Bitcoin miner Hut 8 receives ‘buy’ rating and new price target from Benchmark
by Brian McGleenon
Companies • April 22, 2024, 9:25AM EDT
Quick Take
- Benchmark has given Hut 8 a share price target of $12, the current share price is $8.05.
- The investment banking firm’s Monday research note also gave the bitcoin miner a Buy rating.
Hut 8’s bitcoin holdings
Benchmark has initiated coverage of bitcoin miner Hut 8, giving the company a “buy” rating and a price target of $12.
In its evaluation, Benchmark factored in the company’s “diversified business model” following the completion of its merger with U.S. Bitcoin Corporation. This includes multiple new revenue streams from self-mining, managed services, hosting, high-performance computing and artificial intelligence.
Merger with U.S. Bitcoin Corporation
Hut 8 and U.S. Bitcoin Corporation announced that they had officially joined forces in November 2023. The new company, based in the U.S., is officially called Hut 8 Corporation.
As of March 31, the company had around 884 MW of power capacity under management across 11 sites and featured a total hash rate of 25.5 EH/s and a 250 MW hosting business, and a managed services operation. HUT also operates a high-performance computing business with five data centers across Canada.
Hut 8 Corporation shares are Nasdaq listed and Friday’s price at close of trade was $8.05, up 2.16% in the day.
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