HIVE heads to NASDAQ. Should you buy this crypto stock?

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 HIVE heads to NASDAQ. Should you buy this crypto stock?

HIVE Blockchain Technologies Ltd. (TSXV:HIVE) is set to debut on the New York-based Nasdaq exchange on Thursday, July 1, with its common shares listed under the ticker of ‘NASDAQ:HVBT’.

The Vancouver-headquartered firm launched its initial public offering (IPO) in 2017 on the Toronto Stock Exchange Venture (TSXV) and became the first crypto mining firm with clean energy operations to do so.

On the back of its US listing announcement, HIVE’s TSX-listed stock climbed over 17 per cent on Tuesday, June 29, with a trading volume of 6.32 million.

Let us delve into this crypto stock’s performance and fundamentals.

HIVE Blockchain Technologies Ltd. (TSXV:HIVE)

The blockchain technology firm has Bitcoin and Ether mining operations across Canada, Iceland, and Sweden. The company recorded a massive trading volume of more than two billion shares last year.

The finance technology firm’s share price skyrocketed by 1,014 per cent in the past one year. Priced at C$ 3.40 apiece, the crypto stock has risen over 42 per cent year-to-date. However, the stock has gone through a downtrend post the crypto market crash on May 19. It has dropped almost 31 per cent quarter-to-date (QTD).

The junior capital market stock has a market cap of C$ 1.29 billion.

At the previous closing, HIVE stock was trading 5.05 per cent down against the 60-day simple moving average due May month sell-off. The stock has recovered by almost 21 per cent in the last one week, led by the rising crypto-tokens prices.

The crypto mining firm holds Bitcoin and Ether coins in its cold wallet, or offline wallets, as a security against any damage or theft. In the first quarter of 2021, the firm registered a total of 320 Bitcoins and over 20,000 Ether tokens in its inventory.

HIVE Blockchain's one-year stock performance against moving average multiple and volume. (Chart Source: Refinitiv)

The stock is up 26 per cent from its 200-day SMA, which clearly shows its long-term bull run. Its 10-day average trading volume is 2.6 million shares, which is in line with the 30-day average volume of 2.58 million. 

The Canadian firm has entered a partnership with a Sweden-based renewable power distributor Bodens Energi Nät AB, to power its crypto mining center.

On completion of its listing on Nasdaq, the crypto firm may expand its operations across the US. The company is likely to capitalize on the cryptocurrency’s mainstream acceptance and the Wall Street-based institutional investors.

Please note: The above constitutes a preliminary view and any interest in stocks and cryptocurrencies should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from Refinitiv.


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