According to Foresight News, investment bank Benchmark has given a 'buy' rating to the listed Bitcoin mining company Hut 8 and raised its target price to $12. The current stock price of Hut 8 is approximately $8.05.
In its evaluation, Benchmark considered the 'diversified business model' of the company after its merger with U.S. Bitcoin Corporation. This model includes self-mining, hosting services, high-performance computing, and artificial intelligence. The investment bank also pointed out that as of March 31, Hut 8 held the second-highest amount of Bitcoin among listed mining companies. It had a reserve of 9102 Bitcoins, worth approximately $592 million, which is equivalent to about 82% of its market value.