Why Hut 8 Stock Surged Today

Hut 8 Corp. HUT traded higher on Monday after the company announced it was selected by Celsius debtors to build out a site in Cedarvale, Texas.

What To Know: Hut 8 signed an interim agreement to build out and install mining operations at a site in Cedarvale, Texas which will house approximately 66,000 miners and be powered by more than 215 MW of energy. The development is related to the Celsius Network LLC bankruptcy proceedings.

"We believe that the strength of Hut 8's managed services business with 680 MW currently under management, coupled with our track record of swiftly standing up mining infrastructure and efficiently running and optimizing operations, were key factors in being chosen as the partners for this project," said Asher Genoot, President of Hut 8.

"Our goal is twofold: to build equity with creditors of Celsius while also growing the strength and vitality of our managed services business, which we anticipate will have more than 895 MW of infrastructure under our umbrella once the site is up and running."

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HUT Price Action: Shares of HUT were up 15.8% at $12.16 at the close of the market, according to Benzinga Pro. 

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