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Investing.com -- Hut 8 Corp (NASDAQ:HUT) stock rose 3.5% Tuesday after EMJ Capital founder Eric Jackson outlined a bullish case for the company on social media platform X, describing it as "one of the most misunderstood stocks in the market."
Jackson, who has been a significant driver in Opendoor Technologies’ recent rally, explained his long position in Hut 8, arguing that the market incorrectly views it as merely a Bitcoin mining company rather than an "energy + AI infrastructure platform."
In his detailed analysis, Jackson highlighted Hut 8’s strong balance sheet, which includes $1 billion in Bitcoin and a 60% stake in ABTC worth approximately $4 billion. According to Jackson, these assets alone cover most of the company’s current $5.1 billion market capitalization, meaning investors are "essentially paying $1-1.5 billion for the entire power, data-center & AI infrastructure platform."
The investor emphasized Hut 8’s operational scale, noting the company has over 1 gigawatt of active capacity, 1.5 gigawatts under development, and 7 gigawatts under diligence. He also pointed to the company’s financial foundation, which includes $2.4 billion in liquidity and low debt levels.
Jackson’s thesis suggests that as Hut 8 secures more high-performance computing and AI tenant leases, the company will be revalued from a cryptocurrency miner to a digital infrastructure REIT with AI leverage. He specifically mentioned the company’s River Bend project in Louisiana, which includes 592 acres of secured land and 300 megawatts of approved power adjacent to a nuclear plant.
In his most optimistic scenario, Jackson projected that full execution of Hut 8’s 7 gigawatt plan could potentially lead to a 100x return by 2029, while also praising CEO Asher Genoot as "tireless, brilliant, and execution-driven."
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