Investment bank Benchmark has raised its price target on Bitcoin miner Hut 8 following news that the company had signed a second 15-year lease ​worth $9.8 billion for its AI data center.

Equity research analyst Mark Palmer reiterated his “buy” rating on the Toronto- and Nasdaq-listed miner in a note Wednesday, raising its price target to $195, up from $165 — an 80% upside from Hut 8’s current share price of nearly $110 a pop. 

Palmer argued that the deal validates Hut 8’s “power-first” approach to building out AI infrastructure. 

Hut 8 announced Monday that it had signed a second 15-year lease for 352 megawatts of IT capacity at its Beacon Point campus in…

Read more on BitcoinMagazine