Hut 8: Accelerating Shift from Bitcoin Mining to High-Value HPC Infrastructure Supports Reiterated Buy and $80 Target

Analyst Kevin Dede from H.C. Wainwright reiterated a Buy rating on Hut 8 and keeping the price target at $80.00.

Kevin Dede has given his Buy rating due to a combination of factors tied to Hut 8’s accelerating transition from pure bitcoin mining to high‑performance computing infrastructure. He highlights the strong 2025 results, with double‑digit revenue growth driven still largely by mining, but views the December Fluidstack–Anthropic agreement and the broader Google‑aligned HPC initiative as the real confirmation of a new, higher‑value business model.

Dede also emphasizes the detailed 8.5 GW facility pipeline, with 6.8 GW under diligence and exclusivity and a clear framework for how sites progress from evaluation to construction, which he sees as enhancing transparency and execution confidence. In his view, the forthcoming Corpus Christi project, the River Bend template, and the ability to secure lower‑cost, project‑level financing from top‑tier banks as Hut sheds bitcoin‑linked financing risks together set up a favorable risk‑reward profile that supports a reiterated Buy and an $80 target price.