Bitcoin mining companies Hut 8 and IREN announced large AI infrastructure deals, sending their shares and those of peers higher. The moves come as miners expand into data centers and cloud services for AI developers.
Hut 8 signed a 15-year, $9.8 billion lease for the second phase of its Beacon Point AI data center campus in Texas. The deal doubles the tenant's footprint to 704 megawatts and fully commercializes the site's 1 gigawatt capacity.
IREN announced $2.8 billion in new multiyear cloud services contracts with AI developers. The company raised its year-end AI cloud annualized run-rate revenue target above $4 billion, with about 85 percent of that revenue now under contract.
Shares of Hut 8 rose as much as 17 percent while IREN gained as much as 19 percent. Other Bitcoin miners including MARA Holdings, Riot Platforms, Cipher Mining and TeraWulf also advanced, and the CoinShares Bitcoin Miners ETF climbed 8.5 percent.
The gains follow recent investor concerns over whether demand for AI computing capacity would continue at its prior pace.
