What's Going On With Hut 8 Stock Monday?

Hut 8 Corp. HUT stock is trending on Monday. The company is anticipated to release earnings on Tuesday for the 2024 fiscal year second quarter and recently announced multiple operational updates.

The Details: Analysts estimate a loss of 2 cents per share and revenue of $47.97 million.

What Else: Last Monday, the company released its operations update for the past month. It announced a total hashrate of 18 EH/s, up from 17.8 EH/s in June. Hut 8 produced 105 Bitcoin BTC/USD in July, bringing the company’s balance sheet total to 9,102.

Additionally, Hut 8 announced plans for a new Texas site with 205 MW of immediate power capacity. “The site will be able to pull power directly from the ERCOT grid when the wind farm is not generating power,” said Asher Genoot, CEO of Hut 8.

Furthermore, the company made continued progress at Cedarvale, where new capacity is being added in 50 MW increments. Also, Hut 8 deployed 58.2K miners in its self-mining operations during July and managed a total of 125.4K miners.

In a separate release, the company announced that Sean Glennan will become the next Chief Financial Officer, effective August 21, 2024. This comes after Shenif Visram announced he will be stepping down due to family related reasons.

How To Buy Hut 8 Shares

By now you're likely curious about how to participate in the market for Hut 8 HUT – 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. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.

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.

See Also: Cryptocurrency Uniswap’s Price Increased More Than 3% Within 24 hours

HUT Price Action: Hut 8 shares are trading 3.59% lower at $11.54 at the time of writing per data from Benzinga Pro.

Image: Courtesy of Hut 8