Hut 8 (HUT) Loses 17.9% as Bitcoin Falls Sharply

We recently published 10 Big Names, Bigger Losses. Hut 8 Corp. (NASDAQ:HUT) was one of the worst performers on Thursday.

Hut 8 dropped its share prices by 17.89 percent on Thursday to finish at $44.48 apiece as investor sentiment was dampened by the Treasury department’s inability to bail out Bitcoin and other cryptocurrency assets, coupled with a notable investor’s caution if the asset falls further to the $50,000 level.

Hut 8 Corp. (NASDAQ:HUT) fell alongside its counterparts, namely MARA Holdings, Strategy, Galaxy Digital, Riot Platforms, and CleanSpark, among others, after Treasury Secretary Scott Bessent told House lawmakers that the department does not have the authority to step in to support the cryptocurrency market or buy Bitcoins and other cryptocurrencies.

Bitcoin nosedived to the $62,000 level following the news, slashing as much as 50 percent of its $126,000 all-time high.

Michael Burry, a notable investor who predicted the 2008 financial crisis, also contributed to the drop. In a Substack post, he cautioned about Bitcoin’s recent weakness, adding that any further drop to the $50,000 level could evolve into a death spiral and negatively affect Bitcoin players.

Meanwhile, Hut 8 Corp. (NASDAQ:HUT) is one of the leading Bitcoin mining players globally and is currently transitioning to artificial intelligence servicing.

Hut 8 Corp. (NASDAQ:HUT) also owns a majority stake in American Bitcoin Corp.,  which was co-founded by presidential son Eric Trump.

While we acknowledge the potential of HUT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.