Overview

• Four sites advance with land and power secured: 1,000 MW and 180 MW in Texas (ERCOT), 300 MW in Louisiana (MISO), and 50 MW in Illinois (PJM), with design and buildout underway.
• Once commercialized, the new projects lift Hut 8’s platform to more than 2.5 GW of capacity under management across 19 locations.
• Hut 8 outlines roughly $2.4 billion of liquidity to fund the build, including over 10,000 BTC (about $1.2 billion), a $200 million Two Prime revolver, an expanded $130 million Coinbase facility, and a $1 billion at-the-market equity program.
• Shares climbed about 10% after the announcement as Benchmark reiterated a buy rating and raised its price target to $36, citing a clearer path to monetizing the power pipeline.
• Hut 8 is preparing to carve out most mining assets into American Bitcoin, where it holds a majority stake, while American Bitcoin pursues a planned all-stock public combination with Gryphon Digital Mining.