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HUT shares climbed to just under $30 as of 10:00 UTC, over 11.75% higher than its Wednesday closing price of $26.69.
By Jamie Crawley, James Van Straten|Edited by Sheldon Reback
Dec 12, 2024, 10:49 a.m. UTC
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.
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Neither Miami, Fla.-based Hut nor Menlo Park, Calif.-based Meta has announced a partnership.
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 joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.
As the senior analyst at CoinDesk, specializing in Bitcoin and the macro environment. Previously, working as a research analyst at Saidler & Co., a Swiss hedge fund, introduced to on-chain analytics. James specializes in daily monitoring of ETFs, spot, futures volumes, and flows to understand how Bitcoin interacts within the financial system. James holds more than $1,000 worth of bitcoin, MicroStrategy (MSTR) and Semler Scientific (SMLR).
