HUT Stock Forecast & Price Target

Hut 8 is supported by a rapidly maturing, largely contracted power pipeline, with capacity under exclusivity rising about 1.3 GW to roughly 3.2 GW and Beacon Point reaching full commercialization after a second 352-MW lease, which together expand visibility into future cash flows. The company’s 3Q26 revenue of $71.1M was driven by $68.4M from Compute, while net income of $189.5M benefited from $413.8M of mostly unrealized digital asset gains, underscoring that the core story is still scaling compute-backed infrastructure rather than legacy mining alone. Its balance sheet and capital allocation are also constructive, with no recourse debt at the parent, $156.9M of unrestricted cash, an undrawn $1.07B revolver, and roughly 3.3M shares repurchased for about $250M, signaling management’s confidence in intrinsic value.

Hut 8 is facing a weaker fundamental setup because 3Q26 revenue of $71.1M fell 15% y/y and missed expectations, driven by lower-than-expected bitcoin production and a drop in revenue per bitcoin mined to about $71,087 from $114,121 a year ago. Gross profit of $40.8M also underwhelmed, while cash G&A rose to $34.8M and SBC reached $64.7M, showing that operating costs are still heavy despite 891 BTC mined in the quarter. Its apparent earnings strength is less durable than it looks because roughly $20M of adjusted EBITDA reflected minorityholders’ share of American Bitcoin’s bitcoin gain, and large exposures to digital assets, derivatives, and custody risk add volatility and downside risk.