Bitcoin miner Hive opens door to $300 million stock sales after record quarter
Quick Take
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HIVE is leaning harder into AI-focused infrastructure, including plans for a new data center campus in New Brunswick, Canada, designed to host more than 25,000 GPUs.
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The miner’s “dual-engine” strategy of using bitcoin mining cash flow to fund hyperscale compute buildouts is becoming a bigger part of its growth.
HIVE Digital Technologies put a new at-the-market equity program in place on Tuesday that will allow the company to sell up to $300 million of its shares over time, adding financial flexibility after posting a record quarter last week.
The shelf program allows HIVE to sell stock through banks like KBW, Stifel, and Cantor Fitzgerald at market prices when it chooses to. HIVE isn’t obligated to use the facility, which runs until the company hits the $300 million limit or decides to shut it down.
The offering comes as HIVE continues to push deeper into AI and high-performance computing infrastructure.
Earlier this month, the company bought a 32.5-acre parcel in Grand Falls, New Brunswick, to build a renewable-powered data center campus capable of hosting more than 25,000 GPUs.
Executives have described the strategy as a “dual-engine” model, using bitcoin-mining revenue to accelerate the buildout of hyperscale-ready compute capacity.
HIVE’s most recent quarterly results reflected that approach. Revenue rose 285% year-over-year to $87.3 million, while bitcoin production jumped 77% from the prior quarter to 717 BTC. The company has said BUZZ HPC, its high-performance computing arm, is becoming a more important growth driver as miners reposition themselves as infrastructure providers for AI workloads.
Despite the expansion push, HIVE shares have fallen to around $3.10 after hitting a three-year high above $6.60 in early October, according to The Block’s price page.
HIVE Digital Technologies (HIVE) Stock Price Chart. Source: The Block/TradingView
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