Asher Genoot Replaces Jaime Leverton as Hut 8 CEO- Report

Hut 8 Corp announced the transition of the company’s Chief Executive Officer; earlier, the position was held by Jaime Leverton. Asher Genoot, who replaced Leverton, is also the president and Hut8 board of members.

Asher joined immediately as the previous CEO resigned following several charges and allegations against him.

As per the official press release, “The Hut 8 Board of Directors (the “Board”) has determined, following the completion of the company’s merger of equals, the time was right to set a new strategic direction for the company and that a transition of leadership was appropriate.” 

The Chairman of the Board of Hut 8, Bill Tai, said, “The merger of equals of Hut 8 and US Bitcoin Corp was a transformational moment for both companies,” he added “Hut 8 is now at a pivotal inflection point, and we believe that Asher is uniquely qualified to accelerate our path to market leadership. The combined company has tremendous potential, and the Board is confident that Asher will bring a disciplined, proven approach to unlock this potential.”

After he departed from the post of CEO, Leverton, “It has been a privilege to lead the Hut 8 team and to serve as CEO through such a critical time for Hut 8,” added, “I am grateful to the Board for the opportunity to lead such a talented, innovative team, and I am proud of the company we have built.”

Hut 8 is among the leading Bitcoin miners globally. Core Scientific, Riot Blockchain Marathon Digital are some of the other top miners. The company’s stock is over 10% of the price in the weekly time frame.

As of writing, HUT stock was trading at $7.09 with an intraday trading volume of 272.41K.

Top Crypto Miners of the Industry & Performance

Marathon Digital is leading the category of crypto miners in terms of market capitalization. The company has a market cap of $4.13 Billion, followed by Phoenix Group, Riot Blockchain, CleanSpark, among others.

Core Scientific lost more than 29% of its trading price in the intraday time frame, followed by GRIID Infrastructure and Phoenix Group. Data on Companies’ market cap states that 20 major crypto miners in the industry collectively have a market cap of $17.46 Billion.

In the past 24 hours, the market cap of the entire crypto market has flourished, and it is $1.71 Trillion as of writing. Bitcoin finally crossed the much-awaited resistance of $45k and is trading at $45,001. Its trading volume reflected a growth of over 77%. 

Some analysts also claim that sudden positivity in the market is due to the news and rumors of Ether Spot ETF, which is expected to get approval in May 2024. 

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.