Mr. Frank Holmes reports
HIVE ANNOUNCES FISCAL YEAR END HODL COIN ASSETS
Hive Blockchain Technologies Ltd. has provided an update on its fiscal year-end coin inventory as it continues to HODL coins.
Coin inventory (HODL)
As previously announced, since the beginning of the calendar year 2021, Hive has been a holder of all-mined Bitcoin and Ethereum coins, and has been banking them in cold wallets. As at the completion of its most recently completed fiscal year ended March 31, 2021, it held over 320 Bitcoin and over 20,030 Ethereum coins.
Its strategy is to continue holding coins, as the company feels that it will benefit its shareholders. The dollar value of its crypto assets at fiscal year-end was approximately $60-million (U.S.), and cash was $36-million (U.S.).
Ethereum has, for the 12 months, far outperformed Bitcoin. BTC is up 815 per cent, and ETH 1,336 per cent.
The company continues to be the only publicly traded crypto mining company, producing and saving both BTC and ETH. It has announced its commitments to increase its Bitcoin production to three exahashes over the next 12 months. Based on current BTC and ETH prices, revenue would surge 300 per cent.
Supply lines and logistics: COVID-19
The company reminds its shareholders that the COVID-19 pandemic continues to impact logistics and the supply of miners from Asia. This global risk is not isolated to cryptocurrency, but is also impacting the global manufacturing of cars. Hive intends to continue utilizing cash flow to make opportunistic investments in ASIC and GPU next-generation mining equipment that can provide positive gross mining margins.
If all the company's ordered equipment arrives from Asia as planned, then revenue based on current BTC and ETH prices could triple over the next 12 months.
The company announced that the board of directors has approved the grant of 100,000 incentive stock options to the company's managing director of Sweden and 75,000 incentive stock options to consultants of the company, which vest over 12 months. The options are exercisable into the equivalent amount of common shares of the company at a price of $5.03 per share until April 6, 2031.
Prior to the grants, the company had approximately 368 million issued and outstanding common shares and 14 million stock options.
About Hive Blockchain Technologies Ltd.
Hive Blockchain is a growth-oriented, TSX Venture Exchange-listed company, building a bridge from the blockchain sector to traditional capital markets. Hive owns state-of-the-art green-energy-powered data centre facilities in Canada, Sweden and Iceland, which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. Its deployments provide shareholders with exposure to the operating margins of digital currency mining, as well as a portfolio of crypto-coins.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.