Why Hut 8 Stock Was Blasting Higher This Week

Key Points

• All things being equal, where Bitcoin goes its miners follow.

• Happily for Hut 8, the leading crypto was a hot asset over the past few days.

• 10 stocks we like better than Hut 8 ›

Although not all of Hut 8's (NASDAQ: HUT) revenue derives from Bitcoin mining, that activity is still crucial to its success. So it wasn't surprising that the coin's rise over the past few days was giving a lift to the company's equity too. As of late-session trading on Friday, Hut 8's share price was up by almost 18%, according to data compiled by S&P Global Market Intelligence.

What's good for the goose...

When the market is bullish for Bitcoin, it usually gets positive about the prospects for miners too. The cryptocurrency is obviously being considered something of a safe haven during the federal government shutdown; along with other tailwinds it has sent the coin's value up by almost 13% since last Friday afternoon.

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Image source: Getty Images.

Toward the end of the week, there was another factor driving the stock prices of miners north. This was Canaan's announcement Thursday that it had received an order for over 50,000 of its crypto mining rigs from a customer it did not identify.

This is the largest order in more than three years for the mining tech specialist, and clearly indicates that at least one of its clients is very positive on Bitcoin's future. And, of course, the client fully intends to mint more of it.

Single-purpose

This is because that rig, the Avalon A15, has been designed and built mainly to mine Bitcoin. Even though it can produce other cryptocurrencies, given the robust price increase of the No. 1 coin there's little reason for that unnamed customer to generate any other asset.

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Eric Volkman has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.