Hut 8 Mining Corp (HUT) saw its stock soar 5.85% in pre-market trading on Thursday, as cryptocurrency-related stocks rallied across the board. The surge comes on the heels of Bitcoin reaching a two-and-a-half-month high of $99,598, sparking renewed interest in crypto mining companies and other crypto-related businesses.
The broader crypto market is experiencing a significant uptick, with several other notable players in the space also seeing pre-market gains. Riot Platforms and Mara Holdings are up 4.2% and 4.3% respectively, while Coinbase Global has risen 3.6%. Bitcoin-focused ETFs are also benefiting from the rally, with ProShares Bitcoin Strategy ETF up 3.5% and iShares Bitcoin Trust gaining 3.4%.
This widespread rally in crypto stocks underscores the strong correlation between Bitcoin's price movements and the performance of companies operating in the cryptocurrency ecosystem. As Bitcoin approaches the psychologically important $100,000 mark, investors appear to be positioning themselves for potential further gains in the sector, with mining companies like Hut 8 Mining Corp standing to benefit significantly from higher Bitcoin prices.
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