Hut 8 has priced $4.25 billion of senior secured notes to finance a large artificial intelligence (AI) data center project in Texas. The deal marks another major step in the company’s shift from bitcoin mining toward power-backed digital infrastructure. Hut 8 has priced a $4.25 billion debt offering to finance the construction of a major AI data center in Texas, extending its transformation from bitcoin miner into a large-scale digital infrastructure company.