5 Bitcoin Miners That Are Now Data Center Companies

2. Hut 8 Corp. (NASDAQ:HUT)

Number of Hedge Fund Holders: 60

On June 11, Chris Brendler of Rosenblatt Securities maintained a Buy rating on Hut 8 Corp. (NASDAQ:HUT) with a price target of $124. The analyst’s price target reflects approximately 4% upside from current levels.

Hut 8 Corp. (NASDAQ:HUT) has strategically shifted its focus from bitcoin mining toward HPC and AI infrastructure. The company leverages its integrated platform of power, digital infrastructure, and compute resources to support the growing demand for high-energy technologies. On the occasion of the appointment of the new Chair of the Board of Directors, Asher Genoot, CEO of Hut 8, said the company aims to build and grow its energy and technology infrastructure business for many years to come.

Stanley O’Neal, Chair of the Board of Hut 8, highlighted the company’s ambition by saying,

The reorganization of capital around energy, digital infrastructure, and compute is among the largest I have seen in my career. At this scale of capital deployment, advantage accrues to operators whose position is structural. Hut 8 has built such a position with intent: a power-first foundation, an engineering discipline rooted in first principles, and an operating model proven across evolving markets. The Board will continue to work with management, providing oversight and governance aligned with the demands of a business operating at Hut 8’s scale and ambition.

Earlier on June 5, HUT announced that its subsidiary, Beacon Point DC, raised $4.25 billion through a private debt offering. The note carries an interest rate of 6.129% and is scheduled to mature in 2042. The notes will be offered exclusively to qualified institutional investors.

Hut 8 Corp. (NASDAQ:HUT) is an energy and digital infrastructure company operating across the United States and Canada. The company operates through four business segments: Digital Infrastructure, Power,  Compute, and Others.