Why Bitcoin-Related Hut 8 Mining Corp Stock Is Taking Off
Portfolio Pulse from Erica Kollmann
Hut 8 Mining Corp. (NASDAQ:HUT) shares are trading higher after Bitcoin (CRYPTO: BTC) reached $35,000 for the first time since 2022. The company's shares have climbed more than 21% over the last five days due to the rising price of Bitcoin and the potential approval of BlackRock's spot Bitcoin ETF. Hut 8 Mining has one of the highest installed capacity rates in the industry and holds more self-mined bitcoin than any crypto miner or publicly-traded company globally.
October 24, 2023 | 2:51 pm
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POSITIVE IMPACT
Bitcoin (CRYPTO: BTC) reached $35,000 for the first time since 2022, driving up the stock price of companies like Hut 8 Mining Corp. that are directly linked to the cryptocurrency.
Bitcoin's price has a direct impact on companies that mine or hold the cryptocurrency. As the price of Bitcoin has risen, it has driven up the stock price of companies like Hut 8 Mining Corp.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Hut 8 Mining Corp. (NASDAQ:HUT) shares are trading higher due to the rising price of Bitcoin and the potential approval of BlackRock's spot Bitcoin ETF. The company's shares have climbed more than 21% over the last five days.
Hut 8 Mining Corp. is a digital asset miner and its performance is directly linked to the price of Bitcoin. As Bitcoin's price has risen, so has the company's stock. The potential approval of BlackRock's spot Bitcoin ETF has also contributed to the rise in the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100