Hut 8 (HUT) Slashes 13%, Mirrors Subsidiary Fall

We recently published 10 Stocks Deep in the Red. Hut 8 Corp. (NASDAQ:HUT) is one of the worst performers on Tuesday.

Hut 8 fell for a second day on Tuesday, shedding 13.52 percent to close at $37.68 apiece as investors took path from American Bitcoin’s 51-percent intra-day drop.

American Bitcoin is a majority-owned subsidiary by Hut 8 Corp., which plunged following announcements that the locked-up shares of the company became eligible for trading.

Additionally, presidential son Eric Trump—who also co-founded American Bitcoin—said in a social media post on the same day that the sell-off was due to investors exercising their options to “cash in on their profits for the first time, which is why we will see volatility.”

Investors, however, turned cautious, with the sentiment spilling over to Hut 8 Corp..

“I’m holding all my @ABTC shares—I’m 100 percent committed to leading the industry,” Trump added.

As of writing, the prices of Bitcoin were up by 1.31 percent to the $92,000 level, but remained down by 14.20 percent in the past 30 trading days.

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This article is originally published at Insider Monkey.