Pierre Enterprises Ltd. (OTCMKTS:PRELF) or Hive Blockchain Technologies has been riding the bitcoin wave, but hit a snag recently when the shares pulled back some. PRELF is still a big winner, though, since the stock’s baseline for most of the year was a few pennies and is now well above $3.
PRELF is starting a digital mining center in Sweden that will be completed next month. PRELF just announced that it has entered into an agreement with a syndicate of underwriters led by GMP Securities L.P., pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 10,715,000 units of the Company at a price of C$2.80 per Unit, for aggregate gross proceeds of C$30,002,000.
Pierre Enterprises Ltd. (OTCMKTS:PRELF) trumpets itself as a company building a bridge from the blockchain sector to traditional capital markets.
HIVE is strategically partnered with Genesis Mining Ltd., the world’s leading cryptocurrency mining hash rate provider, to build the next generation of blockchain infrastructure.
HIVE owns a state-of-the-art GPU-based cryptocurrency mining facility in Iceland, completed in May 2017, which produces mined cryptocurrency like Ethereum around the clock. HIVE has an option to acquire four additional facilities in Iceland or Sweden from Genesis. Genesis supports HIVE with data center infrastructure know-how and is HIVE’s largest shareholder.
According to company materials, “HIVE Blockchain Technologies Ltd. is a growth-oriented, TSX.V-listed company building a bridge from the blockchain sector to traditional capital markets. HIVE is strategically partnered with Genesis Mining Ltd. to build the next generation of blockchain infrastructure. HIVE owns state-of-the-art GPU-based cryptocurrency mining facilities in Iceland, which produce mined cryptocurrency like Ethereum around the clock.”
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Hive represents one of the companies coming out of nowhere to cash in on the bitcoin craze. While many of the companies are taking part in this craze are small, PRELF is not. The company is well capitalized and has solid business going in the space.
Harry Pokrandt, CEO and President of HIVE stated “With the help of Genesis, Swedenrepresents the next stage of growth for HIVE as we continue to build our portfolio of mining facilities. HIVE is acquiring a facility in a politically stable country with access to excellent infrastructure and complements our existing facilities in Iceland. We will continue to evaluate other opportunities to ensure we provide our shareholders the best exposure to the blockchain and cryptocurrency.”
At this time, carrying a capital value in the market of $617.94M, PRELF represents an interesting play in the crypto space and could be hanging around for some time here. We will be updating readers with more news as the situation takes shape. Sign-up for continuing coverage on shares of $PRELF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $PRELF, either long or short, and we have not been compensated for this article.