Hive is being sued by Swedish tax agency.. but it may be a good thing
hive missed the sec filing deadline of aug 10 for their quarterly reporting. they are getting sued for roughly 80.5 mil over a dispute about what hardware is considered taxable and what isn't for their cryptocurrency operations (super high-level, i'm at work and just wanted to post about it before earnings).
this is the reason why they are constantly missing the deadline. the dispute has been ongoing for 3-5 years.
this is all public information
they are reporting a non-cash item for this quarter as they finally plan to just pay the fine or agreed upon price. price will dip. at least according to my sources.
while this has been going on, they still managed to buy real estate in Boden (same as the mining operations, now they just own the building), and sign a "industry grade sovereign swedish technology company" LOI to replace crypto.
hive has relationships. they sponsor some swedish hockey organization and crazy green initiatives (this is actually a huge bullish aspect that is undervalued) - 100% of energy is powered by hydro + wind. hive uses the cold nordic air to cool down liquid pumps. the interesting thing, is what they do with the excess heat caused by all this. the heat powers a 90-000 square foot greenhouse so that locals can grow local produce in sub-zero nordic temperatures.
the lawsuit may hurt us in the short-term but if you understand the bigger picture at hand, then we are still in a great position.
tldr; the reason hive missed their sec filings this quarter and in the past, is because they are getting sued by swedish tax agency. this does not change the bullish operations in sweden as they have were approved to purchase swedish real estate, in talks with a swedish sovereign tech company, and heavily involved in the local community.
not financial advice do ur own dd and no crying in the casino