Bitcoin miner Hut 8 is strengthening its financial firepower, expanding its credit facility with Coinbase to $200 million as it leans further into artificial intelligence and high-performance computing.
The expanded facility, disclosed in a recent SEC filing, gives the company added flexibility for general corporate use and builds on a strong year for Hut 8 — one that stands in sharp contrast to the struggles faced by much of the mining industry.
While many miners have been squeezed by higher costs and thinner margins, Hut 8 has pushed ahead with a bold pivot toward AI infrastructure. That strategy took a major step forward in December with a $7 billion, 15-year agreement with AI cloud provider Fluidstack, under which Hut 8 will supply 245 megawatts of power to support a large-scale AI data center.
The market has rewarded that shift. Hut 8 shares are up more than 134% over the past year, trading around $51, even as the broader mining sector continues to feel the impact of the April 2024 Bitcoin halving, which cut block rewards in half.
Beyond AI, Hut 8 has continued to build its Bitcoin mining and treasury position. Through its majority stake in American Bitcoin, the company has increased its exposure to BTC at a time when many competitors have been forced to sell holdings just to stay afloat.
That resilience comes despite industry-wide headwinds, including higher energy prices, macro uncertainty, and rising equipment costs linked to US tariffs under President Donald Trump. Concerns around supply chains have also grown, given China’s dominant role in manufacturing mining hardware.
Even so, Hut 8 remains one of the largest corporate Bitcoin holders. The company currently ranks ninth globally, holding 13,696 BTC worth more than $1.2 billion, while American Bitcoin ranks twentieth with 5,098 BTC valued at roughly $458 million.
Elsewhere in the sector, pressure is mounting. Mining hardware giant Bitmain has begun aggressively cutting prices across multiple generations of machines, signaling ongoing strain. In one late-December promotion, the company offered bundled S19 XP+ Hydro units at an implied cost of about $4 per terahash, with deliveries slated for early 2026.
At the same time, Bitcoin’s network hashrate slipped 4% through mid-December, a development some analysts see as potentially bullish. According to VanEck, prolonged hash-rate compression has historically been followed by stronger price performance, suggesting the mining shakeout may still have room to run.
