Hive Blockchain (HIVE)
Hive Blockchain is a diversified miner with mining activity in Bitcoin and Ethereum (ETH-USD). The penny stock currently trades at $2.16. That’s down from an all-time high of $5.75. With steady growth in mining activity and some strategic investments, the stock is poised for a reversal rally.
For Q2 2021, Hive reported revenue of $52.6 million. On a year-on-year basis, the company’s revenue increased by 305%. Further, as of September 2021, the company was holding 1,116 Bitcoins and 25,154 Ethereum. At the time, this translated into a total digital currency asset of $123.1 million.
It’s also worth noting that at the end of Q2 2021, the company had 16,000 Bitcoin miners on order. As miners are deployed through 2022, revenue growth is likely to sustain.
Hive Blockchain has also been in a diversification mode through strategic investments. The company has already made investments in the area of decentralized finance and NFTs. As financial flexibility increases with robust mining activity, the company will be positioned for further growth and diversification.
Overall, HIVE stock looks like an interesting bet among penny stocks. If the momentum for Bitcoin sustains in the long-term, the stock can deliver multi-fold returns.
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