Hut 8 announced on Monday that the new projects, located across Louisiana, Texas, and Illinois, range from 50 MW to 1,000 MW and will bring Hut 8's pipeline to over 10 GW of potential capacity. Once operational, the latest expansion will bring Hut 8's platform to over 2.5 GW of managed capacity across 19 sites.

To support the construction, Hut 8 leveraged multiple financing sources, including a new $200 million revolving credit line with digital asset investment firm Two Prime and an expanded, repriced $130 million credit line with Coinbase. Together, these two facilities provide $330 million in non-dilutive growth capital at an average weighted cost of 8.4%.

As previously reported, the company also launched a $1 billion at-the-market equity program last week. Additionally, Hut 8 stated it is in discussions with banks for project financing related to specific data center developments.

As of August 25, Hut 8 held over 10,000 Bitcoins, valued at approximately $1.2 billion, which the company views as a reserve asset base to secure loans or generate income. The company stated that its liquidity resources, including cash, credit, and Bitcoin, totaled $2.4 billion.

This latest expansion comes as Hut 8 accelerates its transformation into energy and digital infrastructure, including high-performance computing and other energy-intensive technologies. CEO Asher Genoot described the 1.5 GW of new development capacity as "the first phase of executing on a multi-gigawatt energy origination pipeline that supports our long-term growth trajectory." However, the company did not provide a construction timeline or commercialization plan for the planned infrastructure.