Tuesday was another difficult day for bitcoin miners, with most stocks falling significantly.
Hive Blockchain's 5-to-1 share consolidation plan went into effect at market open, bolstering stock prices from C$1.16 on the Toronto Stock exchange and $0.85 on Nasdaq on Monday afternoon to C$4.93 and $3.82, respectively. By market close, on Tuesday, they had dropped by 15% and 10.12%.
The Canada-based company said that the consolidation was meant to make its stock more attractive to investors.
"In speaking to shareholders at the numerous conferences I have attended in the past 60 days, it is apparent that some shareholders are finding it challenging to compare HIVE to its industry peers as we have many more shares outstanding," said executive chairman Frank Holmes when the plan was announced.
Here's how crypto mining companies performed on Tuesday, May 24: