Hut 8 secures $7 billion, 15-year lease agreement with Fluidstack for 245MW AI data center, backed by Google. Stock jumps 25%. Google acts as a financial backstop, guaranteeing lease payments. Hut 8 CEO calls it a disciplined, innovative move. Lease includes renewal options and expansion possibilities, totaling $17.7 billion.

Google not running data center, mining, or AI workloads. Instead, providing financial security. Google’s involvement boosts investor confidence. Hut 8 aims to generate $6.9 billion in net operating income. JP Morgan and Goldman Sachs lead project financing. Hut 8 secures 330MW capacity from Entergy Louisiana.

Bitcoin mining firms like Hut 8 pivot to AI data centers amid post-halving pressure. TeraWulf stock also rises after Google Cloud partnership announcement. Companies aim to support non-mining workloads for hyperscale demand. Hut 8 and TeraWulf stocks surge, up 79% and 129% year to date, respectively.

Read more at Yahoo Finance: $7B Google-backed deal sends crypto stock soaring