The stock of Hut 8 (NASDAQ: $HUT) is up 11% on July 20 after the company announced a new artificial intelligence (A.I.) data centre deal.
Hut 8 said that it agreed a 15-year $9.8 billion U.S. lease at its Beacon Point data centre campus in Texas.
Management at Hut 8 said the new contract comes from an existing data centre tenant, which it refused to name.
Major U.S. Banks Join U.K. Government's Tokenization Taskforce
Hyperliquid HIP-3 Volume Nears 50% as Onchain Stock Trading Accelerates
MEXC Reports 7.1 Billion USDT in SpaceX Futures Volume as Q2 Closes the Gap to Wall Street
SBI Group, DigiFT, and Startale Group Advance Tokenized Capital Markets with JPYSC-Powered Settlement and Onchain Dividend Distribution
MEXC Adds Five Ondo Tokenized Stocks Spanning Semiconductors to Power Infrastructure
However, Hut 8 reiterated that the tenant is a high-investment-grade company and that it has doubled its contracted computing capacity to 704 megawatts.
Hut 8 is now based in Florida. However, the company started out in Canada as a Bitcoin (CRYPTO: $BTC) miner.
Like many crypto miners, Hut 8 has pivoted in recent years to running A.I. data centres and leasing compute power to large technology companies.
Hut 8 said this is its second long-term lease agreement at its Texas data centre campus, fully commercializing the one-gigawatt facility and increasing its contracted data centre portfolio.
Hut 8's Texas data centre now has contracted $26.6 billion U.S. in annual net operating income.
There are also three five-year renewal options under each of the two lease agreements at the Texas campus, increasing the potential contract values to $50.2 billion U.S.
HUT stock has risen 380% in the last 12 months to trade at $102.42 U.S. per share.
Source: Yahoo Finance Top News — This article was automatically imported from the source. Read full article at original source →
