Hut 8 (HUT) Rises 12% Pre-Market as Speculation of Meta (META) Partnership Swirls

Shares of bitcoin miner Hut 8 (HUT) jumped nearly 12% in pre-market trading amid social media speculation that it is building a data center with Facebook owner Meta Platforms (META).

The shares climbed to just under $30 as of 10:00 UTC. The CoinShares Valkyrie Bitcoin Miners ETF (WGMI), which offers broad exposure to the BTC mining sector, rose about 3% higher.

Neither Miami, Fla.-based Hut nor Menlo Park, Calif.-based Meta has announced a partnership.

Hut 8 is building a data center in West Feliciana Parish, La. at an initial cost of $12 billion, local media has reported.

Earlier this month, Meta said it was planning to build a $10 billion AI data center in Richland Parish, La., Reuters reported.

There are similarities between bitcoin miners and AI data centers in the required equipment, computing power and energy to run it all. Some bitcoin miners have been dedicating resources to AI computation to diversify their revenue streams.

Hut 8 previously announced a $500 million at-the-market (ATM) offering and a $250 million stock-repurchase program. The company has said it mined 94 BTC in November, a 6% month-on-month decrease. It holds 9,122 BTC ($921 million) on the balance sheet, the seventh-largest holder of bitcoin of any publicly traded company.

Neither company immediately responded to CoinDesk’s request for comment.

Read More: Bitcoin Miners Cipher, CleanSpark and MARA Upgraded at JPMorgan