Hut 8 Stock Is Up 645%: Is This Bitcoin Miner Still a Buy?

Bitcoin miner Hut 8 (TSX: HUT) has long been a favourite alternative for short-term investors who seek exposure to Bitcoin prices. However, something has changed. The stock jumped 645% over 12 months ending June 20, 2026, and sustained the high price instead of falling back to its starting point in the crypto cycle. Although it witnessed a 36% correction in July and August, the stock bounced back 38% in September. And this time, the key factor driving the rally is not Bitcoin prices.

What is driving Hut 8’s stock price?

Hut 8 is diversifying away from Bitcoin mining to a power-first artificial intelligence (AI) data centre and energy infrastructure platform. Hut8 has three business segments: Compute (Bitcoin mining, AI, and traditional cloud), Power (energy development, construction, and operations), and Digital Infrastructure (co-location, leasing, and hosting). AI data centre revenue will be reported in the Digital Infrastructure segment. This segment represented just 4%, or US$9.6 million, of 2025 revenue of US$235.1 million.

In the second quarter, the company stated that it secured US$7.5 billion in project financing for Beacon Point Phase 1 and Google-backed River Bend. These, along with Beacon Point Phase 2, make a gigawatt-scale AI data centre campus.