Hut 8 Mining Corp (HUT) shares surged 5.94% in pre-market trading on Monday, as cryptocurrency-related stocks rallied on the back of rising Bitcoin prices. The significant uptick in Hut 8's stock price aligns with a broader trend observed across the crypto mining and blockchain technology sector.

The pre-market rally for Hut 8 Mining Corp is part of a larger movement in crypto-related stocks. Other notable gainers in the sector include Coinbase Global, up 2.9%, and Bitfarms, which saw a 5.2% increase. This collective rise suggests a strong correlation between Bitcoin's price action and the performance of cryptocurrency mining and services companies.

Investors appear to be reacting positively to the latest surge in Bitcoin prices, which often serves as a bellwether for the entire cryptocurrency market. As a major Bitcoin mining operation, Hut 8 Mining Corp's profitability and stock performance are closely tied to the value of Bitcoin. The company's substantial pre-market gain indicates that traders are optimistic about the near-term prospects of both Bitcoin and crypto mining operations in general.