Hut 8 Expands AI Campus Commitments While Funding Buybacks With Bitcoin Sales

TL;DR: Hut 8 says it fully commercialised its Beacon Point AI campus with a second 352 MW lease, taking expected aggregate base-term contract value across its AI data-centre portfolio to about $26.6 billion. The company also sold Bitcoin to fund share repurchases, showing how mining-era assets are being redeployed. Hut 8’s third-quarter update is less about how many coins it mined and more about how much power, construction capacity and long-term tenant demand it can assemble. That represents a significant shift for a company long associated with Bitcoin infrastructure. In its November 4 results, Hut 8 said a second 352-megawatt IT lease at Beacon Point fully commercialised the campus. It placed expected aggregate base-term contract value across its AI data-centre portfolio at about $26.6 billion and reported 1,330 MW of utility capacity under construction across its major AI projects. Long leases are not the same as realised revenue The numbers describe commitments over years, not cash that has already appeared in the bank. Hut 8’s timetable includes an initial River Bend data-hall delivery target in the second quarter of 2027, followed by Beacon Point Phase 1 in the third quarter...