Benchmark has maintained its Buy rating for Hut 8, setting a price target of $85, as the company intensifies its focus on executing its AI data center strategy in 2026. CEO Asher Genoot emphasized the commitment to execution at the River Bend campus in Louisiana, stating that construction is on track. Despite a net loss of $301.8 million in Q4, largely due to $401.9 million in unrealized digital asset losses, Hut 8's revenue nearly tripled to $88.5 million, driven by growth in its computing business. Analyst Mark Palmer highlighted the importance of Hut 8's transition to a power-first digital infrastructure platform, supported by a 15-year, 245-megawatt lease agreement with Fluidstack, financially backed by Google. This agreement, with approximately $7 billion in base lease commitments, is central to Hut 8's valuation strategy. Benchmark's price target is based on a "sum-of-the-parts" valuation, considering Hut 8's stake in American Bitcoin and its Bitcoin holdings. As of Thursday, Hut 8's stock was trading just below $55, having risen over 300% in the past year despite Bitcoin's 27% decline.