Blockchain firm gets a shot in the arm

Blockchain firm gets a shot in the arm

Blockchain firm gets a shot in the arm HIVE Blockchain Technologies has issued 4,666,667 shares at $1.50 per share to cryptocurrency mining hashrate provider Genesis Mining.

HIVE announced a $30 million bought deal financing in September under which an investor rights agreement between it and Genesis provided the latter with the right to maintain up to 30% of its ownership of the company post-financing.

The Genesis purchase amounts to a total investment of $7 million, which will be used for general working capital purposes.

"We welcome the financial support of Genesis Mining, the leading cryptocurrency mining hashpower provider with over a million customers, in addition to the invaluable expertise they are already providing," HIVE CEO and president Harry Pokrandt said.

He added that the investor shares HIVE's vision to be a major player in the cryptocurrency mining space and at the same time leverage traditional capital markets.

"We strongly believe in the success of HIVE and think there is a lot of growth potential from where we are now," commented Genesis Cofounder Marco Streng.

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