Hut 8 (HUT) Stock: Clear Street Raises Price Target To $60 As Q3 Revenue Reaches $70M

TLDR

• Hut 8 now holds 13,696 BTC worth around $1.6 billion as of September 30, making it the 10th largest public bitcoin holder and third-largest mining company by BTC reserves.
• The company’s bitcoin stockpile grew by over 50% compared to Q3 2024 when it held 9,106 BTC.
• About $70 million in Q3 revenue came from bitcoin mining, mainly through majority-owned subsidiary American Bitcoin Corp, which is backed by the Trump family.
• The American Bitcoin merger more than doubled Hut 8’s hashrate from 12.0 EH/s to 26.8 EH/s after adding 14.8 exahash-per-second.
• Clear Street raised its price target on HUT from $33 to $60 while maintaining a Buy rating, citing the company’s 1.6GW development pipeline and positioning as an emerging high performance computing infrastructure platform.

Hut 8 reported its third-quarter earnings on Tuesday with some eye-catching numbers. The bitcoin miner and energy infrastructure company now holds 13,696 BTC as of September 30.

That stash is worth approximately $1.6 billion at current prices. The holding represents a jump of more than 50% from the same period last year when Hut 8 had 9,106 BTC.

The growth pushes Hut 8 into an exclusive club. The company now ranks as the 10th largest publicly traded bitcoin holder according to Bitcoin Treasuries.

Hut 8 Corp., HUT

It edges past CleanSpark, which holds 13,011 coins. Among mining companies specifically, Hut 8 sits in third place behind MARA and Riot.

Bitcoin Mining Revenue and American Bitcoin

The company generated about $70 million from bitcoin mining operations in Q3. Most of that came through American Bitcoin Corp, a majority-owned subsidiary that has drawn attention for its Trump family backing.

American Bitcoin recently began trading on Nasdaq after completing a stock-for-stock merger with Gryphon Digital Mining. The deal brought more than just bitcoin to Hut 8’s balance sheet.

The subsidiary added roughly 14.8 exahash-per-second to Hut 8’s mining power. This more than doubled the company’s total hashrate from about 12.0 EH/s to 26.8 EH/s.

That’s serious computing power in an industry where scale matters. More hashrate means more chances to mine blocks and earn bitcoin rewards.

Diversification Strategy

Hut 8 isn’t putting all its eggs in the mining basket though. Like other miners, the company has been branching out into energy and computing services.

The strategy appears to be paying off. In Q3, Hut 8 pulled in $8.4 million from power generation and managed services.

Colocation services brought in another $5.1 million. The company also runs GPU-as-a-Service and cloud computing business lines that contributed to the mining revenue figure.

This diversification comes as the mining sector gets increasingly crowded and competitive. Having multiple revenue streams provides a cushion when bitcoin prices fluctuate or mining difficulty increases.

The company launched a new $1 billion at-the-market equity program during the quarter. It also secured a new $200 million revolver with Two Prime after ending a previous ATM program.

Analyst Upgrade and Stock Performance

Clear Street analyst raised their price target on HUT stock from $33 to $60. The firm maintained its Buy rating on the shares.

The analyst cited expectations for contract signings and disciplined execution through 2026. They see value in Hut 8’s 1.6GW pipeline currently under development.

Clear Street’s updated target accounts for both Hut 8’s stake in American Bitcoin and the company’s development pipeline. The firm believes Hut 8 is well positioned as an emerging high performance computing infrastructure platform.

Despite the optimistic analyst note, HUT stock fell over 9% on Tuesday. Shares traded below $50 according to The Block’s price page.

The stock ranked as the fifth-worst daily performer among crypto equities tracked by The Block. It trailed rival miners Canaan, Greenidge, and Argo, along with Solana treasury firm Sol Strategies, which all posted double-digit losses.

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