HIVE Blockchain stock drops 9% after disclosing $88M warrant placement

Time:2022-01-03 Source: 926 views Trending Copy share

HIVE Blockchain Technologies (NASDAQ:HIVE) stock slumps 9.1% after the cryptocurrency miner enters an agreement to sell special warrants in a private placement for total gross proceeds of C$110M (US$88M).

The company plans to use the proceeds to develop its data center and buy more miners to boost its hashrate by one Exahash per second in the summer of 2022.
Proceeds may also go toward working capital and other general corporate purposes.
HIVE's drop comes as Bitcoin (BTC-USD) remains strong at $66.4K. Earlier, Bitcoin and ether scale new highs in crypto rally
See why SA contributor IncomeBent Investments calls HIVE (HIVE) a speculative Buy.

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