Mining company Hut 8 may cooperate with Meta to build data centers. Hut 8 rose more than 11.75% before the market opened.

BlockBeats news, on December 12, according to CoinDesk, the Nasdaq-listed BTC mining company Hut 8 saw its pre-market stock price climb to just under $30, a rise of over 11.75% from Wednesday’s Closing Price of $26.69. The market speculates that Hut 8 is partnering with Meta Platforms, the parent company of Facebook, to build a data center. Earlier reports indicated that Hut 8 was building a data center in West Feliciana Parish, Louisiana, with an initial cost of $12 billion. According to Reuters, earlier this month, Meta also announced plans to build an artificial intelligence data center worth about $10 billion in Richland Parish, Louisiana. BTCMiner and artificial intelligence data centers have similarities in terms of equipment, computing power, and energy requirements, so the market speculates that Hut 8 has reached a partnership with Meta, although it has not been officially announced. As of the time of writing, Hut 8 and Meta have not responded to the matter. BlockBeats previously reported that at the beginning of August, Hut 8 announced the launch of a $500 million ATM (at-the-market) program and a $250 million stock repurchase program. The company intends to use the net proceeds from the ATM program to fund its rise plan, including acquisitions or the development of data centers and other power and digital infrastructure assets, as well as the purchase of Bitcoin as a strategic reserve asset. The net proceeds can also be allocated to other capital expenditures and investments, working capital, repurchasing previously issued securities, debt repayment, and other general corporate purposes.