HIVE Digital Technologies announced plans to raise $75 million via a private offering of 0% exchangeable senior notes due 2031. The funds are earmarked for GPU acquisitions, data center development, and other capital investments. The offering includes an option to increase the amount by $15 million. Proceeds will support subsidiaries for general corporate purposes and capital expenditures related to graphics processing units and data center expansion. HIVE also plans to mitigate potential dilution from future conversions. Separately, the company has received conditional approval to list its shares on the Toronto Stock Exchange.
HIVE was an early entrant into high-performance computing in 2022, a strategic shift now reflecting in its financial performance, with a reported 219% year-over-year revenue increase in its third quarter. The company recently secured a two-year, $30 million agreement for enterprise AI cloud services deploying Nvidia B200 GPUs.
This fundraising occurs as other Bitcoin miners increasingly expand into AI and high-performance computing. Companies like MARA Holdings, Riot Platforms, Bitdeer Technologies, TeraWulf, Hut 8, CleanSpark, and IREN are leveraging their existing power and data center infrastructure for AI workloads. CoreWeave, a major AI cloud infrastructure provider, recently announced a $6 billion agreement for AI computing capacity and a $1 billion equity investment. Renewable data center developer Soluna Holdings is also consolidating ownership of its Texas campus to transition towards AI-focused computing.