HIVE Blockchain Technologies Ltd. has stated its plan to strategically rebrand, including a transition to the new name “HIVE Digital Technologies Ltd.” This rebranding initiative is designed to reflect the company’s progression into the High Performance Computing (HPC) data center arena, using Nvidia’s superior Graphics Processing Unit (GPU) chips to take advantage of the growing trend of widespread adoption in the field of artificial intelligence (AI).

Established in 2017, HIVE has been an innovative leader in the cryptocurrency mining domain. The upcoming name change marks a major strategic shift to exploit the capabilities of green energy data centers and GPU Cloud computing technology, an indispensable resource in the realm of AI, machine learning and sophisticated data analytics.

Currently, the company’s common stock is traded on the TSX Venture Exchange (TSXV) and Nasdaq Capital Market under the symbol “HIVE.” The company has confirmed that there will be no changes to its trade symbols and no consolidation of share capital associated with the name change. Implementation of the name change is anticipated around July 12, 2023, pending receipt of all necessary regulatory approvals.

The change of brand will not affect the structure of guarantees or shares of the company or the rights of security holders. Existing security holders are not required to take any further action. All current share certificates or warrant certificates will continue to represent the shares or warrants of HIVE Digital Technologies Ltd. without the need for any further action by the holders after the name change.

In a separate announcement, the company rectified an earlier underestimate of the number of Bitcoin equivalents mined during the year to 792. The precise figures for the Bitcoin equivalent should have been 4,295, not the previously reported 3,503.

In addition, the company disclosed that its Board of Directors has sanctioned the grant of 620,000 incentive stock options, which can be exercised in an equivalent number of common shares of the company at a price of Cdn$6.86 per share for a duration of five years. Awarded to company employees, officers and consultants, these grants are subject to specific purchasing requirements.

HIVE Blockchain Technologies Ltd. made its public debut in 2017 as the inaugural cryptocurrency mining company to be listed on the TSX Venture Exchange, with a strong emphasis on sustainable green energy. The company operates advanced data centers powered by green energy in Canada, Sweden, and Iceland, where it harnesses green energy to mine digital assets like Bitcoin in the cloud.