Cryptocurrencies

Cryptominer Hut 8 Slumps on Canada Exchange Trading Debut

Novogratz-backed company listing is proxy play in bitcoin war
CEO Sean Clark sees rising margins from bitcoin mining

Hut 8 Mining CEO Sean Clark discusses the company’s listing on the Toronto Stock Exchange.(Source: Bloomberg)

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By Natalie Wong and Lily Jamali

March 6, 2018 at 4:11 PM UTC

This article is for subscribers only.

Hut 8 Mining Corp., backed by billionaire investor Mike Novogratz, declined on its first day of trading on the TSX Venture Exchange as it seeks to boost bitcoin mining operations across North America.

Vancouver-based Hut 8 fell to C$3.51 at 11 a.m. in Toronto, after opening at C$4.70. The company is partially owned by chip maker Bitfury Group Ltd. and raised more than C$100 million ($78 million) in private placements ahead of its listing through the reverse takeover of Oriana Resources Corp. The most recent stock sale last month was at C$5 apiece.