Financial broker JonesResearch reaffirmed its $67 price target and Buy rating on Hut 8 (Nasdaq:
$HUT), citing strong power generation at its campuses in Batavia, Illinois (50 MW), Texas Site 3 (180 MW), and Texas Site 4 in Corpus Christi (1 GW).
JonesResearch noted that Hut 8’s 63.3% ownership stake in American Bitcoin (Nasdaq:
$ABTC)–valued at $2.81 billion as of Nov. 6–faces near-term market risk ahead of a Dec. 3 lock-up expiration, which will release roughly 156 million ABTC shares into a relatively thinly traded stock. ABTC skyrocketed 80% on its day of debut on Nasdaq on September 3.
Jones expects some early investors to take profits, adding potential short-term pressure on ABTC’s valuation and, by extension, the value of Hut 8’s stake.
@ashergenoot @Hut8Corp