Hive Digital Technologies Ltd (NASDAQ:HIVE) shares are trading lower Friday, and the stock is up nearly 15% over the last five days. Here's a look at what's going on.

What To Know:

Hive Digital Technologies announced the closing of its previously announced bought-deal private placement of 5 million special warrants on Thursday.

The company said the underwriters elected to fully exercise the option to increase the size of the offering by an additional 750,000 special warrants. As a result, the offering consisted of the sale of an aggregate 5.75 million special warrants for gross proceeds of CA$28.75 million.

Hive said that proceeds from the offering will be used to increase its Bitcoin mining footprint, as well as for working capital and general corporate purposes. Hive also stated that it anticipates being able to "HODL" all of its Bitcoin until the upcoming halving.

Investors are eagerly anticipating the possible approval of a spot Bitcoin ETF, and Bitcoin (CRYPTO: BTC) continues to rally near 2-year highs which may be contributing to Hive Digital's recent gains.

Related News: What's Going On With Shares Of Bitcoin Miner Bit Brother?

HIVE Price Action: According to Benzinga Pro, Hive Digital Technologies shares are trading lower by 6.84% at $4.79 at the time of publication.

Image: Pete Linforth from Pixabay