TechFlow, October 28 — According to CoinDesk, Wall Street firm Benchmark has significantly raised its price target for bitcoin miner Hut 8 (HUT) from $36 to $78, while maintaining a "buy" rating. Analyst Mark Palmer noted that Hut 8 has transformed from a pure-play bitcoin mining company into an energy infrastructure company with strategic positioning in artificial intelligence (AI) and high-performance computing (HPC) markets.
Under CEO Asher Genoot, who took office in February 2024, Hut 8 has focused on securing low-cost power infrastructure and currently has 1,530 megawatts of capacity under development, primarily targeting AI and HPC data centers. The company also holds 10,264 bitcoins (as of June 30) and a 64% equity stake in American Bitcoin Company (ABTC).
Benchmark described Hut 8 as a "flexible call option" on AI growth and rising bitcoin prices, noting that investors have responded positively to Genoot's strategy, with the stock rising over 300% in the past six months. Nevertheless, the analyst believes Hut 8's intrinsic value still exceeds its market capitalization.
