Benchmark raises Hut 8's 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 for 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 focuses on controlling low-cost power infrastructure, currently having 1,530 megawatts of capacity under development, primarily aimed at AI and HPC data centers. The company also holds 10,264 Bitcoins and a 64% stake in a U.S. Bitcoin company. Benchmark describes Hut 8 as a "flexible bullish option" for AI growth and Bitcoin appreciation, noting that investors have responded positively to Genoot's strategy, with the stock rising over 300% in the past six months. Nevertheless, analysts believe that Hut 8's intrinsic value still exceeds its market capitalization.