Benzinga | Sep 24, 2021 01:31PM EDT

Why Bitcoin-Related Stock Hut 8 Mining Is Falling

Shares of several cryptocurrency-related stocks, including Hut 8 Mining Corp (NASDAQ:HUT), are trading lower amid a decrease in the price of Bitcoin and Ethereum after China's Central Bank banned all crypto transactions and vowed to stop illegal crypto mining.

Hut 8 was trading lower on September 15 after the company announced a proposed public offering. Hut 8 had agreed to sell to the underwriters 17,550,000 common shares at a price of $8.55 per share resulting in total gross proceeds to the company of $150 million.

Hut 8 Mining is a digital asset miner. The company says they hold more self-mined bitcoin than any crypto miner or publicly-traded company globally.

Hut 8 has a 52-week high of $13.00 and a 52-week low of $0.58.