HUT Fireside: Beacon Point Exclusivity Expiry the Near-Term Catalyst

Research evidence excerpt

HUT Fireside: Beacon Point Exclusivity Expiry the Near-Term Catalyst

USA | Digital Infrastructure

Hut 8 Corp EquityJulyResearch5, 2026

FLASH NOTEHUT Fireside: Beacon Point Exclusivity Expiry the

RATING BUYNear-Term Catalyst

PRICE $97.14^

We spoke with HUT's new head of IR Mark Eidelman. The company pushed

back on fears of META being a competitor, and framed META's entrance to AI PRICE TARGET | % TO PT $156.00 | +61%

compute as a positive, a testament to the growing demand for infrastructure, 52W HIGH-LOW $140.80 - $18.68

and more likely a potential tenant. The key near-term catalyst for HUT is the FLOAT (%) | ADV MM (USD) 90.6% | 422.35

expiring exclusivity at Beacon Point (next week), which provides a near-term MARKET CAP $10.9B

leasing opportunity for the company. TICKER HUT ^Prior trading day's closing price unless otherwise

noted.

Beacon Point Exclusivity Expires Next Week; Converts to ROFO Thereafter and Represents

Leasing Catalyst for HUT: Beacon Point's existing investment grade tenant has its exclusivity

for the remaining 500 gross MW expiring next week. It is likely this gets exercised, but if not, it

represents an opportunity for HUT to sign a new tenant. Site power availability builds to 700 MW

by 1Q27 (power only, not data center construction), the first data center hall comes online in 3Q27,

and the remaining 300 MW is online by end of 2028 (500 gross MW leased today, 500 gross MW

additionally available).

Riverbend ROFO with Fluidstack/Anthropic; Potential for BTM: HUT reiterated the existing ROFO

Fluidstack/Anthropic has at Riverbend for an additional 1 GW of IT load at the site. The power today

is not available (and not reflected in HUT's pipeline), but HUT is actively working on both FTM and