News linked to both this project and an event.
Odaily Benchmark has raised its price target for Hut 8 (HUT) from $85 to $165, citing the company's accelerated commercialization of its AI data center business and a total of $16.8 billion in long-term contracts for AI infrastructure. Analyst Mark Palmer stated that the commercialization progress of Hut 8's Beacon Point AI data center campus in Texas "has changed the company's valuation logic," significantly increasing the project's value.Currently, Hut 8's stock price is approximately $97, meaning Benchmark's new target implies roughly 69% upside. The stock had previously fallen nearly 30% over the past six weeks.According to Benchmark's estimates, the redesigned first phase of the Beacon Point campus will support 352MW of IT capacity, a 57% increase from the original 224MW plan. The base term value of the lease for this initial phase is approximately $9.8 billion, with an estimated annualized net operating income of around $655 million.Additionally, the lease agreement for Hut 8's River Bend data center, signed with Fluidstack and supported by Google, is valued at approximately $7 billion. The combined base term value of the two contracts reaches $16.8 billion. If tenants exercise the included 5-year renewal options, the potential total value could rise to $42.8 billion. (The Block)
According to TheEnergyMag, U.S.-based Bitcoin company American Bitcoin Corp. (NASDAQ: ABTC) disclosed in its latest quarterly report that in February of this year, it purchased approximately 11,298 S21 XP ASIC miners (with a combined hash rate of roughly 3.05 EH/s) from Bitmain for $49.4 million. Of this amount, 80% was paid via the pledge of 314 BTC. Based on this, the agreed-upon valuation per pledged BTC was approximately $125,900—roughly a 44% discount compared to BTC’s market price at the time, which was under $70,000. Per the agreement, Bitmain is prohibited from forcibly liquidating the pledged BTC during a ~24-month redemption period. If BTC’s price exceeds the agreed valuation upon maturity, ABTC may repay in cash and reclaim the BTC, thereby locking in appreciation gains; if BTC’s price falls below the agreed valuation, ABTC may elect not to redeem and leave the BTC with Bitmain. This structure effectively grants ABTC a long-dated Bitcoin call option. As of March 31, 2026, ABTC has pledged a cumulative total of 3,090 BTC to Bitmain, with a fair value of approximately $210.8 million, corresponding to mining equipment procurement liabilities of roughly $364.3 million. These miners have already been deployed at the facility of ABTC’s parent company Hut 8 (NASDAQ: HUT) in Drumheller, Alberta, Canada.