Benchmark Raises Hut 8 Price Target After Bitcoin Miner Signs $9.8 Billion AI Data Center Deal
Bitcoin Magazine
Benchmark Raises Hut 8 Price Target After Bitcoin Miner Signs $9.8 Billion AI Data Center Deal
Investment bank Benchmark has raised its price target on Bitcoin miner Hut 8 following news that the company had signed a second 15-year lease worth $9.8 billion for its AI data center.
Equity research analyst Mark Palmer reiterated his “buy” rating on the Toronto- and Nasdaq-listed miner in a note Wednesday, raising its price target to $195, up from $165 — an 80% upside from Hut 8’s current share price of nearly $110 a pop.
Palmer argued that the deal validates Hut 8’s “power-first” approach to building out AI infrastructure.
Hut 8 announced Monday that it had signed a second 15-year lease for 352 megawatts of IT capacity at its Beacon Point campus in Nueces County, Texas — doubling the site’s tenant to 704 MW of contracted capacity and fully commercializing the campus against its 1,000 MW of utility capacity. Hut 8 shares climbed over 10% on the news, closing near $101 after peaking above $106.
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