Why Bitcoin Miners Hut 8 Corp And Hive Digital Technologies Stocks Are Climbing

Hut 8 Corp HUT and Hive Digital Technologies Ltd HIVE shares are trading higher Tuesday after the price of Bitcoin BTC/USD rose above $45,000.

What To Know:

Bitcoin continues to rally and marked a new 52-week high at $45,877.38 as investors anticipate the potential approval of a spot Bitcoin ETF. The increased interest in cryptocurrency may be adding to Hive Digital and Hut 8's recent gains.

Hive Digital Technologies announced the closing of its previously announced bought-deal private placement of 5.75 million special warrants on Thursday.

Hive said that proceeds from the offering will be used to increase its Bitcoin mining footprint, as well as for working capital and general corporate purposes. Hive also stated that it anticipates being able to "HODL" all of its Bitcoin until the upcoming halving.

Hut 8 is one of the top trending tickers on Yahoo Finance and WallStreetBets Tuesday, according to SwaggyStocks, and Hut 8 shares have gained more than 26% over the last month.

Related News: What's Going On With Bitcoin Miners Riot Platforms and Marathon Digital Stocks?

HUT, HIVE Price Action: According to Benzinga Pro, Hut 8 shares are up 1.72% at $13.57, and Hive Digital shares are up 1.55% at 4.60 at the time of publication.

Image: Pete Linforth from Pixabay