Hut 8, IREN AI Deals Lift Bitcoin Miner Stocks

On Monday, shares of several publicly traded Bitcoin mining companies jumped after Hut 8 announced a 15-year, $9.8 billion lease for an AI data center campus and IREN disclosed $2.8 billion in cloud services contracts with AI developers.

IREN now projects its AI cloud business will generate more than $4 billion in annual recurring revenue by the end of 2026. Companies that gained at least 11% in early trading included IREN, Cipher Digital, CleanSpark, Hut 8 and MARA Holdings. A sector index that tracks roughly 20 firms across Bitcoin mining, neocloud and AI infrastructure rose 1.4% on the day and gained more than 12% over the past week.

Broader tech markets advanced Monday, with the Nasdaq Composite up about 0.9% by midday and the Philadelphia Semiconductor Index rising roughly 2% after the chip gauge fell at least 20% from its recent high last week.

Hut 8’s lease commits the company to a long-term AI campus project. IREN’s contracts are part of its effort to expand AI cloud services. Both firms began as Bitcoin miners and have moved into data centers and cloud computing as returns from mining declined.

Industry consultants estimate the shift into AI and high-performance computing will require about $50 billion more in capital. One consultancy identified IREN as facing the largest funding gap, at roughly $21.1 billion. Companies will need financing or partnerships to build data centers, acquire specialized servers and secure power agreements that support high-density compute workloads.

Reports show a wave of insider stock sales at several miners, including TeraWulf, Riot Platforms, Core Scientific and Cipher Mining. Those transactions were executed under prearranged trading plans, and investors have questioned the timing as share prices rose on AI-related news.

Publicly traded miners have announced plans to lease or build data centers, offer cloud services to AI developers and repurpose power and real estate capacity for non-mining compute.