Coatue Management Bought 9.72 Million Shares of Hut 8 in Q2. How to Play HUT Stock Now.

Coatue Management, a prominent investment firm, added nearly 9.72 million shares of Hut 8 (HUT) to its portfolio in Q2, according to recent filings. Founded in 2017, Hut 8 has evolved from a Bitcoin miner into an energy infrastructure platform catering to artificial intelligence (AI) hyperscalers. As of June 30, 2026, HUT stock showed a 71% increase on a year-to-date basis.

The company's growth can be attributed to its strategic investments and the completion of several significant projects, such as the Beacon Point and River Bend AI campuses in Texas and Louisiana, respectively. These projects have secured substantial contracts with major AI firms, bringing Hut 8's contracted IT capacity to 949 MW.

However, Hut 8's financial performance in Q2 2026 has been mixed, with revenues growing at an impressive 81% year-over-year, primarily driven by increases in compute revenue. Nevertheless, losses widened compared to the previous year, largely due to unrealized losses on digital assets. Despite these challenges, the company's unique expertise in power, land access, data-center development, and operating experience has positioned it as a potential winner in the AI infrastructure space.

Analysts have given HUT a "Strong Buy" rating, with a mean target price of $157.47, indicating a potential upside of 97% from current levels.