Benchmark raises Hut 8 target price to $78, optimistic about its dual positioning in AI and Bitcoin

ChainCatcher news, Wall Street brokerage Benchmark has significantly raised the target price of bitcoin mining company Hut 8 from $36 to $78, while maintaining a "Buy" rating.

Analyst Mark Palmer pointed out that Hut 8 has transformed from a pure bitcoin mining company into an energy infrastructure company, strategically positioning itself in the artificial intelligence and high-performance computing markets. Under the leadership of CEO Asher Genoot, who took office in February 2024, Hut 8 is focused on controlling low-cost power infrastructure and currently has 1,530 megawatts of capacity under development, mainly targeting AI and HPC data centers. The company also holds 10,264 bitcoins and a 64% stake in US Bitcoin Corp. Benchmark describes Hut 8 as a "flexible bullish option" on AI growth and bitcoin appreciation, and notes that investors have responded positively to Genoot's strategy, with the stock rising more than 300% in the past six months. Nevertheless, the analyst believes Hut 8's intrinsic value still exceeds its market capitalization.