Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin mining firm Hut 8 has been given a ‘buy’ rating and a $12 price target by Benchmark.</li>
 <li>Hut 8’s diversified business model and substantial bitcoin holdings were key factors in Benchmark’s evaluation.</li>
</ul>
<p>Benchmark has begun coverage of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">bitcoin</a> miner Hut 8, assigning the firm a “buy” rating and a price target of $12.</p>
<p>In its assessment, Benchmark considered Hut 8’s “diversified business model” after the company merged with U.S. Bitcoin Corporation. This merger has resulted in several new revenue streams from self-mining, managed services, hosting, high-performance computing, and artificial intelligence.</p>
<h2 id="hut-8-s-bitcoin-holdings">Hut 8’s Bitcoin Holdings</h2>
<p>The investment banking firm also highlighted the market value of Hut 8’s bitcoin holdings. As of March 31, Hut 8 ranked second among listed miners in terms of bitcoin holdings, with 9,102 bitcoins in reserve. The company’s bitcoin holdings offer it a substantial liquidity cushion and the potential to benefit from bitcoin price increases. These holdings are estimated to be worth around $592 million, roughly 82% of its market capitalization.</p>
<h2 id="merging-with-u-s-bitcoin-corporation">Merging with U.S. Bitcoin Corporation</h2>
<p>In November 2023, Hut 8 and U.S. Bitcoin Corporation announced their official merger. The newly formed company, Hut 8 Corporation, is based in the U.S. As of March 31, the company managed about 884 MW of power capacity across 11 sites and had a total hash rate of 25.5 EH/s. It also has a 250 MW hosting business, a managed services operation, and runs a high-performance computing business with five data centers across Canada.</p>
<p>Hut 8 Corporation’s shares are listed on Nasdaq. The closing price on Friday was $8.05, marking a 2.16% increase for the day.</p>

Benchmark Endorses Bitcoin Miner Hut 8 with a ‘Buy’ Rating and Boosts Its Price Target

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