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Hut 8 Rises 12% Pre-Market Amid Social-Media Talk of Partnership With Meta
HUT shares climbed to just under $30 as of 10:00 UTC, over 11.75% higher than its Wednesday closing price of $26.69.
What to know:
- Shares of bitcoin miner Hut 8 (HUT) jumped nearly 12% in pre-market trading.
- Speculation on social media platform X links a data center the company is building in Louisiana with Facebook owner Meta Platforms.
- Neither Hut 8 nor Meta has announced a partnership.
Shares of bitcoin miner Hut 8 (HUT) jumped nearly 12% in pre-market trading amid social media speculation that it is building a data center with Facebook owner Meta Platforms (META).
The shares climbed to just under $30 as of 10:00 UTC. The CoinShares Valkyrie Bitcoin Miners ETF (WGMI), which offers broad exposure to the BTC mining sector, rose about 3% higher.
STORY CONTINUES BELOW
Neither Miami, Fla.-based Hut nor Menlo Park, Calif.-based Meta has announced a partnership.
**Speculative Post**
— Jarron Jackson (@JarronJackson4) December 11, 2024
Hut 8 appears to be partnering with Meta to develop a groundbreaking AI data center in West Feliciana Parish, Louisiana. While not officially confirmed, I’m led to believe this collaboration is likely, given the scale and focus of the project. The $12… https://t.co/E3PeEmsVnI pic.twitter.com/47xYttLaxP
Hut 8 is building a data center in West Feliciana Parish, La. at an initial cost of $12 billion, local media has reported.
Earlier this month, Meta said it was planning to build a $10 billion AI data center in Richland Parish, La., Reuters reported.
There are similarities between bitcoin miners and AI data centers in the required equipment, computing power and energy to run it all. Some bitcoin miners have been dedicating resources to AI computation to diversify their revenue streams.
Hut 8 previously announced a $500 million at-the-market (ATM) offering and a $250 million stock-repurchase program. The company has said it mined 94 BTC in November, a 6% month-on-month decrease. It holds 9,122 BTC ($921 million) on the balance sheet, the seventh-largest holder of bitcoin of any publicly traded company.
Neither company immediately responded to CoinDesk's request for comment.
Read More: Bitcoin Miners Cipher, CleanSpark and MARA Upgraded at JPMorgan
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
