Benchmark starts Intchains at Buy on increasing demand from rising crypto market

As previously reported, Benchmark initiated coverage of Intchains Group with a Buy rating and $10 price target. The Web3 infrastructure provider with a niche focus on designing application-specific integrated circuit, or ASIC, chips used in blockchain applications, including mining equipment, diversified into crypto mining equipment and expanded its global reach through its acquisition of Goldshell earlier this year, the analyst tells investors. The firm believes Intchains’ American depository shares are “poised to appreciate” as the company executes and meets the increasing demand for its products driven by the rising crypto market, the analyst tells investors.