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HIVE plans $75M raise to fund AI infrastructure push
TL;DR
HIVE Digital Technologies plans to raise $75 million through a private offering of exchangeable senior notes due 2031 to fund GPU purchases and data center development. The offering includes an option to raise an additional $15 million.
Key points
- HIVE plans to raise $75 million through a private offering
- Funds will be used for GPU purchases and data center development
- Notes are due in 2031 and do not bear regular interest
- HIVE's shares fell 11.5% after the announcement
- An additional $15 million can be raised through the offering
Mentioned in this story
HIVE Digital Technologies
CoinShares Bitcoin Mining ETF
HIVE Digital Technologies said it plans to raise $75 million through a private offering of 0% exchangeable senior notes due 2031, with proceeds expected to fund GPU purchases, data center development and other capital investments.
According to Thursday’s announcement, the notes will be issued by a wholly owned subsidiary and offered to qualified institutional buyers, with an option to raise an additional $15 million. Final terms, including the exchange rate, will be set at pricing.
The notes will be exchangeable under certain conditions, with HIVE able to settle conversions in cash, common shares or a combination of both. They will not bear regular interest, will not accrete and are unsecured obligations of the issuer, fully guaranteed by HIVE.
HIVE’s Nasdaq-traded shares (HIVE) sank 11.5% on Thursday while industry tracker CoinShares Bitcoin Mining ETF (WGMI) fell 1.5%, per Yahoo Finance data. HIVE is the seventh-largest holding in that exchange-traded fund, at 4.89% weight.
Proceeds will be directed to the company’s subsidiaries for general corporate purposes, including capital expenditures tied to graphics processing units and data center expansion. HIVE also said it plans to enter capped call transactions with financial counterparties to limit potential dilution from future conversions.
Separately, the company said it has received conditional approval to list its shares on the Toronto Stock Exchange, with trading expected to begin later this month, subject to meeting listing requirements.
HIVE was among the first Bitcoin miners to pivot into high-performance computing in 2022, a shift that is now beginning to show up in its financial results. In its third quarter, the company reported $93.1 million in revenue, up 219% year over year, despite weaker Bitcoin prices and rising network difficulty.
In February, HIVE signed a two-year, $30 million agreement to deploy 504 Nvidia B200 GPUs for enterprise AI cloud services.
Related: Public crypto miners sold more BTC in Q1 2026 than all of 2025: Report
Q&A
What is HIVE Digital Technologies planning to do with the $75 million raise?
HIVE plans to use the $75 million to fund GPU purchases, data center development, and other capital investments.
What are the terms of HIVE's exchangeable senior notes?
The notes are due in 2031, do not bear regular interest, and can be exchanged for cash, common shares, or a combination of both.
How did HIVE's stock perform following the announcement of the fundraising?
HIVE's shares fell 11.5% on the day of the announcement.
What additional funding option does HIVE have with the private offering?
HIVE has the option to raise an additional $15 million through the private offering.
