Hut 8 Directors Sell About $2 Million in Stock as AI Pivot Sparks Rally

Hut 8 directors have sold about $2 million worth of company stock as the shares surged on optimism over the company's expansion into artificial intelligence data centers.

The Distrist reported on May 28 that Amy Marie Wilkinson, a director at Hut 8, recently sold a large amount of the company's stock.

Hut 8 is restructuring its business from a Bitcoin mining company into an AI and data infrastructure firm. Unlike other mining companies, it has not fully exited mining and is pursuing both AI and mining operations.

On May 6, the company announced a 15-year lease agreement worth a total of $9.8 billion tied to a large AI data-center project in Texas. The facility was originally designed for Bitcoin mining before being converted for AI operations.

Hut 8 has also said Nvidia will serve as its technology partner. The first phase of the data-center campus will be built on Nvidia's DSX reference architecture for gigawatt-scale AI factories.

The stock jumped after the announcement. Hut 8 shares climbed above $100 on May 6 and extended their gains to a record $126.26 on May 28.