JonesTrading’s research arm, JonesResearch, reaffirmed its $67 price target and Buy rating on Hut 8 (NASDAQ: HUT), citing strong power generation at its campuses in Batavia, Illinois (50 MW), Texas Site 3 (180 MW), and Texas Site 4 in Corpus Christi (1 GW).
JonesResearch noted that Hut 8’s 63.3% ownership stake in American Bitcoin (NASDAQ: ABTC)–valued at $2.81 billion as of Nov. 6–faces near-term market risk ahead of a Dec. 3 lock-up expiration, which will release roughly 156 million ABTC shares into a relatively thinly traded stock. ABTC skyrocketed 80% on its debut on the Nasdaq on September 3 earlier this year.
Jones expects some early investors to take profits, adding potential short-term pressure on ABTC’s valuation and, by extension, the value of Hut 8’s stake.
RonesResearch estimates Hut 8’s hashcost (the cost to operate hosted bitcoin miners) at $0.049 per terahash, reflecting fees for colocation and managed services. Jones expects the Hut8 to post negative EBITDA in the current quarter as hashprice trends lower.
A recent West Feliciana Parish, Louisiana council meeting confirmed a local tax incentive approval and referenced plans for a site expansion equal in scale to Hut 8’s planned buildout at River Bend, a site that Hut 8 projects will deliver 600 MW by 2028–2030.
JonesResearch values the combined 440 megawatts of net capacity at River Bend at $7.15 billion, or $66.18 per share, based on a 5.5% capitalization rate. The firm said Hut 8 is in advanced discussions with Entergy on a potential campus scale-up anchored by a single counterparty collaborating on site design.
In addition to River Bend, Hut 8’s 1.5 gigawatt development pipeline includes sites in Batavia, Illinois (50 MW), Texas Site 3 (180 MW), and Texas Site 4 in Corpus Christi (1 GW). Hut 8 expects roughly 700 MW at the Corpus Christi site to be online by late 2026, and JonesResearch said that the site is drawing interest from AI and cloud firms.
The financial broker firm made no significant changes to its 2025 and outer-year estimates but adjusted its fourth-quarter hashprice assumption to $0.050 per terahash from $0.052. JonesResearch maintained its 2026 and 2027 hashprice estimates at $0.045 and $0.035, respectively.
At the time of publication, HUT is down 14% over the last five days.
