HIVE Digital Technologies is planning to raise $75 million through a private offering as it accelerates its transition from Bitcoin mining to artificial intelligence infrastructure and high-performance computing.
The company announced that it will issue 0% exchangeable senior notes due in 2031 via a wholly owned subsidiary. The offering will target qualified institutional buyers, with an option to raise an additional $15 million depending on demand. The notes will be unsecured and fully guaranteed by HIVE, with flexible settlement options including cash, shares or a combination of both.
Proceeds from the raise will primarily fund the expansion of GPU capacity and the development of new data centers. The company said it also plans to use the capital for general corporate purposes, with a strong focus on scaling its AI cloud infrastructure business.
Despite the strategic pivot, HIVE’s stock reacted negatively to the announcement, falling over 11% on April 16. The company remains a notable component of the CoinShares Bitcoin Mining ETF, reflecting its roots in the crypto mining sector even as it diversifies.
HIVE has been steadily repositioning itself since 2022, when it began investing in high-performance computing. That shift is now reflected in its financial performance. In its most recent quarterly results, the firm reported $93.1 million in revenue, marking a 219% year-over-year increase despite ongoing challenges in the Bitcoin mining industry, including rising network difficulty and volatile prices.
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