As previously reported, Benchmark initiated coverage of Hut 8 Corp. with a Buy rating and $12 price target. The “new HUT,” which is the “NewCo” resulting from the merger of “old HUT” and US Bitcoin Corporation, features a diversified business model with multiple revenue streams including self-mining, managed services, hosting, high-performance computing and artificial intelligence, notes the analyst, whose sum-of-the-parts analysis includes a 2-times EV/revenue multiple applied to its FY24 revenue of $195.8M and the market value of the company’s bitcoin holdings.
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