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Shares of American Bitcoin, significantly backed by Hut 8 and Trump associates, witness a sharp drop below their initial IPO value of $6.90, just one day post-launch on Nasdaq.
The bitcoin mining firm, primarily owned by Hut 8, is finalizing a merger with Gryphon as it approaches its public debut.
Benchmark analyst Mark Palmer increases Hut 8's price target from $33 to $36 and maintains a buy recommendation.
Hut 8 aims to significantly increase its power capacity while its stock surges after announcing new projects.
A recent five-year agreement with Ontario's electricity provider positions Hut 8 for stable revenue while addressing future energy needs.
Hut 8 has boosted its bitcoin-backed loan from Coinbase by an additional $65 million and secured a fixed interest rate of 9% to facilitate expansion efforts.
Shares of Gryphon and Hut 8 experience significant pre-market gains as American Bitcoin prepares for its public listing.
The bitcoin mining company reported substantial net income for 2024, leveraging the rising value of bitcoin and strategic expansions in AI infrastructure.
Hut 8 has bolstered its Bitcoin reserves by purchasing 990 BTC for a total of $100 million, enhancing its total holdings to about $1 billion.
Hut 8's stock saw a significant increase in pre-market trading amid rumors of a collaboration with Meta for a data center project.
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