Piper Sandler Remains Bullish on Hut 8 Corp. (HUT) as Expanding Power Strengthens Growth Outlook

With significant hedge fund interest, Hut 8 Corp. (NASDAQ:HUT) secures a spot on our list of the 12 most promising blockchain and crypto mining stocks according to hedge funds.

Piper Sandler Remains Bullish on Hut 8 Corp. (HUT) as Expanding Power Strengthens Growth Outlook

On October 20, 2025, Piper Sandler boosted its price target on Hut 8 Corp. (NASDAQ:HUT) from $33 to $74, maintaining an “Overweight” rating.

The investment firm’s revised target reflects the company’s 1.5 gigawatts of power projects under development across four U.S. states, as well as its exclusive rights to another 1.3 gigawatts. The firm values Hut 8 Corp. (NASDAQ:HUT)’s pipeline at a discounted $5 million per megawatt of IT load. This is lower than peers such as Galaxy Digital, leaving room for upside.

Furthermore, Piper Sandler cited Hut 8 Corp. (NASDAQ:HUT)’s $1 billion in Bitcoin holdings and 64% stake in American Bitcoin (ABTC). The price revision follows the company’s surge to a 52-week high on October 15, 2025.

Hut 8 Corp. (NASDAQ:HUT), a vertically integrated operator of energy infrastructure and Bitcoin mining facilities in North America, operates across Power, Digital Infrastructure, Compute, and Other segments.

While we acknowledge the potential of HUT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than HUT and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.