Hut 8 initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of Hut 8 (HUT) with an Overweight rating and $33 price target Mainstream crypto sentiment, particularly around bitcoin, is improving, and the trend should continue with greater regulatory clarity and a more crypto-friendly SEC under the incoming Trump administration, the analyst tells investors in a research note. Piper expects the price of bitcoin to rise, leading to expanded profitability and larger bitcoin treasuries for bitcoin miners. The firm is constructive on Hut 8 given its vast portfolio of energy assets and its ability to profitably scale operations in the coming years.