Benzinga | Oct 15, 2021 12:58PM EDT

Why Bitcoin And Ethereum Mining Stock Hut 8 Mining Is Surging Today

Hut 8 Mining Corp (NASDAQ:HUT) is trading significantly higher Friday after DA Davidson initiated coverage on the stock with a Buy rating and announced a price target of $20.

Hut 8 Mining is also trading higher amid an increase in the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

The cryptocurrency markets are rallying ahead of Bitcoin futures ETF application rulings that are expected to come as soon as next week.

Bitcoin was up 4.39% at $59,968 over a 24-hour period at publication time. Ethereum was up 0.71% at $3,797.30 over a 24-hour period at publication time.

Hut 8 Mining is an innovation-focused digital asset miner located in Alberta, Canada. The company specializes in Bitcoin and Ethereum mining.

HUT Price Action: Hut 8 Mining has traded as high as $11.29 and as low as $3.15 over a 52-week period.

The stock was up 12.50% at $11.87 at time of publication.

Photo: Miloslav Ham?k from Pixabay.