Hut 8 Signs $7B AI Deal Backed by Google

A major bitcoin miner cements a massive AI pivot, corporate treasuries expand beyond bitcoin into ether, and the FDIC prepares to integrate stablecoins into the banking sector. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio, Also, subscribe to ourfor the Crypto Fly By weekly recap.HUT 8 SIGNS $7B AI DEAL WITH GOOGLE BACKING:In a significant move bridging cryptocurrency mining and artificial intelligence, Hut 8. The deal involves infrastructure provider Fluidstack and includes a financial backstop from Google, which will cover lease obligations if Fluidstack cannot. The project, located at the River Bend campus in Louisiana, is also expected to receive project-level financing led by JPMorganand Goldman Sachs. Following the announcement, Clear Street analyst Brian Dobson raised his price target on Hut 8 to $60 from $27 and reiterated a Buy rating. The firm notes the partnership, which reportedly includes Anthropic and Fluidstack, exceeds expectations in scale and duration, accelerating the miner's shift to AI infrastructure.COREWEAVE STRUGGLES AMID SECTOR WEAKNESS:The shift toward AI has prompted concerns over the "fragility" of the infrastructure boom.operational delays and tightening credit conditions are impacting companies like CoreWeave, which relies on chips from Nvidiaand revenue from clients like Microsoftand Meta. The report notes that Core Scientificpreviously rejected a takeover from CoreWeave, citing balance sheet risks. Broader tech weakness was also noted, with Oracleand Broadcomseeing declines.STRATEGY, BITMINE AND AMERICAN BITCOIN EXPAND CRYPTO TREASURIES:Public companies continue to adjust their digital asset strategies., Strategy recently acquired another 10,645 bitcoin, bringing its total holdings to over 671,000 coins. In the small-cap space, American Bitcoinhas entered the top 20 public bitcoin treasuries, now holding over 5,000 coins,. Additionally, BitMinereportedly added nearly $140M worth of etherto its balance sheet, taking advantage of recent price dips.DTCC TAPS CANTON NETWORK FOR TREASURY TOKENIZATION AS FDIC PROPOSES STABLECOIN RULES:Institutional adoption of blockchain technology is accelerating. The DTCC has selected the Canton Network to tokenize U.S. Treasury securities, a project backed by partners including BlackRock, Blackstone, Nasdaq, S&P Global, and Goldman Sachs., this initiative aims to bridge traditional and digital finance. In related news, polkadotsaw gains after Coinbaseunlocked USDC integration for the network. On the regulatory front, the, which could impact major lenders like Citigroupthat are exploring the technology.H.C. WAINWRIGHT ANALYST INDUSTRY NOTES:H.C. Wainwright reiterated its ratings and price targets on the following crypto-related stocks:Applied Digital: Buy rating and $40 price target.Bit Digital: Buy rating and $7 price target.Bitdeer Technologies: Buy rating and $30 price target.Bitfarms: Buy rating and $4 price target.BitFuFu: Buy rating and $7 price target.Cango: Buy rating and $3 price target.Cipher Mining: Buy rating and $30 price target.CleanSpark: Buy rating and $27 price target.Coinbase: Buy rating and $425 price target.Core Scientific: Buy rating and $25 price target.CoreWeave: Buy rating and $180 price target.HIVE Digital: Buy rating and $10 price target.Hut 8: Buy rating and $27 price target.Iris Energy: Sell rating and $56 price target.MARA Holdings: Buy rating and $28 price target.Mawson Infrastructure: Neutral rating.Riot Platforms: Buy rating and $26 price target.Soluna Holdings: Neutral rating.Strategy: Buy rating and $475 price target.WhiteFiber: Buy rating and $34 price target.AMAZON REPORTEDLY IN TALKS TO INVEST $10B IN OPENAI:Competition for AI chip resources remains fierce.that Amazonis in talks to invest $10B into OpenAI, potentially challenging Nvidia's dominance in the sector. The deal could involve the use of Amazon's proprietary chips and places the e-commerce giant in direct competition with fellow peers like Teslaand Alphabet.PRICE ACTION:As of the time of writing, the price of bitcoinwas $86,615.10, while etherwas $2,845.06,.