Hut 8 has priced $4.25 billion of senior secured notes to finance a large artificial intelligence (AI) data centre project in Texas. The deal marks another major step in the company’s shift from Bitcoin mining towards power-backed digital infrastructure.

Hut 8 announced the launch of the first phase of its Beacon Point AI campus in Texas. The company also signed a 15-year agreement to lease 352 MW of infrastructure with a base contract value of $9.8 billion.

Hut 8 has entered into a new credit agreement and reduced its borrowing costs. Bitcoin has become a key source of liquidity, allowing the company to unlock $260 million. The refinancing marks a shift in the miner’s financial strategy.

Mining company Hut 8 has developed a modular infrastructure model that allows flexible switching of computing power between artificial intelligence tasks and Bitcoin mining. This was reported by The Block.