HIVE Blockchain Technologies (HVBT) (HIVE) Stock Attempts To Bounce Back: A Buy Now?

The stock was in action yesterday and ended up clocking gains of as much as 11% as investors piled on to it.

189

Investors are now increasingly interested in stocks of companies that are involved in the blockchain and cryptocurrency sectors. One of the companies from the sector to have garnered considerable attention in recent times is HIVE Blockchain Technologies Ltd (NASDAQ:HVBT) (CVE:HIVE).

The stock was in action yesterday and ended up clocking gains of as much as 11% as investors piled on to it. That being said, it is also necessary to remember that there was no news about the company yesterday that could have led to such gains. However, earlier this month the company made a key announcement and informed that it joined up with the NVIDIA Partner Network Cloud Service Provider program. It was a major development for the company and might have been one of the reasons behind the positivity around the stock.

However, in addition to joining up with the program, HIVE Blockchain also announced that it signed purchase agreements for NVIDIA’s GPUs in a contract that is worth in excess of $66 million.

This move is a major step for the company since it is expected to help the company to move into the lucrative Enterprise Cloud services space that is dedicated to High-Performance Computing niche. In addition to that, entry into the program is also going to help HIVE Blockchain in accessing the customers and partners which belong to NVIDIA. In other words, HIVE Blockchain will be part of a strong ecosystem and will also be able to take advantage of the considerable industry knowledge of NVIDIA.