Hut 8: Canaccord Genuity Keeps Buy Rating, Raises PT to $36

Hut 8: Canaccord Genuity Keeps Buy Rating, Raises PT to $36

Canaccord Genuity has maintained its "Buy" rating for Hut 8 Corp. (NASDAQ:HUT), while raising its price target to $36 from $27. The investment bank's analyst, Aditya Raghunath, cited the company's strategic partnership with American Bitcoin and its "Power First" strategy as key drivers for the positive outlook [1].

Hut 8, a leading Bitcoin mining company, has seen significant growth driven by its infrastructure upgrades and the launch of American Bitcoin as a majority-owned subsidiary. The company's "Power First" strategy, which positions itself as an infrastructure provider rather than just a mining operator, has resulted in greater revenue predictability and reduced exposure to Bitcoin price volatility [2].

The strategic investment by the Winklevoss twins in American Bitcoin further underscores the company's potential. American Bitcoin, co-founded by Donald Trump Jr. and Eric Trump, is planning to buy companies in Japan and Hong Kong to build up its Bitcoin reserves, aiming to expand its crypto reserves by copying Michael Saylor's strategy model [3].

Hut 8's stock performance has been robust, with a 4.7% increase during mid-day trading on Thursday, August 14, reaching a high of $23.87. The company's revenue growth and strategic initiatives have garnered positive analyst ratings, with 14 analysts recommending a "Strong Buy" and two recommending a "Moderate Buy" [3].

The increase in the price target reflects Canaccord Genuity's confidence in Hut 8's ability to capitalize on the growing demand for Bitcoin and its strategic positioning in the cryptocurrency market. The company's greenfield development approach and focus on low-cost mining also contribute to its long-term growth prospects.

References:
[1] https://finance.yahoo.com/news/crypto-famous-winklevoss-twins-betting-110002113.html
[2] https://www.cryptopolitan.com/trump-american-bitcoin-hunts-asia-deals/
[3] https://www.marketbeat.com/instant-alerts/hut-8-nasdaqhut-shares-up-47-whats-next-2025-08-14/