Beacon Point

Hut 8 and IREN led a sharp Monday rebound in bitcoin mining stocks after announcing major AI infrastructure contracts. The deals helped ease investor concerns that demand for new data center capacity could be cooling.

Benchmark nearly doubled its price target on Hut 8 to $165 from $85, citing the value of the Beacon Point AI data center campus and the company’s faster shift into AI infrastructure. The broker said contracted leases, large-scale project financing and a development pipeline of more than 9 gigawatts support a longer runway despite recent share weakness.