Hive Blockchain Technologies Surges Over 600% After Public Offering

Hive Blockchain Technologies

Hive Blockchain Technologies Inc. (TSXV:$HIVE), a Vancouver-based Hive, is among the first publicly traded stocks to provide exposure to cryptomining- the vast data crunching required to verify the blockchain and volatile currencies they produce, such as bitcoin and ether.

The mastermind behind Hive Blockchain Technologies is Frank Giustra, a Canadian mining maverick who has already amassed a fortune. In fact, his decision to dig for another kind of gold, cryptocurrencies, has already paid off. Hive’s shares have soared about 644%, a market value of $533 million, since it took over the listing of Leeta Gold Corp and began trading on Sept. 18.

Hive’s CEO stated, ”We’re quite lucky to be the first out of the gate.”

Hive has already paid Hong Kong-based Genesis Mining Ltd., builder of the world’s largest ether mining facility, a whopping $9 million for a 30% stake to acquire a new data center in Reykjanes, Iceland. There, Hive plans to mine different cryptocurrencies, depending on which ones offer the best margins. Further, the company has eyes on a second Genesis data center next door for $5 million.

Additionally, only a few vehicles are available to institutional investors seeking exposure to cryptocurrencies and none of them are sole miners. Bitcoin Investment Trust, for instance, invests exclusively in bitcoin and trades over-the-counter.

While speaking on such matter, Mr. Pokrandt, someone who’s focused on mining and resource for more than two decades, stated: “I’ve discovered that cryptoculture and gold bugs are the same sort of thing: you’ve got mistrust of government, mistrust of fiat, you want a decentralized ecosystem. The difference is that gold bugs tend to all be in their 60s, while crypto guys are in their 20s.”

Featured Image: Depositphotos/© spaxiax

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