Hut 8 is seeking financing to move 1.53 GW of capacity from exclusivity into active development across four U.S. sites

Hut 8, the Bitcoin miner that has steadily reinvented itself as a digital infrastructure player, has secured $330 million in new credit facilities from Two Prime and Coinbase to accelerate its expansion into U.S. data centers. 

The fresh financing aims to move 1.53 gigawatts of previously exclusive capacity into active development in what could be the company’s most ambitious growth plan to date.

Since the announcement, which was made on Tuesday, August 26, Hut 8’s stock has gone up by over 9%.

The new facilities are projected to give Hut 8 more than 2.5 GW of total platform capacity once fully operational across 19 sites. That places it among the largest publicly listed players in digital infrastructure development.

Hut 8 moves projects from exclusivity to development

The announcement was accompanied by a reclassification of four U.S. sites from “exclusivity” into “capacity under development.”

The four sites include a 300 MW campus in Louisiana, a 1,000 MW hub and 180 MW site in Texas, and a 50 MW facility in Illinois, which, when summed up, will yield 1,530 MW (1.53 GW)

Once complete, the projects will significantly extend the company’s operational footprint. Hut 8 already operates mining facilities in Canada and the U.S., but these new builds push the firm deeper into the power-dense, high-demand world of AI and high-performance compute (HPC).

This isn’t the first time Hut 8 has signaled its intent to play in both crypto and AI markets. Earlier this year, it broke ground on a $2.5 billion AI data center campus in Louisiana, designed to house some of the largest GPU clusters in North America.

By folding new credit lines into its balance sheet, the company is now doubling down on both sides of its business, which are scaling Bitcoin mining while also constructing energy-intensive infrastructure that AI clients will pay top dollar to access.

Trump-backed miners chase ambitions with capital

The $330 million in new credit facilities carries a weighted cost of 8.4% and complements the recently announced $1 billion ATM equity program and its Bitcoin treasury, which holds more than 10,000 BTC worth about $1.2 billion, giving the company multiple levers to pull as market conditions shift.

By relying on a blend of equity, debt, and crypto reserves, Hut 8 has given itself breathing room to execute on an ambitious buildout without betting the farm on Bitcoin’s next halving cycle.

Risks and stakes ahead

Execution risk remains the biggest question mark. Hut 8 must manage construction timelines, secure long-term power arrangements, and compete with entrenched data center operators already chasing AI’s insatiable demand for compute.

Any delays or cost overruns could put strain on its balance sheet, even with diversified financing in place.

At the same time, Hut 8 is betting that AI demand will remain elevated for years, providing a steady customer base beyond Bitcoin mining. With both crypto and AI industries continuing to scale, the company is attempting to sit at the intersection of two of the fastest-moving sectors in digital infrastructure.

For now, investors are rewarding the ambition. With more than $330 million in fresh credit, $1 billion in equity firepower, and billions in Bitcoin reserves, Hut 8 has created the financial cushion to pursue projects that could cement its place in the market.

If you're reading this, you’re already ahead. Stay there with our newsletter.