HIVE Digital Technologies (HIVE) plans to offer $75 million of 0% exchangeable senior notes due 2031, as the publicly traded bitcoin miner moves to expand its artificial intelligence infrastructure and data center footprint.
The notes will be issued to qualified investors by HIVE Bermuda 2026 Ltd., a wholly owned subsidiary. Net proceeds are expected to support general corporate purposes and capital investment, including the purchase of graphics processing units and data center expansion, the company said in a statement on Wednesday.
Per the statement, the issuer also expects to grant initial purchasers a 13-day option to acquire up to an additional $15 million of the notes. The securities will not bear regular interest and will mature in 2031. Under certain conditions, the notes can be exchanged into cash, HIVE common shares, or a combination of both at the issuer’s election once final pricing terms and the initial exchange rate are determined.
In connection with the transaction, HIVE intends to fund capped call transactions using cash on hand. The issuer may use a portion of the net proceeds to reimburse HIVE for the cost of those transactions, the company said, noting that the capped call transactions are designed to reduce potential economic dilution of common shares upon exchange of any notes or offset cash payments the company could be required to make in excess of principal, subject to a cap.
HIVE also announced it has received conditional approval from the Toronto Stock Exchange to list its common shares. Listing requires the company to fulfill all TSX requirements by June 30, 2026, including the distribution of shares to a minimum number of public shareholders. Trading is expected to shift from the TSX Venture Exchange to the TSX on or around April 30.
The development follows record revenue for the bitcoin (BTC) miner in its fiscal third quarter ended Dec. 31, 2025. HIVE reported $93.1 million in revenue, a 219% increase year-over-year and a 7% increase from the prior quarter. The company also posted a net loss of $91.3 million, driven by accelerated depreciation related to its Paraguay expansion and non-cash revaluation adjustments.
At the same time, the company has been repositioning parts of its operations toward high-performance computing and artificial intelligence workloads. In March, HIVE said it would progressively phase down ASIC-based bitcoin mining activity at its Boden facility in Sweden amid tax disputes with local authorities while upgrading the site into a Tier-III high-performance computing data center designed to support GPU clusters.
The company has also begun deploying AI infrastructure in Latin America. Last month, HIVE said its first GPU cluster in Asunción, Paraguay, had begun processing early training workloads tied to large language model research through its BUZZ AI Cloud platform.
Shares of HIVE closed at $2.47 on the Nasdaq on Wednesday, according to The Block's HIVE price page. The stock saw a 2.1% move on volume of $42 million, above its average daily volume of $24.6 million.
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