Shares of Hut 8 (NASDAQ:HUT) stock are surging higher yet again today. These returns have reflected the steep incline in Bitcoin (BTC-USD) over the past few months.
On Nov. 30, the cryptocurrency mining company announced that it had successfully merged with U.S. Data Mining Group, which transacts business as US Bitcoin Corp. The combined company is called Hut 8 Corp. and will operate as a U.S.-domiciled entity.
“This business combination is the largest M&A transaction that has ever transpired within our industry and represents a highly strategic union of two organizations with complementary strengths, that together, will prove to equal more than the sum of their parts,” said Hut CEO Jaime Leverton.
Hut 8 common stock was removed from the Nasdaq and Toronto Stock Exchange, effective the morning of Dec. 4. On that same day, shares of the new company began trading on the two exchanges. Shareholders of the old Hut stock received 0.2 shares for each share previously held.
The combined company has access to roughly 825 megawatts (MW) of energy across six locations. Leverton is the CEO, while Bill Tai will serve as the Chair of the Board of Directors. Meanwhile, Asher Genoot will take on the role of President.
5 Investors Betting Big on HUT Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During the third quarter, 116 13F filers disclosed a stake in the old HUT stock, a decline of four filers from the prior quarter. In total, these filers owned 29.50 million shares, up by 12.89% from 26.13 million shares. None of the filers owned HUT in their top 10 positions. Citadel Advisors was the largest buyer of the company during Q3, picking up 2.25 million shares.
Hedge funds, whose data is included in 13F data, were extremely bullish as well during Q3. They increased their exposure by 58.71% to 5.61 million shares from 3.54 million shares.
With that in mind, lets take a look at the largest shareholders of the old Hut stock:
- State Street (NYSE:STT): 6.97 million shares. State Street acquired 117,931 shares during Q3.
- Mirae Asset Management: 3.37 million shares. Mirae sold 96,131 shares during Q3.
- Citadel Advisors: 2.44 million shares. Citadel acquired 2.25 million shares during Q3.
- Van Eck Associates: 2.19 million shares. Van Eck acquire 297,552 shares during Q3.
- Qube Research and Technologies: 1.75 million shares. Qube acquired its entire stake during Q3.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
