HUT's breakthrough: 1.5 GW, ABTC Spin and 932x P/E ratio – momentum or crazy?

Hut 8 (HUT) is transforming into an energy infrastructure and computing platform that distinguishes capital-intensive Bitcoin mining from stable contract-driven revenue, and its performance is soaring. The company currently manages three divisions: electricity, digital infrastructure and computing, and adopts a “power first” strategy to ensure multi-year energy transactions and distribute power between mining and high-profit tenants such as AI/HPC customers. Its expansion plan includes a due diligence project of about 10.8 GW and an exclusive project of about 3.1 GW, with the goal of more than double the managed power capacity to reach about 2.55 GW. In the second quarter of 2025, revenue reached $41.3 million (17% year-on-year), mainly thanks to $34.3 million in computing revenue (117% year-on-year), although the $217.6 million in digital asset returns also boosted profitability. HUT shares have risen about 50% so far this year and about 243% year-on-year, but the valuation remains high, with an expected P/E ratio of about 932 times, and HPC contracts and ABTC public listing are required to prove that the current level is reasonable.