HUT stock fell 60% from its $140 high. CoinPedia sees $290-$520 by 2030 as Hut 8 pivots from Bitcoin mining to AI data center contracts. $100 support is key.
Hut 8 Corp. (NASDAQ: HUT) has retreated more than 60% from its 52-week high of $140.17, a slide that reflects profit-taking after an extended rally rather than a breakdown in the company's underlying business, CoinPedia said in a research note. The stock now trades inside a descending channel, with buyers defending the $100–$102 zone as first support.
The pullback follows a period when Hut 8's market value swelled on expectations that the company would capture demand from AI data centers and high-performance computing. Hut 8 has spent the past two years reshaping its model: it still mines Bitcoin, but it now also owns and operates energy-backed infrastructure that can host enterprise computing workloads. That shift has brought in a different class of investor, CoinPedia noted, one more focused on recurring revenue from AI compute than on Bitcoin block rewards.
CoinPedia's price outlook for 2030 runs from $290 to $520, with an average target near $410. The wide range reflects uncertainty over how fast Hut 8 can convert its power assets into AI contracts. The company's Bitcoin treasury adds optionality. A sustained bull cycle in crypto could push the stock toward the upper end of the forecast, while execution missteps on the infrastructure side could keep it closer to the lower end, CoinPedia said.
The Infrastructure Pivot
Hut 8's core argument is that its energy portfolio – fixed-price power purchase agreements, high-voltage substations, and sites with interconnection capacity – gives it a structural cost advantage over peers that lease data center space. That thesis got a test this year when the company announced a series of AI-related partnerships, including a deal to host GPU clusters for an unnamed technology firm. The revenue terms were not disclosed, but the move signaled that Hut 8 can compete for enterprise compute contracts, CoinPedia wrote.
The company's mining fleet has also been refreshed. Hut 8 operates roughly 9.5 exahash of Bitcoin mining capacity, powered largely by its own energy assets. Mining alone generates volatile cash flows tied to the Bitcoin price, but the AI infrastructure contracts are meant to provide a floor. CoinPedia's model assumes that AI-related revenue will surpass mining revenue by 2027 if current deployment timelines hold.
Technical Picture
On the charts, HUT stock is testing a descending channel that has contained price action since the January peak. The $100 level aligns with the 100-day exponential moving average and the lower boundary of the channel. A break below $92 would open the door to the $85 area, though volume has been declining on the pullback, a sign that selling pressure is fading, CoinPedia said.
Immediate resistance sits at $118–$120, the channel's upper edge. A close above that level, especially on rising volume, would signal that the corrective phase is over. The next target would be $130, with $140–$145 as the major supply zone where the previous rally stalled.
CoinPedia's longer-term technical view is constructive as long as HUT holds above $100. The firm expects the descending channel to resolve to the upside in the coming months, driven by improving momentum and continued progress on the AI infrastructure playbook.
Risk Factors
Hut 8's valuation remains tied to Bitcoin price cycles, even with the AI pivot. A protracted crypto bear market could compress the stock regardless of infrastructure progress. Regulatory uncertainty around crypto mining and data center power consumption also clouds the outlook. CoinPedia noted that the company's ability to secure long-term AI contracts at favorable pricing is unproven at scale.
Hut 8 has not announced its next earnings date. Its most recent quarterly report showed revenue of $45.2 million, up from $29.1 million a year earlier, driven by higher Bitcoin production and first contributions from the AI hosting business.
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