H.C. Wainwright raised the firm’s price target on Hut 8 Corp. to $7 from $5.50 and keeps a Sell rating on the shares after the company announced that construction at its newest 63 MW bitcoin mining facility in Culberson County, Texas, has commenced. Hut 8 also announced its new treasury strategy that involves the use of its bitcoin stack to finance growth initiatives, which is a deviation from the company’s prior strategy, where the company formally held 100% of self-mined coin on balance sheet. While the firm views today’s announcements as “positive developments” ahead of the April 2024 halving, it continues to believe the near-term risks outweigh the rewards, the analyst tells investors.
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