TL;DR:
HIVE Digital Technologies announced a private offering of $75 million in senior exchangeable notes at a 0% interest rate due 2031, with the goal of financing the expansion of its artificial intelligence infrastructure and data centers. The notes will be issued by HIVE Bermuda 2026 Ltd., a wholly owned subsidiary of the company, and will be targeted at qualified investors.
According to the company’s press release, the net proceeds will be applied to general corporate purposes and capital investments, including the acquisition of graphics processing units and the expansion of data center infrastructure. Additionally, initial purchasers are expected to be granted a 13-day option to acquire up to $15 million in additional notes. Under certain conditions, the instruments may be exchanged for cash, HIVE common shares or a combination of both, at the issuer’s discretion.
The company also disclosed that it will use its own funds to finance “capped call” transactions, designed to reduce the potential economic dilution of common shares in the event of a note exchange.
The last fiscal quarter was a record for the miner. In the third fiscal quarter ended December 31, 2025, HIVE reported revenues of $93.1 million, an increase of 219% year-over-year and 7% compared to the previous quarter. The company recorded, however, a net loss of $91.3 million, attributed primarily to accelerated depreciation linked to its expansion in Paraguay and non-cash revaluation adjustments.
On the other hand, the company has been repositioning part of its operations toward high-performance computing workloads. In March, HIVE announced the gradual reduction of its ASIC-based mining activity at its Boden, Sweden facility, in order to convert it into a Tier-III data center oriented toward GPU clusters. In Latin America, the first GPU cluster in Asunción, Paraguay, has already begun processing training workloads related to large-scale language model research through the BUZZ AI Cloud platform.
Regarding the stock exchange listing, the company received conditional approval from the Toronto Stock Exchange to migrate its shares from the TSX Venture Exchange, with an estimated date around April 30, subject to meeting share distribution requirements before June 30, 2026. HIVE shares closed Wednesday at $2.47 on the Nasdaq.
