciation. Conclusion Hut 8 stands at a unique intersection of cryptocurrency, energy, and next-generation AI infrastructure, offering investors exposure to multiple high-growth markets in a single stock. Its Bitcoin mining operations continue to generate substantial revenue and gross margins, providing both cash flow and optionality from appreciating digital assets. At the same time, the company’s strategic pivot into AI-ready data infrastructures is highlighted by its multi-billion-dollar partnership with Anthropic. This company has adapted well to evolving times in the tech space. Buy this stock, as the already seen appreciation is going to continue for HUT.
