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Hut 8 CFO Sells Company Stock

The chief financial officer (CFO) of crypto miner turned data centre operator Hut 8 (NASDAQ: $HUT) has sold company stock.

Sean Glennan, CFO of Hut 8, sold 6,445 shares of common stock for proceeds of $508,000 U.S. on Aug. 24.

A regulatory filing showed that Glennan sold the stock at an average price of $78.76 U.S. per share. The sale substantially reduced Glennan’s stake in Hut 8.

Media reports say that Glennan’s latest stock sale was executed automatically and done to cover tax liabilities associated with the vesting of restricted stock units (RSUs).

The CFO continues to own 12,355 stock options in Hut 8 that are expected to vest at a later date.

Stock purchases and sales by company executives are closely watched among investors as they can signal whether management is bullish or bearish on their firm’s prospects.

The sale by the CFO comes with Hut 8’s stock on a tear amid the boom in artificial intelligence (A.I.) data centres.

On the back of strong financial results and demand, HUT stock has risen 222% over the past 12 months to trade at $85 U.S. per share.