In recent times, it has been a pretty tough time for companies that are involved in the blockchain and crypto industries. Many of the stocks have been volatile as well, however, Hive Blockchain Technologies Ltd (CVE: HIVE) (NASDAQ:HVBT) seemed to be on the path to recovery yesterday and surged by as much as 17% and took its gains for the past week to 28%.
The surge in the HIVE Blockchain stock is directly related to the rise in the price of cryptocurrencies in recent days. Hence, it might be the right time for investors to look a bit more closely into the company and its business. The company, which is regarded as the first company to have opted for using green energy for cryptocurrency mining, had gone public back in 2017. As of July 12, 2021, the company owned as many as 605 Bitcoins.
Since the company is involved in the mining business, the reward it earns is directly related to the price of the cryptocurrencies that it mines. The higher the price of cryptocurrencies, the better it is for mining companies like HIVE Blockchain. In this regard, it should be noted that earlier on in the month HIVE Blockchain also became a member of the NVIDIA Partner Network Cloud Service Provider program. In addition to that, the company also signed purchase agreements for GPUs from NVIDIA for a total value in excess of $66 million. The company’s move is an indication that it is looking to pivot into a new industry altogether in the future.
Over the course of the past months, there had been a certain degree of excitement about the patent infringement lawsuit that had been filed by Healthier Choices Management Corp (OTCMKTS:HCMC) against tobacco giant Phillip Morris USA Inc.
However, the Healthier Choices suffered a major setback yesterday after the motion to dismiss the lawsuit by Phillip Morris USA and Phillip Morris Products SA was granted by the District Court for the Northern District of Georgia. The possibility of a large settlement had caused a lot of buzz around the Healthier Choices stock and driven a certain degree of speculation as well. The decision from the court yesterday came as a significant blow to the company’s stock and it tanked by as much as 17%.
It is now going to be interesting to see if the stock can make a quick recovery or not. In this regard, it might be a good idea for investors to keep in mind that all is not lost for Healthier Choices. The court has actually given the company a period of 14 days within which it can submit an amended complaint against Phillip Morris USA.
The company notified that it is going to take up the option and submit such a complaint before the deadline. Last week the company had been in the news after it announced that it was awarded a United States patent for the Electronic Vaporizer Cartridge with Encased Heat Source. The encasing of the cartridge with non-reactive materials is meant for promoting safe vaping.