Cantor Fitzgerald starts ‘intriguing’ miner Hut 8 with an Overweight

As previously reported, Cantor Fitzgerald analyst Brett Knoblauch initiated coverage of Hut 8 (HUT) with an Overweight rating and $35 price target calling it “one of the more intriguing publicly-traded Bitcoin miners.” While “not by any means the largest” with only 5.7 EH/S of mining capacity, Hut 8 has accumulated a significant amount of power capacity, which gives the company optionality, the analyst tells investors. The firm believes Hut 8 will meaningfully increase its portfolio of operating capacity over the coming years, to be used for both bitcoin mining and AI/HPC use-cases.