May 24, 2022 (Investor Brand Network via COMTEX) -- HIVE Blockchain Technologies (tsx.v:HIVE) today announced that, further to its May 10 press release, the company will be proceeding with the consolidation of its common shares on the basis of five pre-consolidation common shares for one post-consolidation common share. The common shares will commence trading on the TSX Venture Exchange ("TSXV") and Nasdaq on a post-consolidation basis effective at the opening of the market on May 24, 2022. Completion of the consolidation is subject to receipt of all necessary regulatory approvals, including TSXV approval and pursuant to the Business Corporations Act (British Columbia) and the articles of the company. "HIVE has accomplished an incredible amount over the past few years. Today we're one of the most profitable and fastest-growing crypto miners in the world," said Frank Holmes, executive chairman of HIVE. "Despite our record profitability, HIVE shares trade at around a 2.2 P/E ratio as of May 23, 2022. This share consolidation will allow us to remove some of the penny stock stigma and allow us to engage more institutional investors."
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About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy. The company mines Bitcoin and Ethereum using primarily clean, cheap hydroelectric power in Canada, Sweden and Iceland. HIVE is a growth-oriented technology stock in the emergent blockchain industry. It is building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data center facilities in Canada, Sweden and Iceland, where it sources only green energy to mine on the cloud and HODL both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards. HIVE shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, the company believes its shares offer investors an attractive way to gain exposure to the cryptocurrency space. For more information and to register to HIVE's mailing list, please visit www.HIVEBlockchain.com .
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