Thread by @ericjackson

🧵 Why I’m Long $HUT — and Why It Could Be a 100× Story by 2029

I’ve taken a long position in $HUT (Hut 8) — and I think it’s one of the most misunderstood stocks in the market.
Everyone still calls it a miner.
I see it as the energy + AI infrastructure platform that the market hasn’t caught up to yet (unlike my other 2 favorite longs IREN and CIFR).
👇

Start with HUT’s balance sheet:
HUT holds $1 B in BTC + 60 % of ABTC, worth ≈ $4 B.
That already covers most of its current $5.1 B market cap.
You’re essentially paying $1–1.5 B for the entire power, data-center & AI infrastructure platform.

Operations at scale:
•1 + GW of active capacity
•1.5 GW under development
•7 GW under diligence
Each MW leased to HPC/AI workloads = 7–8× more equity value than current trading levels.

Financial foundation:
•$2.4 B liquidity (cash + BTC)
•Low debt
•2026 consensus = $382 M revenue / $167 M EBITDA

Peer multiples:
•IREN = 22× forward EV/EBITDA
•CIFR = 36× forward EV/EBITDA
Midpoint = 30× → $5 B EV for ops + $4 B BTC/ABTC = $9B equity ≈ $84 / share vs $48 today.

And that’s before new HPC/AI tenant leases hit.
When those deals get announced, HUT stops trading like a miner and starts trading like a digital infrastructure REIT with AI leverage.

Flagship project: River Bend (Louisiana)
•592 acres secured
•300 MW approved power
•Adjacent to a nuclear plant = cheap, stable megawatts
Once those MWs convert into AI leases, the re-rating will be immediate.

If HUT executes on just 25 % of its 7 GW plan, that’s $5–6B revenue and $1.5–2B EBITDA.
At 25× infra multiples → $37–50B valuation (7–10×) from here.

Full execution = 7 GW deployed → ≈ $21B revenue / $6B EBITDA.
At 25× → $150B EV + $5B BTC/ABTC = $155B equity.
That’s 30× today’s valuation, before any Bitcoin upside.

If BTC doubles to $250K and ABTC scales, that adds another 2–3× floor value.
Combine BTC leverage + infrastructure execution + AI tenant re-rating → potential 100× total return by 2029.

One final point: CEO @ashergenoot is a modern-day tech operator — tireless, brilliant, and execution-driven.
I’ve spent time with him these last 2 months; he thinks in gigawatts and builds like Bezos in 2001.
With him at the helm, I believe HUT will go from miner → megawatt empire.
I’m long $HUT. The re-rating has just begun. 🚀