Wednesday, October 11, 2017 10:53 AM UTC

HIVE Blockchain Technologies has announced a C$7 million equity investment by Genesis Mining, a leading bitcoin and Ethereum cloud mining company.

The announcement comes on the heels of HIVE Blockchain going live on the TSX Venture Exchange under the ticker symbol ‘HIVE’. The company raised over $16.5 million in an equity financing round last month.

According to the official release, Genesis Mining has partially exercised its participation right pursuant to an investor rights agreement and will be purchasing 4,666,667 shares of HIVE at C$1.50 per share.

“We welcome the financial support of Genesis Mining, the leading cryptocurrency mining hashpower provider with over a million customers, in addition to the invaluable expertise they are already providing,” commented Harry Pokrandt, President, CEO and a Director at HIVE. “Genesis shares our vision to rapidly develop HIVE into a major player in the cryptocurrency mining space, leveraging traditional capital markets.”

Last month, HIVE Blockchain announced a $30 million bought deal financing. Under the terms of an investor rights agreement, Genesis has the right to maintain up to its 30 percent ownership of HIVE’s post-Offering. Genesis has elected to proceed with the Genesis Purchase, resulting in Genesis maintaining an approximate 30% interest in HIVE.

The Genesis Purchase is expected to close on October 11, 2017, subject to approval of the TSX Venture Exchange.

“We strongly believe in the success of HIVE and think there is a lot of growth potential from where we are now,” commented Marco Streng, Co-Founder of Genesis Group.

According to the official website, HIVE is a partnership between Genesis Mining and Fiore Group, aimed at accelerating the development of the blockchain sector. It owns a state-of-the-art GPU-based cryptocurrency mining facility in Iceland, completed in May 2017, which produces mined cryptocurrency like Ethereum.

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