Bitcoin miner Hive opens door to $300 million stock sales after record quarter

HIVE Digital Technologies has implemented a new at-the-market (ATM) equity program, enabling the company to sell up to $300 million of its shares over time through banks like KBW, Stifel, and Cantor Fitzgerald at prevailing market prices. This move provides financial flexibility after the company reported a record quarter, with revenue surging 285% year-over-year to $87.3 million and Bitcoin production increasing to 717 BTC. HIVE is strategically pivoting, using Bitcoin mining revenue to fund its expansion into AI and high-performance computing (HPC) infrastructure, exemplified by a recent deal to build a data center campus capable of hosting over 25,000 GPUs in New Brunswick. Executives refer to this as a "dual-engine" model, where the HPC arm, BUZZ HPC, is becoming a significant growth driver as miners reposition themselves as AI infrastructure providers.

(Source：The Block)