Is HUT a good stock to buy? We came across a bullish thesis on Hut 8 Corp. on The Mispricing Desk’s Substack. In this article, we will summarize the bulls’ thesis on HUT. Hut 8 Corp.’s share was trading at $119.60 as of June 8th. HUT’s trailing and forward P/E were 28.26 and 84.75 respectively according to Yahoo Finance.
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Hut 8 Corp. (HUT) is increasingly emerging as an AI infrastructure platform rather than merely a bitcoin mining company, yet the market continues to value the business largely as a crypto beta vehicle. The company recently transformed the financing debate around its AI data center strategy by securing $3.25 billion of investment-grade, non-recourse, non-dilutive financing for its River Bend campus while also refinancing its bitcoin-backed credit facility through FalconX, lowering borrowing costs and freeing approximately 3,300 bitcoin from collateral restrictions.
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At the same time, Hut 8 announced the first 352 MW phase of Beacon Point under a 15-year lease carrying a stated base-term contract value of $9.8 billion, while first-quarter 2026 results confirmed 597 MW of contracted AI data center capacity and $16.8 billion of aggregate contracted base-term revenue across signed leases. River Bend and Beacon Point together are projected to generate approximately $1.109 billion of average annual NOI once fully operational, yet the market capitalization still appears to reflect skepticism toward execution and continued association with bitcoin volatility.
The bullish thesis is that Hut 8’s signed leases, disclosed economics, and increasingly institutional financing profile are beginning to shift the company into infrastructure-style valuation territory. Even after accounting for construction, power, and tenant concentration risks, the company’s AI assets alone could justify materially higher valuation multiples over time. With additional commercialization updates, financing milestones, and project energization expected through 2027, Hut 8 appears positioned for a multi-quarter rerating as the market increasingly recognizes the durability and scale of its contracted AI infrastructure platform.
Previously, we covered a bullish thesis on IREN Limited (IREN) by Anxious-Criticism652 in May 2025, which highlighted the company’s evolution from bitcoin mining into a scalable AI and digital infrastructure platform backed by renewable energy assets and high-margin GPU cloud operations. IREN’s stock price has appreciated by approximately 549.01% since our coverage. The Mispricing Desk shares a similar view but emphasizes Hut 8’s contracted AI campuses and infrastructure-style valuation potential.
Hut 8 Corp. is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held HUT at the end of the first quarter which was 64 in the previous quarter. While we acknowledge the risk and potential of HUT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HUT and that has 10,000% upside potential, check out our report about this cheapest AI stock.
Disclosure: None.
