Hut 8 Corp. Is Becoming A Deep Value Play, Priced With Caution (Rating Downgrade)
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Mandela Amoussou1.75K FollowersFollow5ShareSavePlay(17min)CommentsSummaryHut 8 Mining Corp. receives a rating downgrade to a Hold rating valuation reflects current assets but not future capacity optionality.Roughly 21% of HUT’s $6.4B market cap is backed by Bitcoin holdings, with a strong 3.4x asset coverage ratio.The $7B Anthropic/Fluidstack deal's NPV is estimated around $3.9B, yet revenue realization is contingent on client demand, not guaranteed contracts.HUT’s upside is capped near-term; catalysts include Bitcoin price appreciation or River Bend’s operational ramp, unlike peers with upfront revenue. Erik Isakson/DigitalVision via Getty Images I covered HUT 8 Mining Corp. (HUT) twice last year with a Buy rating in both cases. In May 2025, on the back of the Q1 earnings, “Hut 8 Q1 Earnings: A $1BThis article was written byMandela Amoussou1.75K FollowersFollowI started out as a crypto investor a decade ago and remain deeply active in the crypto space. I cover Bitcoin miners, digital asset treasuries, and crypto ETFs majorly, but I also seek alpha in tech equities, especially in emerging sectors like quantum computing and orbital intelligence. I have initiated coverage as a first analyst here on Seeking Alpha to cover names like SealSQ (LAES), Rezolve AI (RZLV), among others, with Buy ratings. Several of these tickers have delivered double to triple digit returns since initial coverage. I try to go beyond surface level metrics and headline numbers. I focus on fundamentals, capital allocation, momentum, market structure, and management execution. And most of all, your comments matter. Even the critical comments are very much welcome, as they improve my work and sharpens the analysis. I value thoughtful disagreements. I look forward to learning and compounding together in the market. Best, MandelaAnalyst’s Disclosure: I/we have a beneficial long position in the shares of HUT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.