Why Hut 8 Mining Stock Is Moving Higher

Hut 8 Mining Corp. HUT shares are trading higher Tuesday after the U.S. Court of Appeals ruled the SEC was wrong to reject Grayscale Investments' spot Bitcoin BTC/USD ETF application.

The Details:

Shares of several crypto-related stocks are higher after a federal court has ordered the Securities and Exchange Commission (SEC) to review its rejection of the application from Grayscale Investments to convert its Grayscale Bitcoin Trust GBTC into a spot Bitcoin ETF.

Hut 8 Mining Corp. shares are moving higher on above-average trading volume. According to Benzinga Pro, more than 9.5 million shares have already been traded in the session, compared to the stock's 100-day average of 11.781 million shares.

Bitcoin is up over 6% and is nearing the $28,000 mark after the news of the court's decision was released.

Related News: Why Tesla Stock Is Moving Higher Today

HUT Price Action: According to Benzinga Pro, Hut 8 Mining shares are up over 18% at $2.70 at the time of publication.

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Image: Alexey_Hulsov from Pixabay