According to Odaily Planet Daily, Wall Street brokerage firm Benchmark has significantly raised its price target for Bitcoin mining company Hut 8 (HUT) from $36 to $78, while maintaining a "buy" rating. Analyst Mark Palmer noted that Hut 8 has transformed from a pure Bitcoin mining company into an energy infrastructure company, strategically positioning itself in the artificial intelligence (AI) and high-performance computing (HPC) markets.

Led by CEO Asher Genoot, who took the helm in February 2024, Hut 8 is focused on controlling low-cost power infrastructure and currently has 1,530 megawatts of capacity under development, primarily for AI and HPC data centers. The company also holds 10,264 bitcoins (as of June 30) and a 64% stake in the United States Bitcoin Company (ABTC).

Benchmark describes Hut 8 as a "flexible call option" on the growth of AI and Bitcoin, noting that investors have responded positively to Genoot's strategy, with the stock up more than 300% in the past six months. Despite this, the analyst believes Hut 8's intrinsic value still exceeds its market capitalization. (CoinDesk)