Stock Track | Hut 8 Mining Corp Soars 7.42% as Bitcoin Nears $100,000 and Q1 Results Released

Stock Track

May 08, 2025

Hut 8 Mining Corp (HUT) shares are soaring 7.42% in intraday trading on Thursday, outpacing the broader rally in cryptocurrency-related stocks. The surge comes as Bitcoin, the world's largest cryptocurrency, hit a 2-1/2 month high of $99,598, approaching the psychologically important $100,000 mark.

The company's stock jump coincides with the release of its first-quarter 2025 results. While Hut 8 reported a net loss of $134.3 million, significantly wider than analysts' expectations, investors appear to be focusing on the company's expanded Bitcoin holdings. As of March 31, 2025, Hut 8's Bitcoin reserve grew to 10,264 Bitcoin, valued at $847.2 million, underlining the company's strong position in the crypto mining sector.

The broader crypto market is experiencing a notable upswing, with several other crypto-related stocks also posting impressive gains. Riot Platforms and Marathon Digital Holdings are up 4.2% and 4.3% respectively, while Coinbase Global has risen 3.6%. This collective surge underscores the strong correlation between Bitcoin's performance and the stock prices of companies operating in the cryptocurrency ecosystem. As Bitcoin continues its upward trajectory, Hut 8 Mining Corp, with its significant Bitcoin holdings and mining capacity, stands to benefit substantially from this trend.

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