Hut 8 Corp. initiated with a Buy at Needham

Needham initiated coverage of Hut 8 Corp. with a Buy rating and $12 price target. The analyst cites the company’s diversification strategy that bodes well into the Halving, when self-mining revenues decline industry-wide as well as near-term fleet efficiency gains which should lower Hut 8’s production costs. Needham further notes that the company’s operational leverage with limited G&A increases should accompany hash rate growth.