Benchmark Doubles Hut 8 Price Target to $165 on AI Data Center Deals Worth Up to $42.8 Billion

Benchmark raised its price target on Nasdaq-listed Bitcoin miner Hut 8 Corp. to $165 from $85.

The increase reflects Hut 8’s expansion in artificial intelligence data centers, The Block reported on July 14, citing Benchmark analyst Mark Palmer.

Palmer said Hut 8 recently signed two AI data center lease agreements with a combined contract value of about $16.8 billion. If five-year extension options included in the contracts are exercised, the total value could climb to as much as $42.8 billion.

He added that the company’s AI infrastructure business has significantly strengthened its long-term growth outlook.