Canadian mining company Hut 8 Mining Corp. entered the Nasdaq Stock Exchange. Its shares are now traded on the platform under the ticker HUT.

The company previously announced an agreement with Canaccord Genuity Corp., which acted as the lead underwriter on its behalf and the underwriting syndicate. On June 15, Hut 8 announced the acquisition of 23 million shares (common share and warrant) at a price of C $ 5 (~ $ 4.11).

The volume of supply amounted to 115 million Canadian dollars (~ $ 94.43 million).

At the time of writing, Hut 8 is trading at $ 4.29 and has a market capitalization of $ 497.53 million. The company is also listed on the Toronto Stock Exchange.

In April, trading in Coinbase shares on the Nasdaq started at $ 381; by the end of the first day, their value decreased by 13%. At the time of writing, the company is trading at $ 232 - about 40% below its open price.

“This is not an indicator of potential success or investor interest in crypto companies listed on the Nasdaq. Now the real indicator is the price of bitcoin and Ethereum, as there is a direct correlation between the sell-off of bitcoin and [stocks] of mining companies, "said Sue Ennis, head of corporate development at Hut 8.

Hut 8 has been mining bitcoin since 2011. According to Bitcoin Treasuries, the company has 3,233 BTC on its balance sheet, which is estimated at about $ 130 million at the time of writing.

Ennis talked about Hut 8's plans to launch Ethereum mining before June 20. It will thus become the first publicly traded cryptocurrency mining company in North America with a diversified portfolio.

Competitors Riot Blockchain and Marathon Patent Group, also registered on the Nasdaq, operate exclusively with Bitcoin.

In March 2021, Hut 8 completed a $ 30 million purchase from Nvidia for the CMP series of video cards for mining. According to Ennis, the devices will be operational by June 20. She noted that with the transition of Ethereum to the Proof-of-Stake consensus algorithm, the company will switch to mining Ethereum Classic.

Hut 8 is part of the Bitcoin Mining Council, an organization of bitcoin miners who promote the use of renewable energy in the mining of cryptocurrencies. Ennis said ESG issues have become a priority for the company, and Elon Musk's tweets have accelerated its plans to decarbonize its activities.

Hut 8 currently gets 70% of its energy from burning natural gas and another 30% from wind farms, Ennis said.

She also added that the company is "doing everything possible" to attract Chinese miners, oppressed by the PRC government, to its site.

Recall that in April Hut 8 announced plans to raise 500 million Canadian dollars from the placement of securities on the Toronto Stock Exchange.