Cryptocurrency mining stocks traded in the red on Tuesday after Hut 8 Mining ( NASDAQ: HUT ) announced an all-stock merger with US Bitcoin, valuing the combined firm at ~$990M. While shares of Hut 8 ( HUT ) initially rose before the bell, the stock later fell as much as 11.3% . Crypto miners have been battling liquidity issues owing to last year's market downturn. The sector has seen some consolidation in recent months, with companies selling crypto holdings, mining rigs and other assets to free up capital. Others are working on restructuring debt. Interestingly, Hut 8 ( HUT ) CEO Jaime Leverton said the firm will cover operating costs by selling BTC mined and HODLed, and/or debt options. Once the merger closes, Hut 8 ( HUT ) will review its go-forward treasury strategy. However, bitcoin's ( BTC-USD ) rally this year (up ~40% YTD) has renewed optimism in the industry. The top crypto is currently down 0.2% at $22.92K. Crypto mining stocks that fell include: Cipher Mining ( CIFR ) -7.1% , Marathon Digital ( MARA ) -6.6% , Riot Platforms ( RIOT ) -6.3% , Core Scientific ( OTCPK:CORZQ ) -5.7% , Bit Digital ( BTBT ) -5% . The MVIS Global Digital Assets Mining Index, which tracks 20 companies that generate at least 50% of their revenue from crypto mining or related activities, dipped 1.9% . Earlier, crypto conglomerate Digital Currency Group is said to be offloading shares in trusts operated by Grayscale Investments at a deep discount .
$30 Million Worth XRP Traded in 30 Minutes
