Another day, another crypto-related stock. To satisfy my seemingly endless appetite to buy most of the stocks on the bitcointreasuries.org list , I bought some shares in HIVE Blockchain Technologies (T.HIVE) this morning. I have already bought five on that list (MicroStrategy, Galaxy Digital, Hut 8 Mining, Voyager Digital, 3iQ's Bitcoin Fund) and one not (Bitfarms). To be certain, this company has nothing to do with the HIVE decentralized Web 3.0 blockchain ecosystem.
I bought when I found out HIVE also mined ethereum in addition to bitcoin. Since ETH is 60-70% off its all time high, I'm banking on an ETH bull run and one way I can play it is to buy into an operation that includes ETH and BTC mining. What I knew about HIVE was that 3 years ago it was highly promoted, went on a tear with very high volume. Its 52 week high was around $3.50, so it's a no brainer if ETH runs, then HIVE runs.
One thing I am trying to figure out is where will I find the bigger bang in the crypto or stock market? I read recently that HIVE has risen over 300% in 2020 to BTC's 168%.
Their last press release HIVE described itself as
"HIVE Blockchain Technologies Ltd. is a growth oriented, TSX.V-listed company building a bridge from the blockchain sector to traditional capital markets. HIVE owns state-of-the-art green energy-powered data centre facilities in Canada, Sweden, and Iceland which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins. This is another key step in building our vision to have a 1,000 petahashes of Bitcoin mining capacity over the next 12 months."
After thrashing it out in the night before, I woke up early but was still late to the morning action as HIVE had already moved up 16%. I had a small residual amount in my portfolio that was begging to be spent, so I used it on an initial small position in HIVE. At the end of the day, HIVE rose 34%. Glad I was able to capture 18% of that rise. If the stock goes down tomorrow, I'll probably be back to buy more. Then again, I might leave it at the original position as one thing I want to do is to compare all these crypto stocks. My thinking was - do I need to buy more to average down or will all 7 stocks be considered my broad crypto bet in the stock market with no need to average down? Ah the fight between the purist vs the capitalist.
I bought at $0.82. HIVE ended the day at $0.97, which was a decent start.
A final thought, the way I'm playing the potential BTC/ETH rally is 1) buy BTC/ETH, 2) buy BTC/ETH related stocks and 3) earn some ETH writing about it.
