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Cryptocurrency Miner Hive Blockchain Passes $1B Market Value
Hive last had a $1 billion market value in November 2017.
By Zack Voell
Updated Mar 6, 2023, 3:37 p.m. Published Jan 8, 2021, 4:38 p.m.
Publicly traded cryptocurrency mining company Hive Blockchain (HIVE)https://hashrateindex.com/stocks/hive-cv has passed $1 billion in market value as its shares continue to surge amid bitcoin's parabolic rally.
- The Vancouver-based company has a current market value of $1.17 billion at last check with 345.7 million shares outstanding.
- Hive first crossed the 10-digit mark in early November 2017 shortly before the cryptocurrency market peaked a month later. For most of the past three years, Hive's market value has stayed below $200 million.
- Hive shares rallied over 2,500% in 2020 and have added an additional nearly 40% gain so far in January, currently trading around $3.32. In 2017, shares peaked just above $6.75.
- To date in 2021, bitcoin has gained over 40% after reaching nearly $42,000 Friday morning.
- Coinciding with its soaring market value, Hive has focused expanded its mining operations with the purchase of over 3,000 new mining machines in 2020, with nearly half of that number purchased and deployed in November 2020 alone.
- Hive competitors Riot Blockchain (RIOT)https://hashrateindex.com/stocks/riot and Marathon Patent Group (MARA)https://hashrateindex.com/stocks/mara both also recently hit the $1 billion market value in late December and early January respectively, per CoinDesk's prior reporting.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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