Bitcoin Mining Stock Hut 8 Is Moving Higher Monday: What's Going On?

Hut 8 Corp HUT shares are trading higher Monday after the company announced the closing of a $150 million investment.

What Happened: Bitcoin BTC/USD mining company Hut 8 said it closed its previously announced $150 million convertible note investment from a fund managed by Coatue Management.

Hut 8 shares may also be getting a lift on Monday from a rise in the price of bitcoin. Bitcoin was up 1.83% at $62,680 at the time of publication, according to Benzinga Pro.

Hut 8 was recently selected to join the broad-market Russell 3000 Index at the conclusion of the 2024 Russell U.S. Indexes annual reconstitution. The reconstitution goes into effect on Monday.

Hut 8 is an energy infrastructure operator and bitcoin miner with self-mining, hosting, managed services and traditional data center operations across North America.

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How To Buy HUT Stock

By now you're likely curious about how to participate in the market for Hut 8 – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. In the case of Hut 8, which is trading at $14.99 as of publishing time, $100 would buy you 6.67 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

HUT Price Action: Hut 8 shares were up 3.14% at $15.46 at the time of publication, according to Benzinga Pro.

Photo: Miloslav Hamřík from Pixabay.