Hut 8 owns more than 9,100 bitcoin giving it a large amount of capital for future projects, the report said.The broker said the company’s pipeline includes bitcoin mining as well as HPC and AI opportunities.
Bitcoin miner Hut 8’s stack of more than 9,100 coins gives it substantial capital to pursue upcoming projects, broker Craig-Hallum said in a research report upgrading the stock to buy. The company’s bitcoin stash is worth about 75% of its current market cap and “represents both a protective feature for investors and very opportunistic capital for the business to use for growth," said the analyst team led by George Sutton.
The broker raised its Hut 8 rating from hold to buy while maintaining its $12 price target. The shares closed over 13% higher at $8.
“We are particularly optimistic about the company’s strategic partnerships with key energy providers and its progress in the regulatory inquiry process, which we believe will further enhance its potential,” they added. The company’s pipeline includes not just bitcoin mining opportunities, but also high performance computing and artificial intelligence chances, the report said, noting HUT is joining the AI services market later this year with annual revenue of this contract expected to be $20 million.assets, four natural gas power plants in Ontario that were acquired by the previous management team, will prove to be a further source of cash, the broker added.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CoinDesk - 🏆 291. / 63 Read more »
Bitcoin miner stocks drop on ‘unsubstantiated’ post-halving profit fears: AnalystBitcoin mining shares have dropped this year as Blockware Solutions’ Mitchell Askew says investor concerns are growing over their post-halving profitability.
Source: Cointelegraph - 🏆 562. / 51 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »