HIVE Digital Technologies (HIVE)
Market Price (9/7/2026): $3.1 | Market Cap: $825.4 MilSector: Financials | Industry: Diversified Capital Markets
HIVE Digital Technologies (HIVE)
Market Price (9/7/2026): $3.1Market Cap: $825.4 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 158% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17% Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Renewable Energy Transition. Themes include Cryptocurrency Mining, and Renewable Energy Adoption for Digital Infrastructure. | Weak multi-year price returns2Y Excs Rtn is -37%, 3Y Excs Rtn is -91% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -231 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -70% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -36% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 55% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -44% High stock price volatilityVol 12M is 103% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22% Key risksHIVE key risks include [1] substantial shareholder dilution from its perpetual need for equity financing and [2] an unproven pivot into AI that is challenged by a lack of scale, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 158% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Renewable Energy Transition. Themes include Cryptocurrency Mining, and Renewable Energy Adoption for Digital Infrastructure. |
| Weak multi-year price returns2Y Excs Rtn is -37%, 3Y Excs Rtn is -91% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -231 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -70% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -36% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 55% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -44% |
| High stock price volatilityVol 12M is 103% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22% |
| Key risksHIVE key risks include [1] substantial shareholder dilution from its perpetual need for equity financing and [2] an unproven pivot into AI that is challenged by a lack of scale, Show more. |
Qualitative Assessment
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HIVE Digital Technologies (HIVE) stock has lost about 30% since 5/31/2026 because of the following key factors:
1. HIVE Digital Technologies reported a substantial GAAP net loss of $142.9 million in fiscal Q1 2027 (ended June 30, 2026), a significant reversal from the $35.0 million net income in the prior-year quarter. This considerable loss, translating to a diluted EPS of $(0.54), was primarily driven by non-cash charges, including an $84.7 million Swedish tax provision and $53.7 million in depreciation. While revenue increased by 73.5% year-over-year to $79.1 million, the exceptional non-cash expenses severely impacted profitability and investor sentiment during the period.
2. The broader cryptocurrency market experienced sustained volatility and a downturn, impacting HIVE's core Bitcoin mining operations. Since the beginning of 2026, Bitcoin's price has fluctuated significantly, trading in a wide range of $65,000-$90,000 and being down approximately 7% year-to-date as of early September 2026. Specifically, in July 2026, Bitcoin was trading near the low-$60,000 range after failing to hold the low-$70,000 range, creating a cautious-to-bearish short-term outlook. This general weakness and uncertainty in Bitcoin prices contributed to pressure on cryptocurrency mining companies like HIVE.
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HIVE Digital Technologies (HIVE) stock has lost about 30% since 5/31/2026 because of the following key factors:
1. HIVE Digital Technologies reported a substantial GAAP net loss of $142.9 million in fiscal Q1 2027 (ended June 30, 2026), a significant reversal from the $35.0 million net income in the prior-year quarter. This considerable loss, translating to a diluted EPS of $(0.54), was primarily driven by non-cash charges, including an $84.7 million Swedish tax provision and $53.7 million in depreciation. While revenue increased by 73.5% year-over-year to $79.1 million, the exceptional non-cash expenses severely impacted profitability and investor sentiment during the period.
2. The broader cryptocurrency market experienced sustained volatility and a downturn, impacting HIVE's core Bitcoin mining operations. Since the beginning of 2026, Bitcoin's price has fluctuated significantly, trading in a wide range of $65,000-$90,000 and being down approximately 7% year-to-date as of early September 2026. Specifically, in July 2026, Bitcoin was trading near the low-$60,000 range after failing to hold the low-$70,000 range, creating a cautious-to-bearish short-term outlook. This general weakness and uncertainty in Bitcoin prices contributed to pressure on cryptocurrency mining companies like HIVE.
3. Share dilution stemming from a significant increase in outstanding shares and the issuance of exchangeable senior notes likely exerted downward pressure on the stock. HIVE's shares outstanding reached 259.348 million as of March 31, 2026 (the end of fiscal year 2026), marking a 56.60% increase from the prior year. Furthermore, in April and June 2026, HIVE closed private offerings totaling $245 million ($115 million and $130 million, respectively) in 0% Exchangeable Senior Notes due 2031. These notes, being exchangeable into common shares, represent potential future dilution, which can weigh on a company's stock price by increasing the number of shares in the market.
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Stock Movement Drivers
Fundamental Drivers
The -31.2% change in HIVE stock from 5/31/2026 to 9/6/2026 was primarily driven by a -40.5% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.52 | 3.11 | -31.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 257 | 331 | 28.8% |
| P/S Multiple | 4.2 | 2.5 | -40.5% |
| Shares Outstanding (Mil) | 239 | 266 | -10.2% |
| Cumulative Contribution | -31.2% |
Market Drivers
5/31/2026 to 9/6/2026| Return | Correlation | |
|---|---|---|
| HIVE | -31.2% | |
| Market (SPY) | 1.8% | 40.4% |
| Sector (XLF) | 12.6% | -4.8% |
Fundamental Drivers
The 45.3% change in HIVE stock from 2/28/2026 to 9/6/2026 was primarily driven by a 28.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.14 | 3.11 | 45.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 257 | 331 | 28.8% |
| P/S Multiple | 2.0 | 2.5 | 25.6% |
| Shares Outstanding (Mil) | 239 | 266 | -10.2% |
| Cumulative Contribution | 45.3% |
Market Drivers
2/28/2026 to 9/6/2026| Return | Correlation | |
|---|---|---|
| HIVE | 45.3% | |
| Market (SPY) | 12.6% | 48.2% |
| Sector (XLF) | 13.6% | 18.7% |
Fundamental Drivers
The 5.4% change in HIVE stock from 8/31/2025 to 9/6/2026 was primarily driven by a 157.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.95 | 3.11 | 5.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 129 | 331 | 157.5% |
| P/S Multiple | 4.2 | 2.5 | -40.1% |
| Shares Outstanding (Mil) | 182 | 266 | -31.6% |
| Cumulative Contribution | 5.4% |
Market Drivers
8/31/2025 to 9/6/2026| Return | Correlation | |
|---|---|---|
| HIVE | 5.4% | |
| Market (SPY) | 20.4% | 44.4% |
| Sector (XLF) | 8.9% | 20.1% |
Fundamental Drivers
The -14.8% change in HIVE stock from 8/31/2023 to 9/6/2026 was primarily driven by a -68.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312023 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.65 | 3.11 | -14.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 83 | 331 | 298.2% |
| P/S Multiple | 3.7 | 2.5 | -32.4% |
| Shares Outstanding (Mil) | 84 | 266 | -68.4% |
| Cumulative Contribution | -14.8% |
Market Drivers
8/31/2023 to 9/6/2026| Return | Correlation | |
|---|---|---|
| HIVE | -14.8% | |
| Market (SPY) | 77.1% | 44.8% |
| Sector (XLF) | 76.6% | 31.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HIVE Return | 40% | -89% | 215% | -37% | -9% | 18% | -68% |
| Peers Return | 60% | -84% | 353% | 57% | 23% | 47% | 221% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| HIVE Win Rate | 58% | 33% | 50% | 50% | 58% | 44% | |
| Peers Win Rate | 42% | 33% | 75% | 48% | 62% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| HIVE Max Drawdown | -63% | -89% | -57% | -50% | -63% | -51% | |
| Peers Max Drawdown | -71% | -88% | -57% | -61% | -59% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MARA, RIOT, CLSK, CORZ, HUT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | HIVE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -52.4% | -18.8% |
| % Gain to Breakeven | 109.9% | 23.1% |
| Time to Breakeven | 140 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -19.2% | -7.8% |
| % Gain to Breakeven | 23.8% | 8.5% |
| Time to Breakeven | 14 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -44.8% | -9.5% |
| % Gain to Breakeven | 81.1% | 10.5% |
| Time to Breakeven | 44 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.2% | -6.7% |
| % Gain to Breakeven | 28.5% | 7.1% |
| Time to Breakeven | 7 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.6% | -33.7% |
| % Gain to Breakeven | 147.6% | 50.9% |
| Time to Breakeven | 42 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -61.4% | -19.2% |
| % Gain to Breakeven | 159.0% | 23.8% |
| Time to Breakeven | 111 days | 105 days |
In The Past
HIVE Digital Technologies's stock fell -52.4% during the 2025 US Tariff Shock. Such a loss loss requires a 109.9% gain to breakeven.
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| Event | HIVE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -52.4% | -18.8% |
| % Gain to Breakeven | 109.9% | 23.1% |
| Time to Breakeven | 140 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -44.8% | -9.5% |
| % Gain to Breakeven | 81.1% | 10.5% |
| Time to Breakeven | 44 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.2% | -6.7% |
| % Gain to Breakeven | 28.5% | 7.1% |
| Time to Breakeven | 7 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.6% | -33.7% |
| % Gain to Breakeven | 147.6% | 50.9% |
| Time to Breakeven | 42 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -61.4% | -19.2% |
| % Gain to Breakeven | 159.0% | 23.8% |
| Time to Breakeven | 111 days | 105 days |
In The Past
HIVE Digital Technologies's stock fell -52.4% during the 2025 US Tariff Shock. Such a loss loss requires a 109.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About HIVE Digital Technologies (HIVE)
HIVE Digital Technologies is a publicly traded company engaged in the cryptocurrency mining industry. Its core business involves the energy-intensive process of using specialized computer hardware to validate transactions and generate new units of various digital currencies, which it then sells into the market.
The company's main products are the digital currencies it mines. HIVE primarily focuses on mining prominent cryptocurrencies such as Bitcoin, Ethereum, and Ethereum Classic. These mined assets are subsequently sold to generate revenue, making the company a producer within the broader digital asset ecosystem.
HIVE Digital Technologies operates its mining facilities across several international locations, specifically in Canada, Sweden, and Iceland. Its business model is centered on leveraging these operational bases to efficiently mine cryptocurrencies and supply them to the global digital currency market.
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Here are a few brief analogies for HIVE Digital Technologies:
The gold miner of cryptocurrencies like Bitcoin and Ethereum.
An industrial-scale commodity producer, but for digital assets such as Bitcoin and Ethereum.
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- Cryptocurrency Mining Service: HIVE operates specialized hardware to validate blockchain transactions and generate new units of digital currencies.
- Bitcoin (BTC): A major digital currency generated through the company's mining operations and subsequently sold.
- Ethereum (ETH): A prominent digital currency generated through the company's mining operations and subsequently sold.
- Ethereum Classic (ETC): A digital currency generated through the company's mining operations and subsequently sold.
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HIVE Digital Technologies (HIVE) operates as a cryptocurrency mining company. Its revenue is generated from the mining and subsequent sale of digital currencies, such as Bitcoin and Ethereum, into the global cryptocurrency market. As such, HIVE does not typically have "major customers" in the traditional sense of companies that purchase specific products or services directly from them on an ongoing basis, nor does it sell directly to individual consumers in a retail environment.
Instead, HIVE sells its mined digital assets into a liquid market where a diverse range of participants act as buyers. The company sells its digital currencies either directly on various cryptocurrency exchanges or through over-the-counter (OTC) desks.
Therefore, the "customers" of HIVE are the purchasers of these digital assets in the broader market. These can be categorized as:
- Individual Investors and Traders: A vast segment of the market consisting of retail investors and individual traders who buy digital currencies on cryptocurrency exchanges for investment, speculation, or transactional purposes.
- Institutional Investors: Companies, hedge funds, asset managers, and other institutional entities that acquire significant amounts of cryptocurrencies for their investment portfolios, treasury management, or proprietary trading strategies.
- Over-the-Counter (OTC) Desks and Brokerages: These entities often facilitate large block trades of cryptocurrencies. Mining companies like HIVE may sell large quantities of their mined digital assets directly to OTC desks to execute large transactions efficiently and with minimal market impact. These desks then act as intermediaries, selling to their own network of large buyers, including institutions and high-net-worth individuals.
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- Intel Corporation (INTC)
- Bitmain
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Aydin Kilic, President & CEO
Mr. Kilic has over 20 years of experience as an entrepreneur and electronic engineer, specializing in cryptocurrency, capital markets, real estate development, and scientific research. He founded Fortress Blockchain Corp. in 2017 and led it as CEO to go public on the TSX-V, raising $30 million. In 2009, he co-founded a commercial real estate team, which focused on land acquisition and development, securing over $100 million in project financing and managing land rezonings and building permits for 350 condos. He joined HIVE in August 2021 as President and Chief Operating Officer, becoming President and CEO in January 2023. Mr. Kilic holds an Engineering Science (Honours) degree from Simon Fraser University.
Darcy Daubaras, Chief Financial Officer
Mr. Daubaras has over 25 years of experience in corporate accounting and public company service. Prior to joining HIVE, he was a member of the executive team at FinancialCAD Corporation and has served as Chief Financial Officer for several Canadian listed public companies. Mr. Daubaras also served as the Director of Corporate Accounting with Mercer International. He holds a CPA, CA designation from the Chartered Professional Accountants of British Columbia and a CPA designation in Illinois, with experience in Sarbanes-Oxley. He received a Bachelor of Commerce from the University of Victoria.
Frank Holmes, Executive Chairman
Mr. Holmes is a renowned global investor and the founder of HIVE Digital Technologies Ltd., which was founded in 2017. He is currently the Chief Executive and Chief Investment Officer at U.S. Global Investors, a leading mutual fund and asset management firm, a position he has held since 1999. Mr. Holmes acquired United Services Advisors in 1989 for $2.2 million, rebranding it to U.S. Global Investors. He co-founded HIVE and invited Aydin Kilic to lead HIVE's global blockchain infrastructure solutions in 2021. He has served on the board and held leadership positions in various companies, including Chairman at Lundin Gold, Inc. and Endeavour Financial Corp.
Luke Rossy, Chief Operating Officer
Mr. Rossy serves as the Chief Operating Officer for HIVE Digital Technologies. No detailed background information regarding prior companies founded, managed, sold, or private equity involvement was readily available.
Gabriel Ibghy, General Counsel
Mr. Ibghy joined HIVE in 2021 as Director of Legal Affairs. Prior to this, he acted as Chief Executive Officer and Director of Legal Affairs at GPU. ONE, the parent corporation of GPU Atlantic. He is a practicing attorney with a law degree from the University of Montreal and a member of the Quebec Bar. Mr. Ibghy also holds a Global MBA from Reichman University and a certificate from IE Business School IMBA, and possesses extensive experience in cryptocurrency mining, data center construction, operations, and management.
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The key risks to HIVE Digital Technologies' business include:
- Volatility of Cryptocurrency Markets: HIVE Digital Technologies' financial performance is highly dependent on the volatile prices of digital currencies, particularly Bitcoin. Fluctuations in cryptocurrency values directly impact mining profitability and revenue streams, leading to unpredictable cash flows and potential significant price fluctuations for the company's stock.
- Increasing Bitcoin Network Difficulty and Operational Cost Pressures: The constantly rising difficulty of the Bitcoin network increases the computational power required for mining, leading to higher operational costs and challenges in achieving expected returns from Bitcoin mining operations. This is further exacerbated by intense competition within the cryptocurrency mining sector and potential fluctuations in energy availability and costs.
- Regulatory Challenges in the Cryptocurrency Sector: HIVE Digital Technologies is exposed to regulatory uncertainties across various jurisdictions where it operates. Potential changes in cryptocurrency regulations could negatively impact the company's mining operations, overall stability, and growth prospects.
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The transition of major cryptocurrencies from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) consensus mechanism poses a clear emerging threat. HIVE Digital Technologies historically engaged in Ethereum mining, which was dependent on the PoW mechanism. Ethereum's successful transition to PoS, known as "The Merge," in September 2022, eliminated the need for PoW miners on its network. This renders specialized PoW mining hardware obsolete for Ethereum, necessitating significant reallocation of resources to other PoW cryptocurrencies like Bitcoin or Ethereum Classic, or a fundamental shift in business model to staking operations, which typically require direct ownership of the cryptocurrency rather than mining hardware.
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The addressable markets for HIVE Digital Technologies' main products and services, which include mining Bitcoin, Ethereum, and Ethereum Classic, can be assessed by examining the global cryptocurrency mining market and the market capitalizations of the individual cryptocurrencies.
The global cryptocurrency mining market was valued at approximately USD 1.55 billion in 2024 and is projected to grow to about USD 2.83 billion by 2032, at a compound annual growth rate (CAGR) of 7.8% from 2025 to 2032. Another estimate indicates the global cryptocurrency mining market was around USD 2.93 billion in 2024 and is expected to reach approximately USD 9.26 billion by 2034, with a CAGR of 12.20% between 2025 and 2034. North America holds the largest share of the global cryptocurrency mining market, with the U.S. alone accounting for an estimated 44.1% in 2025.
Regarding the specific digital currencies HIVE mines, their global market capitalizations are significant:
- Bitcoin (BTC): As of March 16, 2026, the global market capitalization for Bitcoin is approximately USD 1.48 trillion. The global Bitcoin market size was valued at USD 32.6 billion in 2024 and is projected to reach USD 125.6 billion by 2030, growing at a CAGR of 25.2% from 2024 to 2030.
- Ethereum (ETH): As of March 16, 2026, the global market capitalization for Ethereum is approximately USD 272.85 billion. The global Ethereum cryptocurrency market size was valued at US$1,272.3 million in 2025 and is estimated to grow at a CAGR of 13.4% from 2025 to 2033.
- Ethereum Classic (ETC): As of March 16, 2026, the global market capitalization for Ethereum Classic is approximately USD 1.36 billion.
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HIVE Digital Technologies (NASDAQ: HIVE) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and expansions across its dual-engine business model of cryptocurrency mining and high-performance computing (HPC) for artificial intelligence (AI).
The expected drivers of future revenue growth include:
- Expansion of AI/High-Performance Computing (HPC) Data Centers and Services: HIVE is making significant investments in expanding its liquid-cooled AI data center capacity, particularly in Canada. This includes a four-fold expansion from 4 megawatts to 16.6 megawatts across Manitoba and British Columbia, with a new colocation facility providing immediate capacity and an option for further scaling. The company has partnered with Bell Canada AI Fabric to deploy over 4,000 AI-optimized GPUs across these provinces, targeting 6,000 GPUs in Canada with an ambitious $200 million in contracted annualized run-rate revenue by March 31, 2027, and aiming for 75% EBITDA margins on new long-term GPU contracts. HIVE is also targeting an increase in its high-performance computing (HPC) annual recurring revenue (ARR) from $20 million to $225 million by the end of 2026 or early 2027. This growth is supported by signed contracts, such as a 2-year, $30 million agreement for 504 Nvidia B200 GPUs, expected to go live in Q1 2026.
- Increased Bitcoin Mining Capacity and Efficiency: HIVE continues to expand its Bitcoin mining operations, with a strong focus on its hydro-powered facilities in Paraguay. The company has achieved significant milestones, surpassing 24 EH/s of global mining capacity by October 2025, supported by 300 megawatts of capacity in Paraguay, and is targeting 35 EH/s by late 2026. This expansion is coupled with continuous upgrades to more energy-efficient ASIC miners, aiming to improve fleet efficiency to approximately 17.5 Joules per Terahash (J/TH) and maintain profitability even in fluctuating Bitcoin markets.
- Strategic Pivot to Higher-Margin AI Cloud Services via Infrastructure Conversion: HIVE is actively transitioning a portion of its existing Bitcoin mining infrastructure to higher-margin Tier III+ HPC data centers for AI applications. This includes converting its 7 MW Boden facility in Sweden to Tier-III AI infrastructure supporting NVIDIA GB300 GPU architecture, and identifying 30 MW of capacity in its Canadian Bitcoin mining facilities for conversion to Tier 3 infrastructure for GPU operations. This strategic shift aims to accelerate time-to-cash by repurposing existing infrastructure for the fast-growing AI and HPC markets, leveraging its renewable energy backbone.
- Geographic Expansion of Data Centers with Low-Cost, Green Energy: The company is expanding its global data center footprint, with a particular emphasis on regions with access to low-cost, renewable energy. HIVE's 300 MW strategic expansion in Paraguay is now fully operational, and the company expects its global renewable energy footprint to reach approximately 540 MW by 2026, including 400 MW in Paraguay and 140 MW across Canada and Sweden. This geographical diversification and focus on clean energy sources provide a sustainable competitive advantage and support both its Bitcoin mining and AI/HPC growth initiatives.
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Share Repurchases
- HIVE Digital Technologies had no share buybacks reported, with the share buybacks for HIVE stock being $0.00.
Share Issuance
- In October 2024, HIVE launched an updated "at-the-market" (ATM) equity program, allowing for the sale of up to US$200,000,000 of its common shares.
- In November 2025, the company announced an ATM equity program to offer and sell up to US$300 million of its common shares.
- HIVE announced a $25,000,000 bought deal private placement financing in December 2023.
Outbound Investments
- In February 2025, HIVE strategically sold a portion of its Bitcoin holdings to invest in capital assets, including Bitfarms' 200 megawatt (MW) hydro-powered Bitcoin mining assets in Paraguay.
- HIVE acquired a total of 300 MW of Bitcoin mining capacity in Paraguay, including 200 MW from Bitfarms, all expected to be operational in 2025.
- HIVE has invested approximately $200 million in the development of infrastructure in Paraguay.
Capital Expenditures
- HIVE intends to develop an additional 100 megawatts ("MW") of hydroelectric-powered data center capacity at its Yguazú campus in Paraguay, with full commissioning targeted for calendar Q3 2026.
- The net proceeds from the $25 million private placement financing in December 2023 were anticipated to be used for business growth, including expanding data centers to utilize an additional 100 MW of green energy.
- HIVE expanded its operations in Paraguay with 300 MW of hydro-powered sites and aims to reach 25 Exahash per second (EH/s) by December 31, 2025.
Peer Outperformance in Diversified Capital Markets
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 9.8% | 136.2% | 145.1% | IBKR 489% · SNEX 246% · HOOD 190% |
| Reinsurance | 6 | 22.3% | 82.1% | 128.8% | SPNT 162% · RGA 144% · MTG 129% |
| Diversified Banks | 13 | 35.0% | 138.3% | 113.5% | CM 158% · JPM 155% · RY 145% |
| Life & Health Insurance | 20 | 17.1% | 59.5% | 97.9% | JXN 516% · UNM 325% · FG 229% |
| Multi-Sector Holdings | 6 | 4.2% | 47.4% | 80.9% | JONE 361% · JEF 85% · BRK-B 81% |
| Property & Casualty Insurance | 42 | 11.5% | 74.3% | 69.0% | ASIC 2739900% · HRTG 436% · UVE 309% |
| Regional Banks | 265 | 27.6% | 88.5% | 67.1% | GCBC 378% · ESQ 353% · VBNK 328% |
| Multi-line Insurance | 9 | 13.4% | 86.5% | 56.6% | GNW 186% · L 102% · SLF 96% |
| Consumer Finance | 30 | 10.1% | 93.2% | 36.8% | ENVA 595% · EZPW 387% · FCFS 172% |
| Insurance Brokers | 16 | -11.4% | 1.8% | 25.3% | LIFE 631% · AJG 92% · ARX 89% |
| Financial Exchanges & Data | 15 | -0.2% | 21.5% | 24.6% | VIRT 219% · CBOE 158% · CME 79% |
| Asset Management & Custody Banks | 82 | -9.8% | 21.1% | 22.3% | WT 336% · SII 293% · VCTR 269% |
| Diversified Financial Services | 4 | -0.5% | 7.1% | 15.2% | FRHC 163% · EQH 95% · TMS -65% |
| Commercial & Residential Mortgage Finance | 12 | -39.6% | 29.8% | 7.4% | FNMA 498% · FMCC 476% · ESNT 66% |
| Specialized Finance | 3 | 15.7% | 49.7% | -6.8% | EFC 38% · CACC -7% · HASI -17% |
| Mortgage REITs | 33 | -10.9% | 11.2% | -12.9% | NREF 58% · RITM 53% · DX 41% |
| Transaction & Payment Processing Services | 15 | 3.6% | 1.2% | -38.7% | MA 73% · V 72% · CPAY 60% |
| Diversified Capital Markets ← | 21 | -20.0% | -0.4% | -44.0% | BTCS 629% · OPY 199% · LPLA 149% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 15.29 |
| Mkt Cap | 5.1 |
| Rev LTM | 557 |
| Op Inc LTM | -295 |
| FCF LTM | -1,068 |
| FCF 3Y Avg | -781 |
| CFO LTM | -291 |
| CFO 3Y Avg | -217 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 25.4% |
| Rev Chg 3Y Avg | 63.3% |
| Rev Chg Q | 43.7% |
| QoQ Delta Rev Chg LTM | 7.3% |
| Op Inc Chg LTM | -88.0% |
| Op Inc Chg 3Y Avg | -93.0% |
| Op Mgn LTM | -59.6% |
| Op Mgn 3Y Avg | -50.1% |
| QoQ Delta Op Mgn LTM | -11.6% |
| CFO/Rev LTM | -50.6% |
| CFO/Rev 3Y Avg | -54.9% |
| FCF/Rev LTM | -158.4% |
| FCF/Rev 3Y Avg | -147.9% |
Price Behavior
| Market Price | $3.11 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 03/28/2014 | |
| Distance from 52W High | -55.3% | |
| 50 Days | 200 Days | |
| DMA Price | $3.00 | $2.90 |
| DMA Trend | down | down |
| Distance from DMA | 3.6% | 7.3% |
| 3M | 1YR | |
| Volatility | 105.0% | 103.5% |
| Downside Capture | 335.02 | 355.00 |
| Upside Capture | 182.81 | 301.92 |
| Correlation (SPY) | 40.7% | 45.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.17 | 3.25 | 2.95 | 3.57 | 3.51 | 2.63 |
| Up Beta | 0.78 | 5.82 | 4.30 | 4.34 | 3.97 | 2.29 |
| Down Beta | -14.69 | 1.65 | 3.27 | 4.64 | 4.16 | 2.51 |
| Up Capture | 125% | 162% | 124% | 492% | 698% | 7122% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 19 | 27 | 60 | 115 | 343 |
| Down Capture | 253% | 360% | 292% | 221% | 185% | 113% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 23 | 37 | 65 | 129 | 380 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HIVE | |
|---|---|---|---|---|
| HIVE | 14.8% | 103.2% | 0.59 | - |
| Sector ETF (XLF) | 8.8% | 14.6% | 0.35 | 20.6% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 45.0% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 25.4% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | -2.1% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 10.3% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 49.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HIVE | |
|---|---|---|---|---|
| HIVE | -30.0% | 93.6% | 0.04 | - |
| Sector ETF (XLF) | 10.1% | 18.4% | 0.41 | 37.5% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 50.6% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 16.2% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 9.8% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 32.3% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 58.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HIVE | |
|---|---|---|---|---|
| HIVE | -15.1% | 108.4% | 0.32 | - |
| Sector ETF (XLF) | 13.6% | 22.1% | 0.56 | 27.8% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 36.1% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 13.8% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 12.2% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 23.6% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 55.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 06/02/2026 | 10-K |
| 12/31/2025 | 02/17/2026 | 6-K |
| 09/30/2025 | 11/17/2025 | 6-K |
| 06/30/2025 | 08/15/2025 | 6-K |
| 03/31/2025 | 06/26/2025 | 40-F |
| 12/31/2024 | 02/11/2025 | 6-K |
| 09/30/2024 | 11/12/2024 | 6-K |
| 06/30/2024 | 08/13/2024 | 6-K |
| 03/31/2024 | 06/24/2024 | 40-F |
| 12/31/2023 | 02/13/2024 | 6-K |
| 09/30/2023 | 11/13/2023 | 6-K |
| 06/30/2023 | 08/11/2023 | 6-K |
| 03/31/2023 | 06/30/2023 | 40-F |
| 12/31/2022 | 02/21/2023 | 6-K |
| 09/30/2022 | 11/15/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 06/02/2026 | 10-K |
| 12/31/2025 | 02/17/2026 | 6-K |
| 09/30/2025 | 11/17/2025 | 6-K |
| 06/30/2025 | 08/15/2025 | 6-K |
| 03/31/2025 | 06/26/2025 | 40-F |
| 12/31/2024 | 02/11/2025 | 6-K |
| 09/30/2024 | 11/12/2024 | 6-K |
| 06/30/2024 | 08/13/2024 | 6-K |
| 03/31/2024 | 06/24/2024 | 40-F |
| 12/31/2023 | 02/13/2024 | 6-K |
| 09/30/2023 | 11/13/2023 | 6-K |
| 06/30/2023 | 08/11/2023 | 6-K |
| 03/31/2023 | 06/30/2023 | 40-F |
| 12/31/2022 | 02/21/2023 | 6-K |
| 09/30/2022 | 11/15/2022 | 6-K |
| 06/30/2022 | 08/17/2022 | 6-K |
| 03/31/2022 | 07/22/2022 | 40-F |
| 12/31/2021 | 02/16/2022 | 6-K |
| 09/30/2021 | 11/16/2021 | 6-K |
| 06/30/2021 | 10/28/2021 | 6-K |
Recent Forward Guidance
Updated 8/19/2026Latest: Q1 2027 Earnings Reported 8/17/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 GPU Cloud ARR | Reported | 200.00 Mil | 0 | Affirmed | Guidance: 200.00 Mil for 2026 | |||
| Q4 2026 Energized Power Footprint | Reported | 540 | ||||||
| 2028 Total HPC ARR | Reported | 700.00 Mil | 6.1% | Raised | Guidance: 660.00 Mil for 2028 | |||
Insider Activity
Updated 8/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Perrill, Dave | Direct | Sell | 8192026 | 2.72 | 100,000 | Form | |||
| 2 | Daubaras, Darcy | Chief Financial Officer | Direct | Sell | 7152026 | 3.20 | 100,000 | 319,663 | 188,282 | Form |
| 3 | Perrill, Dave | Direct | Sell | 6232026 | 4.69 | 175,000 | Form | |||
| 4 | McGee, Susan B | Direct | Sell | 6192026 | 4.25 | 125,000 | Form | |||
| 5 | McGee, Susan B | Direct | Sell | 6192026 | 4.24 | 83,300 | 353,192 | 530,000 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Perrill, Dave | Direct | Sell | 8192026 | 2.72 | 100,000 | Form | |||
| 2 | Daubaras, Darcy | Chief Financial Officer | Direct | Sell | 7152026 | 3.20 | 100,000 | 319,663 | 188,282 | Form |
| 3 | Perrill, Dave | Direct | Sell | 6232026 | 4.69 | 175,000 | Form | |||
| 4 | McGee, Susan B | Direct | Sell | 6192026 | 4.25 | 125,000 | Form | |||
| 5 | McGee, Susan B | Direct | Sell | 6192026 | 4.24 | 83,300 | 353,192 | 530,000 | Form | |
| 6 | Rossy, Luke | COO | Direct | Sell | 6082026 | 3.97 | 215,000 | Form | ||
| 7 | Rossy, Luke | COO | Direct | Sell | 6042026 | 4.57 | 66,700 | 304,819 | 982,550 | Form |
| 8 | McGee, Susan B | Direct | Sell | 6042026 | 4.45 | 16,700 | 74,315 | 926,935 | Form |
Investor Activity (13F)
Updated Sep 7, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Capital Markets Resources |
| International Financing Review (IFR) |
| Financial News |
| Global Capital |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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