Hive Blockchain to Raise C$110M to Expand Bitcoin Production

The crypto miner will raise the money in a private placement of special warrants.

AccessTimeIconNov 9, 2021 at 5:56 p.m. UTC
Updated May 11, 2023 at 5:49 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.
  • Coinbase Expands Crypto Services Into Canada
    04:00
    Coinbase Expands Crypto Services Into Canada
  • MakerDAO Votes to Ditch $500M in Paxos Dollar Stablecoin From Reserve; Nike Teams Up With EA Sports
    02:50
    MakerDAO Votes to Ditch $500M in Paxos Dollar Stablecoin From Reserve; Nike Teams Up With EA Sports
  • Coinbase Praises Canada’s Crypto Approach Amid U.S. Regulatory Pressure
    05:35
    Coinbase Praises Canada’s Crypto Approach Amid U.S. Regulatory Pressure
  • Bitcoin Moves Sideways, Trading Around $27K
    08:21
    Bitcoin Moves Sideways, Trading Around $27K
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Aoyon Ashraf

    Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


    Read more about