Shares of Hut 8 Mining Corp (HUT) are soaring 7.42% in intraday trading on Thursday, outpacing the broader crypto market rally. The surge comes as Bitcoin, the world's largest cryptocurrency, hit a 2.5-month high of $99,598, edging closer to the psychologically important $100,000 mark. This price movement has sparked a widespread rally among cryptocurrency-related stocks.

The company also released its first-quarter 2025 results before the market opened. Hut 8 reported that its Bitcoin reserve expanded to 10,264 Bitcoin, valued at $847.2 million as of March 31, 2025. However, the company faced some challenges, reporting a net loss of $134.3 million, which was significantly wider than analysts' estimates of a $17.1 million loss. Revenue for the quarter came in at $21.8 million, also falling short of the expected $32.8 million.

Despite the mixed financial results, investors appear to be focusing on the positive aspects of Hut 8's business, particularly its growing Bitcoin holdings and the overall bullish sentiment in the crypto market. Other crypto-related stocks are also seeing significant gains, with Riot Platforms and Marathon Digital Holdings up over 4% each. This collective surge underscores the strong correlation between Bitcoin's performance and the stock prices of companies operating in the cryptocurrency ecosystem, with mining companies like Hut 8 standing to benefit significantly from higher Bitcoin prices.