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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HUT:
- Hut 8 optimizes self-mining operations as miners come online at Salt Creek
- Hut 8 Mining call volume above normal and directionally bullish
- Class Action Lawsuit against Hut 8 Corp. (NASDAQ:HUT)
- Here’s What You Missed in Crypto This Week
- Hut 8 Corp. price target lowered to $14 from $17.50 at Canaccord
