Hut 8 Stock Climbed After Its Results, What's Going On?

Hut 8 Corp HUT reported a revenue of $60.6 million for the six months ended December 31, 2023, up from $46.0 million a year ago.

EPS stood at $0.11 compared to a $(2.02) loss the prior year. The stock price surged after the results.

On November 30, 2023, U.S. Data Mining Group, Inc dba US Bitcoin Corp (“USBTC”) merged with Hut 8 Mining Corp in an all-stock deal, leading to the formation of Hut8 Corp.

The company’s results of operations for the combined entity began on December 1, 2023. The combined company is a U.S.-domiciled entity.

Also Read: Bitcoin Mining Stocks Are Rallying Monday: What’s Going On?

During the six months ended December 31, 2023, 1,244 Bitcoins were mined versus 1,273 a year ago.

As of December 31, 2023, total self-mined Bitcoin balance was 9,195, which represented a market value of approximately $388.1 million.

Meanwhile, total self-mined Bitcoin balance of 9,110 represented a market value of approximately $557.3 million as of February 29, 2024.

Adjusted EBITDA climbed $62.3 million from $12.8 million the prior year. 

Self-mining hashrate totaled approximately 6.3 exahash per second (EH/s) as of December 31, 2023.

Investors can gain exposure to the stock via VanEck Digital Transformation ETF DAPP and SPDR S&P Kensho New Economies Composite ETF KOMP.

Price Action: HUT shares are trading higher by 21.6% at $11.99 on the last check Thursday.

Also Read: Needham Analyst John Todaro ‘Bullish’ On Hut 8 Stock

Mohamed Hassan from Pixabay