Hut 8 Director Sells $2M in Stock Just as Shares Hit All-Time High
Hut 8 Corp. (Nasdaq: HUT) has been on a tear in recent weeks, with shares surging past $100 and hitting an all-time high above $126 in late May. The rally followed the company's announcement of a $9.8 billion, 15-year lease for a large-scale AI data center in Texas — a project originally designed for Bitcoin mining that was repurposed to serve artificial intelligence workloads.
Hut 8, which started as a pure-play Bitcoin miner, has been repositioning itself as a flexible data infrastructure provider that can shift resources between AI and crypto mining depending on demand. While many rivals have abandoned mining altogether to chase AI contracts, Hut 8 has attempted to balance both — though its latest moves lean heavily into the AI camp. The company named Nvidia (Nasdaq: NVDA) as its technology partner for the Texas campus, which is being engineered to Nvidia's DSX reference architecture for gigawatt-scale AI factories.
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According to a Form 4 filed with the Securities and Exchange Commission on May 26, Hut 8 board director Amy Marie Wilkinson sold 20,000 shares at $100.78 apiece on May 21, netting just over $2 million. Even after the sale, she still holds more than 262,000 shares in the company. The transaction came just days before Hut 8's stock peaked at $126.26 on May 28, suggesting the director timed the sale near the top of the recent surge.
Insider selling is a routine practice on Wall Street and does not necessarily signal a lack of confidence in the company's future. Executives often sell shares for personal reasons, such as portfolio diversification or tax planning. However, the size and timing of this sale — occurring after a parabolic run and near an all-time high — may attract scrutiny from investors looking for any sign of waning conviction among top leaders.
The Hut 8 stock closed at $124.24 on May 28, still well above Wilkinson's sale price, indicating the market remains bullish on the company's AI pivot. Yet some analysts caution that the transition from mining to AI infrastructure carries execution risks, including the massive capital outlay required for data center buildouts and the uncertain pace of AI adoption. For now, Hut 8 appears to be riding a wave of enthusiasm, but insider transactions like this one often serve as a subtle reminder that even the most optimistic growth stories have investors taking profits off the table.
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This story was originally published by TheStreet on May 28, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.