Benchmark has raised its price target on Hut 8 to $165, according to CoinDesk, citing the company’s move into AI infrastructure as a key reason for the more bullish valuation view.
Analyst Mark Palmer said Hut 8’s Beacon Point project changes the investment case by repositioning the company beyond its legacy profile and toward an AI infrastructure platform with a longer growth runway. The note suggests the market may begin to value Hut 8 less as a narrowly defined digital-asset operator and more as an infrastructure business tied to demand for artificial intelligence compute.
The update comes as investors continue to reassess companies with exposure to both crypto and AI themes. In Hut 8’s case, the shift appears to center on whether Beacon Point can support a broader commercial identity and justify a higher multiple than the company might otherwise receive. Benchmark’s revised target implies confidence that the project could become meaningful to the company’s long-term valuation, though the available information does not indicate when that contribution might be reflected in results.
The report does not provide details on the project’s economics, timelines or operating scale, and those factors remain important for judging how durable the valuation change may be. For now, the key takeaway is that Beacon Point is being treated by at least one analyst as more than a side initiative. Instead, it is being framed as part of a strategic pivot that could expand Hut 8’s addressable market.
That view aligns with a broader market pattern in which infrastructure names connected to AI have drawn increased attention from analysts and investors. Still, the size of any re-rating will likely depend on execution, financing and the extent to which the company can turn the project into a recurring business rather than a one-off narrative driver.
CoinDesk reported the price-target increase and Palmer’s assessment. The publication’s summary indicates that Benchmark sees Hut 8’s Beacon Point project as the element most responsible for reshaping the company’s valuation framework.
As with any analyst forecast, the revised target reflects a view rather than a certainty. The underlying business case will still depend on how Hut 8 develops the project and whether the market accepts the AI infrastructure thesis over time.
