HIVE Blockchain Technologies Ltd (HIVE)

[TheShadow]

Stock Prices of Bitcoin Mining Companies Tumble Amid Broader Market Downturn

Hive to Attract Institutions With Planned Stock Consolidation

Meanwhile, Canadian crypto miner Hive Blockchain announced plans to consolidate its common shares five to one. According to a press release, the move will reduce the number of common shares issued and outstanding from 411,209,923 to 82,241,984 while increasing the firm’s share price.

The stock consolidation is expected to attract increased institutional investment. A statement from Hive’s executive chairman, Frank Holmes, said:

“Even though HIVE has a higher market capitalization than many of our peers, and stronger fundamentals as measured by Price/Earnings ratios, revenue per employee and debt to equity ratios, the increased share price creates more institutional visibility because many of their fundamental screens exclude stocks under $5 a share.”

The common shares post-consolidation are expected to begin trading on both the TSX exchange and the Nasdaq by May 20, 2022, after regulatory approval. Earlier in March, Hive entered a supply agreement with Intel to purchase new ASIC mining chips.

Source: CryptoPotato