What's Going On With Bitcoin-Miner Hut 8 Mining Stock?

Hut 8 Mining Corp HUT shares are moving Monday following the completion of its business combination last week. Here's a look at what's going on:

The Details:

Last Thursday, Hut 8 announced the completion of its business combination with U.S. Data Mining Group, Inc. dba US Bitcoin Corp in an all-stock merger.

"As a result of the Transaction, Hut 8 common shares will cease trading on Nasdaq and the Toronto Stock Exchange ('TSX') prior to the open of trading on December 4, 2023. As of the open of trading on December 4, 2023, shares of New Hut common stock will trade on Nasdaq and the TSX under the ticker symbol 'HUT'," said the company in a press release.

"This business combination is the largest M&A transaction that has ever transpired within our industry and represents a highly strategic union of two organizations with complementary strengths, that together, will prove to equal more than the sum of their parts," said Hut CEO Jaime Leverton.

Bitcoin BTC/USD roared past $41,500 on Monday and has gained more than 140% over the past year.

According to the company, 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.

According to data from Benzinga Pro, Hut 8 Mining shares are trading well above the stock's 50-day moving average of $2.02 and set a new 52-week high of $12.02 Monday. 

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HUT Price Action: According to Benzinga Pro, Hut 8 Mining shares are trading at $10.89 at the time of publication.

Image: Pete Linforth from Pixabay