The $7 Billion FluidStack Deal Supports Bullish Ratings on Hut 8 Corp. (HUT)

Hut 8 Corp. (NASDAQ:HUT) is one of the best bitcoin mining stocks to buy according to Hedge Funds.

On December 22, Mark Palmer from Benchmark Co. reiterated his favorable view of Hut 8 Corp. (NASDAQ:HUT). The analyst assigned a Buy rating to the stock and also raised his target price to $85 from the previous $78. The revised target implies an upside of nearly 61% for investors.

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The basis for such a price target boost was the recently finalized $7 billion deal, where the company will lease out 245 megawatts of its River Bend data center capacity to FluidStack. The analyst views the deal terms as highly favorable to Hut 8 Corp. (NASDAQ:HUT), which would ensure investment-grade-backed cash flows on a long-term basis. This would pave the way for more expansion avenues in the future, which adds up to bullish prospects for the stock.

As of December 24 closing, Hut 8 Corp. (NASDAQ:HUT) has received buy ratings from all 16 analysts who provided coverage. Such a bullish stance remains even after a nearly 158% share price increase in 2025. The 1-year average price target is $64.32, implying nearly 22% upside from the current level.

Hut 8 Corp. (NASDAQ:HUT) is a bitcoin accumulation platform that operates dedicated mining sites across North America. With more than 1,000 megawatts of energy capacity and 15 sites, the company was positioned as a pure-play bitcoin mining entity through 2024 and has since ventured into energy infrastructure.

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Disclosure: None. This article is originally published at Insider Monkey.