Why Bitcoin-Related Hut 8 Mining Corp Stock Is Taking Off

Hut 8 Mining Corp. HUT shares are trading higher Tuesday after Bitcoin BTC/USD reached $35,000 for the first time since 2022.

The Details:

Shares of HUT have climbed more than 21% over the last five days as the price of Bitcoin rises and excitement surrounding the potential approval of BlackRock's spot Bitcoin ETF builds. 

Hut 8 Mining Corp. is a digital asset miner located in Alberta, Canada.

According to the company, Hut 8 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.

Hut 8 Mining has gained the attention of both retail investors and short-sellers. According to data from Benzinga Pro, 8.69% of available HUT shares are being sold short.

Hut 8 Mining stock has a 52-week low of 78 cents and a 52-week high of $4.55. 

Related News: Why LianBio Stock Is Ripping Higher Today

HUT Price Action: According to Benzinga Pro, Hut 8 Mining shares are up more than 10% at $2.34 at the time of publication.

Image: Pete Linforth from Pixabay