Benchmark has significantly increased its price target for Bitcoin mining company Hut 8 from $85 to $165, citing the company's accelerated commercialization of its AI data center business. Hut 8 has secured long-term AI infrastructure contracts valued at $16.8 billion. Currently trading at approximately $97, the new target suggests a potential 69% upside. This comes after the stock fell nearly 30% over the past six weeks. Analyst Mark Palmer highlighted the commercial progress at Hut 8's Beacon Point AI data center in Texas as a key factor in the revised valuation. Additionally, Hut 8 has signed a lease agreement with Fluidstack, supported by Google, for the River Bend data center, valued at around $7 billion. The combined base value of these contracts is $16.8 billion, with a potential total value of $42.8 billion if renewal options are exercised.