Hut 8 initiated with a Buy at Rosenblatt

Rosenblatt initiated coverage of Hut 8 (HUT) with a Buy rating and $23 price target The company’s merger with US Bitcoin is set to unlock significant value for shareholders, and while the first year of integration has been impacted by restructuring, 2025 starts the growth phase of this “compelling combination”, the analyst tells investors in a research note. With multiple revenue streams ramping as soon as Q1 and high-margin HPC expected to come online before the end of 2025, the stock is still cheap despite the recent outperformance, the firm added.