Hut 8 Claps Back at Bitcoin Short-Selling Report

• Hut 8 Corp. Responds to Controversial JCapital Research Report
• Impact on Hut 8's Stock Value
• JCapital Report's Accusations on US Bitcoin
• Hut 8 CEO Rebuffs Accusations
• Current Status of HUT Shares
• Related Bitcoin Mining Stock News

Hut 8 Corp. Responds to Controversial JCapital Research Report

On Wednesday, Hut 8 Corp. (HUT) refuted a recent report by JCapital Research, describing it as an intentional attempt to disseminate misinformation concerning its operations, financial status, management practices, and senior executives. The company expressed its concerns stating that the report was riddled with inaccuracies, speculative allegations, and defamatory character attacks.

Impact on Hut 8's Stock Value

Following the release of the JCapital Research report, the mining company's Nasdaq-listed stock experienced a noteworthy decline. The stock price, which was previously at $9.17 on January 18, fell to $7 within slightly more than 24 hours. JCapital Research accused Hut 8 of preparing a pump and dump scheme through its merger with fellow mining company US Bitcoin$42,260 -0.64%.

JCapital Report's Accusations on US Bitcoin

The report presented by JCapital Research shed light on US Bitcoin's alleged history of legal issues, including a loan default and two government fines, one being for engaging in securities violations.

Hut 8 CEO Rebuffs Accusations

Hut 8 CEO, Jaime Leverton, defended the company against these allegations. Leverton stated that the company refuses to be sidetracked by activists seeking to profit from misinformation and character defamation. He further dismissed the report as speculative and misleading.

Current Status of HUT Shares

Since their decline on January 18, HUT shares have not observed a significant rebound. They closed 5.3% lower at $6.33 the previous day. However, alongside a slight rise in the price of Bitcoin, the shares have seen a 5.7% premarket increase.

Related Bitcoin Mining Stock News

In other news, Bernstein has advised investors to leverage the current dip in Bitcoin mining stocks ahead of an expected price inflection for BTC.

Edited by Jonathan Stoker