tl;dr
Bitcoin (BTC) miner Hut 8 (HUT) has diversified its revenue streams following a merger with US Bitcoin Corp. Canaccord Genuity reduced the price target to $14 from $17.50 while maintaining a buy rating, emphasizing the company's stash of over 9,000 bitcoin providing significant flexibility. After me...
Bitcoin (BTC) miner Hut 8 (HUT) has diversified its revenue streams following a merger with US Bitcoin Corp. Canaccord Genuity reduced the price target to $14 from $17.50 while maintaining a buy rating, emphasizing the company's stash of over 9,000 bitcoin providing significant flexibility.
After merging with US Bitcoin Corp., Hut 8 now accounts for ~68% of revenue from self-mining, with the remaining from managed services, hosting, and high-performance computing. The company also implemented a restructuring program to enhance cash flow and operational efficiency, deploying USBTC’s proprietary technology.
Furthermore, the former CEO departed in February with Asher Genoot, the co-founder of US Bitcoin Corp., assuming the role. Canaccord highlighted the company's heightened diversification and efficiency focus post-merger, affirming its positive outlook despite revising the price target.
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