What’s the hyperbole around HIVE Blockchain Technologies Ltd (OTCMKTS: HVBTF)?

HIVE Blockchain Technologies Ltd (OTCMKTS: HVBTF) went down 4.18% and closed at $2.29 on Tuesday. The Bitcoin mining company has recently announced receiving NASDAQ approval for listing its common stock on the Capitals Market Exchange. 

What does it mean for bitcoin investors?

The company had started trading publicly in 2017 on Toronto Stock Exchange (TSX). With NASDAQ approval, HIVE said that it should continue to remain on TSX. The new listing on NASDAQ gives the investors in the U.S. higher accessibility for investing in bitcoins through the common shares. 

After the announcement, the company said that it is “growth-oriented” in an emerging market. The purpose of the company, it describes, is to bridge the gap between the traditional capital market and the blockchain sector. HIVE has its data centers in Iceland, Sweden, and Canada. All these are the green-powered facilities that mine cryptocurrencies and bitcoins on the cloud. 

Looking at the historical record

In 2020, HIVE had traded more than two billion shares. The company adopted the HODL mentality since the beginning of this year with BTC mining. Since this year started, the company has managed to collect most of the BTC coin production. This is secured in data centers and storage of the company. The company says this deployment enables shareholders to get proper exposure to the operating margins that accompany digital currency mining, along with the crypto coins portfolio. 

Interestingly, no approval has yet been given to the U.S. Securities and Exchange Commission (SEC) for Bitcoin exchange-traded funds. Yet, the investors find alternatives to invest in such shares, which track the market price of bitcoins, minus expenses, and fees. 

As far as retail investors are concerned, there are furthermore indirect exchange-traded alternatives available. Different investors follow different strategies to trade in bitcoins and find their way around it. 

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