Hut 8 Call Options Spike 30% to 25.6K as Bitcoin Miner Stock Hits $100

For crypto investors, Bitcoin mining stocks like Hut 8 serve as leveraged plays on the digital currency without the custody hassles. The sudden 30% jump in call options on July 20 — while the stock hovers at $100.20 — suggests that derivatives traders are positioning aggressively for Bitcoin’s next move, even as three directors recently sold millions of dollars’ worth of shares. Is this a canary in the coal mine or a coiled spring ahead of a crypto rally?

Hut 8 Corp. (NASDAQ: HUT), a prominent Bitcoin mining company, witnessed an unusual surge in call options activity on Monday, July 20, 2026, signaling extraordinary speculative interest or hedging activity in the high-beta stock. Trading volume in call options hit 25,633 contracts, a 30% increase over the average daily volume of 19,733 contracts. The stock itself climbed $8.75 to close at $100.20, with 4.6 million shares changing hands, slightly below the average of 4.8 million. This bullish options flow comes against a backdrop of significant insider selling, mixed analyst opinions, and a recent earnings report that delivered both a massive revenue beat and a steep earnings miss, offering a complex and conflicted picture for investors.

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Yet the company posted a net loss of $1.98 per share, far deeper than the expected loss of $0.33 per share, translating to a negative net margin of 109.77%.

The spike in call buying is notable given Hut 8's correlation with Bitcoin, which has been consolidating around $65,000. With a beta of 4.62, HUT is among the most volatile stocks in the crypto miner universe, amplifying moves in the underlying digital asset. The options surge could reflect a bet that Bitcoin is poised for another leg up, or that Hut 8’s operational improvements will drive the stock higher from its current level, which is still well below the 52-week high of $140.80. However, the stock is also trading below its 50-day simple moving average of $111.24, leaving it in a technically vulnerable position unless the bullish bet materializes.

On the fundamental side, Hut 8’s latest quarterly results — reported on May 6, 2026 — were a study in contrasts. Revenue soared to $139.31 million, shattering the consensus estimate of $78.53 million, powered by the combination of higher Bitcoin prices and the company’s expanded mining and high-performance computing operations. Yet the company posted a net loss of $1.98 per share, far deeper than the expected loss of $0.33 per share, translating to a negative net margin of 109.77%. The miss was driven by depreciation, non-cash impairment charges, and the cost of scaling infrastructure. This financial dichotomy underscores the high-risk, high-reward nature of Bitcoin mining: operational leverage can produce spectacular revenue growth during bull markets, but the bottom line remains vulnerable to asset write-downs and volatile energy costs.

Adding to the cautious narrative, a wave of insider selling unfolded in May 2026, well-timed ahead of the stock’s subsequent dip. On May 4, insider Victor Semah sold 10,518 shares at $76.83 under a prearranged Rule 10b5-1 plan. On May 13, Director Rick Rickertsen sold 17,491 shares at $110.00, representing a 50% reduction in his holdings. Then on May 21, Director Amy Marie Wilkinson sold 20,000 shares at $100.78. While some of these sales were executed under 10b5-1 plans designed to insulate against accusations of insider trading, the magnitude and clustering — particularly Rickertsen’s halving of his position — raise legitimate concerns about management’s confidence in the near-term stock trajectory.