At a time when many Bitcoin miners are shrinking operations or selling reserves just to stay afloat, Hut 8 is doing the opposite: expanding access to capital and doubling down on long-term infrastructure bets.
The company has quietly increased its credit facility with Coinbase to $200 million, according to a recent regulatory filing. Rather than earmarking the funds for emergency liquidity, Hut 8 says the expanded line will support general corporate needs – a signal of confidence that stands out in a sector under pressure.
Key Takeaways
Hut 8 expanded its Coinbase credit facility to $200 million, highlighting strong capital access while many miners remain under pressure.
The company is repositioning beyond mining, backing long-term growth with a major AI data center power deal and infrastructure focus.
While peers sell BTC to survive, Hut 8 continues accumulating Bitcoin, widening the gap between itself and the broader mining sector.
From miner to infrastructure operator
This financing move did not come out of nowhere. Hut 8 has spent the past year reshaping its identity, moving beyond pure Bitcoin mining into energy-backed digital infrastructure. The clearest example came in December, when the company struck a long-term deal with Fluidstack.
Under that agreement, Hut 8 will supply 245 megawatts of power to an AI data center over 15 years, a commitment valued at roughly $7 billion. The scale of the deal places it among the largest partnerships ever signed between a crypto-native firm and an AI infrastructure provider, and it firmly positions Hut 8 inside the growing compute economy.
Investors reward the strategy
Markets have responded decisively. Hut 8 shares have risen more than 130% over the past year, lifting the stock to around $51 and separating it from most publicly traded mining peers. While many miners struggled with shrinking margins and volatile cash flows, Hut 8 benefited from diversification and access to capital.
Part of that strategy includes majority ownership of American Bitcoin, a mining and Bitcoin treasury business that expanded Hut 8’s operational footprint while reinforcing its long-term BTC exposure.
A brutal backdrop for miners
The contrast with the broader mining industry is sharp. In 2025, miners faced one of the most challenging environments on record. The April 2024 halving slashed block rewards, energy costs remained elevated, and financing conditions tightened just as revenues came under pressure.
Adding to the strain were trade frictions. Tariffs introduced under Donald Trump increased hardware costs and raised concerns about supply disruptions. With China still a dominant producer of ASIC mining equipment, geopolitical tension between Washington and Beijing became another risk factor miners had to navigate.
Holding Bitcoin while others sell
Despite these headwinds, Hut 8 continued to accumulate Bitcoin rather than liquidate it. Data from BitcoinTreasuries.net shows Hut 8 ranked ninth globally among corporate Bitcoin holders, with 13,696 BTC on its balance sheet, worth more than $1 billion at current prices.
Its affiliate, American Bitcoin, also ranks among the top corporate holders, placing twentieth worldwide with just over 5,000 BTC. That accumulation stands in contrast to many miners who were forced to sell coins to cover operating costs.
