Benchmark reiterates its' buy 'rating and $85 target price for Hut8 According to BlockBeats, on February 27th, Benchmark reiterated its "buy" rating and $85 target price for Hut 8, stating that as the company advances its AI data center strategy, management positions 2026 as the year of "execution and delivery". Benchmark analyst Mark Palmer pointed out in the report that although the fourth quarter performance was affected by Bitcoin's unrealized losses, more importantly, Hut 8 is steadily transforming into a "power first digital infrastructure platform" and obtaining a clearer long-term contract cash flow path. Hut 8 incurred a net loss of $301.8 million in the fourth quarter, primarily due to unrealized losses of $401.9 million in digital assets. With the growth of computing power revenue, revenue nearly tripled year-on-year to $88.5 million. Palmer continues to view the 15 year 245 MW IT lease agreement signed between River Bend and Fluidstack as the core of the investment logic, which is financially supported by Google. The basic term agreement of approximately $7 billion has pushed Hut 8's valuation closer to infrastructure multiples. The benchmark's target price of $85 is based on segment wise analysis, including River Bend leasing, probability weighted valuation of an additional 1000 megawatts under the right of first refusal, market value of Hut 8's 60% stake in American Bitcoin, and its Bitcoin holdings.