Hut8 Shares Jump 4.3% to 52-Week High as AI Pivot Gains Steam
HUT•Crypto downturn deepened as Bitcoin lost 6%, dipping below its $70,000 support, prompting institutional capital to shift into AI high-performance computing data centers. Hut8 shares rallied 4.3% to a 52-week high as the former Bitcoin miner accelerates its pivot into AI-focused data center operations.
1. Crypto Market Selloff Deepens
Bitcoin plunged 6% to around $67,000, breaking below its key $70,000 support level and reigniting concerns that the year’s low of $60,000 could be tested. Institutional investors have shifted capital into AI and high-performance computing stocks as digital assets falter.
2. Hut8 Share Surge
Hut8 shares climbed 4.3% on June 2, reaching a 52-week high and outperforming most cryptocurrency-related equities during the market selloff. The stock’s rally reflects investor enthusiasm for companies reducing reliance on volatile crypto mining revenues.
3. Strategic Pivot to AI
Hut8 has expanded its operations into AI data centers and high-performance computing, leasing megawatts to machine learning customers and decoupling its revenue model from pure Bitcoin production. This strategic shift aims to generate more stable income streams amid digital asset volatility.
