I'm certainly no expert in stock trading, but the way I see it, it's all in what you think about this whole concept. Are "bit coins" currency, speculative plays, momentum stock, etc.? And, how do you assign value to an abstract concept like this. Yes, I understand the algorithm and theory, but at the end of the day, these are just entries in a computer ledger, they will never be tangible "stuff" with inherent value like gold, silver, cobalt, etc.
So, at this point, I am looking at Hive as a junior miner. Instead of picks and shovels, they use a server farm in Iceland to extract the "bits" of value. My guess is that they'll hoard the vast majority of the bits they mine on the expectation that prices will rise over the long run. That will build "value" in their "vault" and should drive the stock price higher.
Would be interested to hear more opinions on this whole concept. It's certainly interesting, and is not complicated to understand the process. I'll be looking forward to their first financials after they start accumulating "bits".