- DeFi Technologies Inc. is entering into a share swap arrangement with HIVE Blockchain Technologies Ltd
- HIVE will receive 10 million DeFi Technologies shares, DeFi will receive 4 million HIVE shares
- The transaction is expected to close on or about April 16, 2021
- HIVE and DeFi Technologies plan to create a partnership surrounding the decentralized finance (DeFi) ecosystem
- DeFi Technologies Inc. is a Canadian company that builds and manages assets in the decentralized finance sector
- HIVE Blockchain Technologies Ltd is in the business of providing infrastructure solutions in the blockchain industry
- HIVE Blockchain Stock opened trading at C$3.83 per share
DeFi Technologies Inc. is entering into a share swap arrangement with HIVE Blockchain Technologies Ltd (HIVE).
HIVE will receive 10 million DeFi Technologies common shares, representing 6.5% of the existing outstanding common shares in exchange for 4 million HIVE common shares, representing 1.1% of Hive’s issued and outstanding common shares.
The transaction, which does not involve any cash payment by either side, is expected to close on or about April 16, 2021.
In addition, HIVE and DeFi Technologies plan to create a partnership surrounding the decentralized finance (DeFi) ecosystem with specific applications around Ethereum and Miner Extractable Value (MEV).
This partnership will provide DeFi Technologies with exposure to one of the largest miners of Ethereum, which is the backbone on which decentralized finance applications are built and thus serves as a critical component supporting the sector.
Wouter Witvoet, CEO of DeFi Technologies, said,
“We are extremely excited to form a partnership with HIVE Blockchain Technologies. When HIVE was founded there was no way for public market investors to gain access to the growing cryptocurrency markets. HIVE was the first public mining company offering investors exposure to this nascent industry by offering the possibility to simply buy a stock in a brokerage account.
Like HIVE, DeFi Technologies aims to accomplish the same by offering investors an easy way to gain exposure to the rapidly expanding decentralized finance sector. Approximately 96 percent of decentralized finance transactions occur on the Ethereum network, with HIVE being the only public company mining Ether at an industrial scale and the partnership gives DeFi Technologies the ability to leverage this infrastructure for future developments to scale in an unprecedented manner.”
Frank Holmes, Chairman and Chief Executive of Hive, said,
“We are excited about this strategic partnership with DeFi Technologies and see strong synergies between the two companies. As HIVE is the only publicly-traded company mining Ethereum on an industrial scale, we see opportunities in the work that DeFi Technologies is doing around Miner Extractable Value and the potential ensuing benefits to HIVE ”.
DeFi Technologies Inc. is a Canadian company that builds and manages assets in the decentralized finance sector.
HIVE Blockchain Technologies Ltd is in the business of providing infrastructure solutions in the blockchain industry, including the mining of digital currencies.
HIVE Blockchain Technologies Ltd. (HIVE) opened trading at C$3.83 per share.