Why Bitcoin-, Ethereum-Related Stock Hut 8 Is Getting Hammered Friday

Hut 8 Mining Corp HUT shares are trading lower by 11% to $1.56 going into the close of Friday's session. Shares of several crypto-related companies are trading lower after crypto exchange FTX commenced Chapter 11 proceedings.

Additionally, Craig-Hallum analyst George Sutton downgraded Hut 8 Mining from Buy to Hold and announced a $2 price target.

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Beleaguered cryptocurrency exchange FTX, its U.S. subsidiary FTX US, its sister firm Alameda Research and approximately 130 additional affiliated companies on Friday filed for Chapter 11 Bankruptcy in a United States court.

The stunning development comes as industry participants watched for Tron founder Justin Sun to potentially bail out the ailing exchange.

Hours earlier, Sun said he has entered into negotiations with FTX after Changpeng Zhao, CEO of Binance, walked away from the deal a deal to acquire the Bahamas-based FTX exchange...Read More

According to data from Benzinga Pro, Hut 8 has a 52-week high of $16.00 and a 52-week low of $1.27.