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Hive Blockchain to Raise C$110M to Expand Bitcoin Production
The crypto miner will raise the money in a private placement of special warrants.
Hive Blockchain is raising C$110 million through a private placement offering of special warrants to boost its mining power by one exahash per second (EH/s), according to a statement.
- The Canadian miner expects to use the proceeds to develop data centers and acquire mining equipment.
- The company will also use the money for working capital requirements and other general corporate purposes.
- Stifel GMP will be the lead underwriter and sole bookrunner for the offering of about 16.7 million “special warrants” of the company at C$6 each. The gross proceeds to Hive will be C$100 million.
- The “special warrant” holders will receive one unit of the company, which if exercised will consist of one common share of Hive and one-half of one common share of a purchase warrant.
- Hive, which is among one of the biggest Ethereum miners, outperformed most other crypto miners in early trading on Tuesday. But at the time of publication, its shares were down over 7% on Nasdaq.
- On Oct. 29, Hive announced plans to expand its bitcoin mining capacity to 2 exahash per second by December and 3 EH/s by March 2022. An exahash is a measure of computational power.
Aoyon Ashraf
Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.
