Bullboard - Stock Discussion Forum Hut 8 Corp HUT

Alternate Symbol(s): T.HUT

Hut 8 Corp. is a data mining company. The Company is a vertically integrated operator of large-scale energy infrastructure and bitcoin miner. The Company acquires, designs, builds, manages, and operates data centers that power compute-intensive workloads, such as bitcoin mining, high performance computing, and artificial intelligence (AI). The Company operates through four business segments... see more

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Hut 8 Corp > Bitfury sold another 3M shares

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Post by Sharpaction on Feb 11, 2021 7:33pm

Bitfury sold another 3M shares

Bitfury just reported on Sedi they sold another 3M shares hence the downward pressure on the SP. Sue said its to fund R&D on their new chips. Fine, fair that's a good reason. What sucks for me is that, would Bitfury be selling right now if uplisting to the Nasdaq is imminent?

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Comment by LeJames on Feb 11, 2021 8:02pm

Exactly what I expected. No big guy would pay a premium for the stock when the main shareholder has been dumping millions of shares into the public market every couple weeks. And Fitfury's most recent sale basically says no imminent uplisting news, eh?

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Comment by Sharpaction on Feb 11, 2021 9:23pm

I've been told Nasdaq uplistings typically take 4 to 6 weeks. So let's say they started working on the application after their Jan 12th raise. We would be at the 4 week mark right now. If it doesn't come before Q4 financials (mid march) then you know management dropped the ball.

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Comment by LeJames on Feb 11, 2021 10:05pm

Why would Bitfury sell 3MM shares if they knew they could just wait a bit and easily get a couple $MM more? Cheers

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Comment by deedee13579 on Feb 12, 2021 1:31pm

Just out of curiosity .... what made you think that the application was not submitted prior to Jan 12th ... let's say Jan 4th (i.e. the first working day of January).

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