Why Bitcoin-Related Stock Hut 8 Mining Is Falling

Hut 8 Mining Corp HUT shares are trading lower by 14.8% at $8.34 after the company announced a proposed public offering.

Hut 8 has agreed to sell to the underwriters 17,550,000 common shares at a price of $8.55 per share resulting in total gross proceeds to the company of $150 million. Hut 8 says the offering is expected to close on September 17.

Hut 8 Mining is a digital asset miner. The company says they hold more self-mined bitcoin than any crypto miner or publicly-traded company globally.

Hut 8 has a 52-week high of $13.00 and a 52-week low of $0.58.