Hut 8 Mining, the largest North American crypto mining company is all set to debut on Nasdaq later this week. The firm’s stock would be listed on Nasdaq Select Market. The firm holds one of the highest installed capacity rates in the industry and is a global leader in held, self-mined Bitcoin of any crypto miner or publicly traded company.
The mining company’s common shares were approved on Thursday that would trade under the ticker symbol HUT. The stocks of the firm are already listed on Toronto Stock Exchange and it would retain the listing even after its Nasdaq debut.
Hut 8 also signed an agreement with its prime underwriter Canaccord Genuity to raise C$100 million in Canadian dollars. The lead underwriter would buy 20 million of the mining company’s share at C$5.00 apiece.
Crypto Companies Continue to Gain Mainstream Exposure
Hut 8 Mining would join the growing list of crypto companies making their public debut on Nasdaq. Coinbase, the New-York based crypto exchange was among the first prominent crypto firms to do so and made its Nasdaq debut in April this year. It was also one of the highest valued public debut firms with an $89 billion valuations at the time of listing.
Crypto companies have become the biggest beneficiary this bull season as the demand for crypto firms skyrocketed this season amid growing adoption. Some of the top crypto startups also raised the highest amount in their latest fundraising round this bull season including Chainalysis with $100 million, BlockFi with $350 million, blockchain.com with over $300 million. The latest funding round proved to be several folds higher than these company’s earlier fundraise.
The growing valuations and public listings are signs of changing times which indicate the crypto market is no longer confined to a small section on the internet, rather it has expanded to draw interest from Wall Street and top financial giants.