Hut 8 Mining (NASDAQ:HUT) Stock Continues to Soar: Up 400% Last Week

Nowadays, investors are increasingly getting interested in companies which are involved in the lucrative cryptocurrency mining space and one of the companies that could be tracked at this point of time is Hut 8 Mining (NASDAQ:HUT).

This past Friday, the stock was in sharp focus and rallied by 17.50% to take its gains for the week to as much as 40%. There was no specific news about the company last week but it seems that since it is a new listing in the United States, investors are still in a phase of speculation with regards to the stock. The company, which was listed in Canada before being listed in the United States couple of weeks ago, is involved in the mining of Ethereum and Bitcoin.

Hut has listed its stock in the United States in order to raise more cash and then spend it on boosting its mining capabilities. However, the company did reveal last week that it spent as much as $44 million in order to boost its mining capacity by 100% and it goes without saying that it is a significant piece of news. The company revealed that it expects the new machines to be operational by the end of this year.

Market Reaction:

On Friday, HUT stock jumped 8.86% at $5.16 with more than 5.70 million shares, compared to its average volume of 1.32 million shares. The stock has moved within a range of $4.46 – 5.16 after opening the trade at $4.70. Over the past 52-week, the stock has been trading within a range of $0.58 – 13.00.

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