Hut 8 (HUT) Rallies 14% on Multiple Contracts

Hut 8 Corp. (NASDAQ:HUT) is one of the Double Digit Gains: 10 Stocks Soaring Like Crazy.

Hut 8 saw its share prices increase by 14.07 percent on Wednesday to close at $21.08 apiece after securing multiple contracts with the Ontario Independent Electricity System Operator.

In a statement, Hut 8 Corp. (NASDAQ:HUT) said that four of its natural gas-fired power plants in Ontario have been awarded a five-year capacity contract following successful bids submitted in the competitive IESO Medium-Term 2 capacity auction. The contracts, totaling 310 MW of nameplate capacity, will commence on May 1, 2026.

Hut 8 (HUT) Rallies 14% on Multiple Contracts

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“Securing these contracts is a testament to the commercial and regulatory fluency of our power-native team,” said Hut 8 Corp. (NASDAQ:HUT) CEO Asher Genoot. “It reflects our proactive approach to portfolio management and our focus on identifying value-accretive opportunities to maximize returns on our Power assets.”

The company expected to boost its cash flow through energy sales, on expectations of a 75-percent increase in electricity demand and up to 5.8 GW of capacity shortfall by 2030.

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