HVBTF - HIVE Blockchain Technologies: Hype Or Hyperbole?

• Cryptocurrency miner with a green ESG lining, promotional DNA, and restraint on disclosing financial statements publicly.
• Compared to metals mining, we think of cryptocurrency mining as a shorter duration, more replicable sector with similar regulatory and political risks.
• Expect ongoing significant dilution of common shareholders from convertible loan from CEO controlled vehicle, acquisitions paid for in stock, and at-the-market equity offerings.
• If Bitcoin and Ethereum will expand their hockey stick price development, the potential for margin expansion becomes very meaningful, and indeed may make this an investable security.

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