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Giustra’s Hive switches from mining gold to bitcoin, surges six-fold

gata.org / By Natalie Obiko Pearson and Brandon Kochkodin via Bloomberg News / October 12, 2017

Frank Giustra, the Canadian mining maverick who amassed a fortune building what would become one of the world’s largest gold companies, is digging for another kind of gold: cryptocurrencies.

The company he has backed, Vancouver-based Hive Blockchain Technologies Inc., is among the first publicly traded stocks to provide exposure to crypto mining — the vast data crunching needed to verify the blockchain and the volatile currencies they produce like bitcoin and ether.

So far his decision to dig for data servers has paid off. Hive’s shares have soared about 560 percent, giving it a market value of C$497 million ($398 million), since it took over the listing of Leeta Gold Corp. and began trading on Sept. 18. After only three days the company raised C$30 million in a share sale led by GMP Securities LP. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2017-10-12/hive-switches-from-mi…

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