Needham started coverage of Hut 8 Corp. (NASDAQ:HUT) with a Buy rating in a recent note leading up to the highly-anticipated bitcoin (BTC-USD) halving event that's expected to weigh on the wider bitcoin mining industry.

The company's diversification strategy "bodes well into the Halving when self-mining revenues decline industry-wide," Needham wrote in a note.

Another factor stoking its investment bull case includes "near-term fleet efficiency gains, which it expects to lower HUT's production costs." Also its large bitcoin (BTC-USD) holdings "buffer nearterm Halving-related concerns that impact the industry."

In early March, J.P. Morgan warned in a note that the price of bitcoin (BTC-USD) could fall significantly after the April halving, which is set to negatively impact bitcoin miners' profitability given reduced rewards and higher production costs.

Conversely, Bernstein recommended buying miners ahead of the event, arguing the price of bitcoin typically climbs after a halving. A study by CoinLedger backs Bernstein's view.