HUT 8

Matt Prusak is leaving American Bitcoin as president and interim CFO to join Giga Energy as chief business officer and interim CFO. The move highlights a widening shift from bitcoin mining leadership toward power infrastructure and AI-ready data center development.

Hut 8 and IREN led a sharp Monday rebound in bitcoin mining stocks after announcing major AI infrastructure contracts. The deals helped ease investor concerns that demand for new data center capacity could be cooling.

Benchmark nearly doubled its price target on Hut 8 to $165 from $85, citing the value of the Beacon Point AI data center campus and the company’s faster shift into AI infrastructure. The broker said contracted leases, large-scale project financing and a development pipeline of more than 9 gigawatts support a longer runway despite recent share weakness.

Hut 8 has agreed to pay $2.35 million to resolve investor allegations that it failed to disclose operational problems tied to a key mining venture acquired in its 2023 merger with U.S. Bitcoin Corp. The deal still needs court approval and closes a securities class action that followed a sharp share price drop in early 2024.