Bitcoin Miner HIVE Poised to Double Its Hashrate by Next Year, Cantor Says Initiating Stock at 'Overweight'
Summary
HIVE Digital is expected to more than double its hashrate from 5.5 EH/s to 13 EH/s over the next 12 months, according to Cantor's research report. Cantor initiated coverage with an overweight rating and a $9 price target, noting that the shares are currently undervalued at around $4.26. The company's expansion in artificial intelligence and high-performance computing, particularly through its GPU cloud model "HIVE Cloud," aims for $100 million in annual recurring revenue by the end of next year. The market has not fully recognized HIVE's potential growth in hashrate and GPU ventures.
