Stock Track | Hut 8 Mining Soars 5% Pre-Market as Bitcoin Rallies, Crypto Reserves Top $1 Billion

Stock Track12-19 21:02

Shares of Hut 8 Mining Corp (HUT) surged 5.05% in pre-market trading on Thursday as the cryptocurrency mining company capitalized on Bitcoin's latest rally by growing its strategic Bitcoin reserve beyond $1 billion in market value.

Hut 8 announced it had purchased approximately 990 additional Bitcoin for $100 million, bringing its total Bitcoin reserves over the $1 billion threshold. The company is betting big on Bitcoin's long-term prospects as the world's largest cryptocurrency regained ground above $100,000 amid speculation of looser monetary policy and a more crypto-friendly political environment.

Bitcoin prices had dipped below $100,000 briefly on Thursday before recovering, as traders weighed the Federal Reserve's latest interest rate decision against President-elect Donald Trump's vows to unleash the crypto sector from regulatory shackles. While the Fed tempered expectations of aggressive rate cuts, Trump's embrace of crypto assets like Bitcoin and stated interest in a national stockpile has fueled a nearly 50% rally in Bitcoin since the US election.

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